Tax Cuts help NC make Top Five in Interstate Money Migration

February 13, 2020

Who says tax cuts don’t generate revenue? 

A study last year by of IRS and Census statistics showed North Carolina gained $2.2 billion in income to tax as high earners flee high tax states and relocate to lower taxed states.

North Carolina ranked fifth in this interstate money migration – with Florida’s low tax status playing a big role in its being at the top of the list.  The study looked at IRS and U.S. Census figures from 2015 to 2017.

This is just one more example of the NC reform majority’s tax cuts and other improvements having us on the right track.  $2 billion in new taxable revenue is a huge boost for our state budget – and it’s coming from other states!

When businesses hear of our job-creating corporate tax cut from 7.1% to 2.5% – raising our Business Tax Climate ranking from 44th to 12th with the national Tax Foundation from 2014 to 2019…

And families hear about our personal income tax drop from 7.98 to 5.25%…

They pack up the moving vans and come running!