The 2021 ALEC – Laffer rankings for State Economic Outlook are out. And North Carolina is ranked #5 in the country.
The ALEC-Laffer rankings – published May 12, 2021 – are part of the State Economic Competitiveness Index put out by the American Legislative Exchange Council each year based on 15 policy variables such as corporate tax rates, tax burden and minimum wage levels.
To give you some context, North Carolina’s average Economic Performance ranking from 2009 to 2019 was #14. Because of the wisdom and discipline of the Reform Majority leadership over the last decade, North Carolina’s economy has gotten stronger and stronger.
Actions that the conservative leadership in the NC General Assembly have taken – like ending the estate tax and taking steps to lower our corporate income tax and create jobs – were big parts of our state’s rise to now being #5 in the latest outlook picture. In fact, lowering our top marginal corporate income tax rate to 2.50% – a major attraction for new businesses to our state – has us in the top 4 ranking for lowest corporate income taxes in the country.
We continue to be amazed at the contrast between the strong and thoughtful approach to lower taxes, less government spending and promotion of the free enterprise system we have here in North Carolina compared to the out-of-control government spending and national debt burden that continues to grow under the radical Left crowd in control in Washington.
With so many things going in the wrong direction nationally, we shouldn’t take for granted how strong our economy is here in North Carolina – and just as important, not take for granted how we got there.
We are heartened by the #5 ranking for our state’s economic outlook – and the signal it sends to national businesses looking to do business in North Carolina. Let’s hope this newest ranking is a big assist in helping create even more jobs – especially for those many families who were rocked by the COVID-19 impact on our economy.