We said News and Observer editorial page Editor Ned Barnett might be eating crow at his July Fourth cookout over his claims Republicans were digging a huge revenue hole by cutting taxes. (CPRNC)
Now Mr. Barnett’s own newspaper reports a ballyhooed $270 million hole is now a $400 million surplus. (News & Observer)
Conservative reformers are right. Fiscal responsibility, across the board tax rate reduction and regulatory reform are bringing growth back to North Carolina’s economy. After years of high tax stagnation, jobs are expanding faster in North Carolina than the nation’s gain. And a better economy generates government revenue.
Yes. Ned and the knee jerk left predicted disaster. And now their claims are as deflated as a New England Patriots football.
But it’s no time to gloat. Governor McCrory and Senator Berger hit the nail on the head when they said a $400 million surplus is no reason for a spending spree. Instead of handing out a raft of special interest tax breaks for Historic building real estate developers like WRAL owner Jim Goodmon who still won’t say how many millions he’s made off his tax loophole, movie producers and anyone else writing big checks for campaigns, the Legislature should keep their commitment for across the board tax reduction for every business.
By 64%-17%, voters believe lowering corporate income tax rates are positive for the economy. Get it done. Keep the economy growing. (AFP)