High Tax States Get Religion on Franchise Tax
Spend more Roy Cooper vetoed the reform majority’s plan to cut the business franchise tax.
The franchise tax is a tax on company facilities and investments in North Carolina. And it doesn’t matter if the company is making or losing money. They are taxed just for being here. It makes the franchise tax a reason startup companies avoid North Carolina – since while they’ll be hiring North Carolinians, they won’t turn a profit to cover the tax just for being here for awhile . So why come or start here?
The franchise tax is a job killer and especially a new jobs killer by discouraging startups. That’s why only 16 states have a franchise tax.
And while Governor Cooper wants us to keep ours, high tax states like New York, Connecticut, Illinois and Rhode Island have gotten rid of their franchise taxes.
Andrew Cuomo more job friendly than Roy Cooper?