This is a bad deal for North Carolinians. What the Governor and Legislature agreed on won’t support job creation and it will drain resources needed to bolster our economy.
It puts at risk the ability to educate our children, care for our elders, keep our communities safe and support businesses, while failing to fix the problems with the state’s tax code. And, it gets rid of policies that work such as the Earned Income Tax Credit.
This is not a historic day for North Carolina; tax reform hasn’t been achieved. Instead, we’ve been handed a plan that will tarnish our state’s reputation as a leader in the South, a place where people want to live and businesses want to grow.
It is very likely that as a result of this failure to pursue real, comprehensive tax reform, state sales taxes and local property taxes will go up in the future. That’s what happened in every other Southern state that has personal and corporate income taxes that can’t keep up with growing public needs.
Our state cannot be competitive nationally or internationally with this reckless approach. It undermines the education of our workforce and support for research and innovation. The prospects of an ongoing race to the bottom for North Carolina now are all too real.
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