A fair and competitive tax code is the foundation for job creation and economic growth in North Carolina. North Carolina’s tax code was written in the 1930’s. Although at least six commissions or committees have studied tax reform since then, no serious reforms have been enacted. Our tax code must encourage existing businesses to expand while making our state an attractive place to move or start a company. Our next governor must reform our state’s out-of-date tax code with the 21st century economy in mind, reducing uncertainty for businesses and individuals.
Provide Tax Relief to Industries that Build, Produce, Innovate and Grow Things
North Carolina’s economy must build, produce, innovate and grow things, and our tax code should incentivize these activities in the private sector.
Eliminate Upfront Cash Incentive Packages
Up-front cash incentives for out-of-state companies with a hollow promise of jobs is not a sound economic policy. Pat McCrory will end the practice of giving certain companies up-front cash incentives, which have often been given out for short-term political gain.
Cut the Individual Income Tax for All North Carolinians
North Carolina’s income tax burden is the highest in the region and the 9th highest in the nation. Lowering the income tax to give North Carolina families and businesses relief will be a top priority in the McCrory administration. A high personal income tax is squeezing our state’s top job creators and driving them to other states while taxing our workers’ productivity.
Reduce Corporate Income Tax Rates for Businesses
A corporate tax code that is competitive with our neighbors will help North Carolina compete for new businesses while growing existing ones.
Eliminate the Death Tax
North Carolina is now the only state in the Southeast with the death tax. This tax unfairly punishes those who would inherit their loved one’s possessions or business, forcing some families to sell off a small business or family farm just to pay the tax. As governor, Pat McCrory will fight to eliminate the death tax for North Carolinians.