“Don’t tell me what you value, show me your budget and I will tell you what you value.” –Vice President Joe Biden
Governor McCrory made his vision for our state clear when he announced a summary of his budget two weeks ago, saying that his proposal followed the highest priorities he has for the state’s economic success and delivery of a high quality of life to all. Unfortunately, however, the priorities in the Governor’s proposal are wholly out of sync with North Carolinians’ priorities for a stronger more inclusive economy, as well as unlikely to deliver the outcomes he desires.
The Governor’s clearest priority places deep tax cuts for wealthy and profitable corporations above important investments that could help build an economy that works for all. His decision to allow corporate income tax rate cuts to phase in over the next two years and personal income tax rates to drop to 5.499 percent means the loss of at least $786 million in 2017 for the state. Since 2013, the tax changes add up to nearly $2 billion, despite the evidence that such tax cuts for the wealthy and profitable corporations do little to grow the economy and do exact a huge cost in our effort to build thriving communities.
The Governor’s budget proposal has several other examples of how his priorities do not match the priorities of a strong, thriving North Carolina: Read more