TAX REFORM AND DEFICIT THAT NEVER WAS
Remember when good old Ned Barnett blasted conservatives for running up a deficit by cutting taxes?
Whoops. Ned’s deficit was a hoax because it was really a surplus.
Here’s what nationally-known economic writer Steve Moore said.
“Even with lower rates, tax revenues are up about 6% this year according to the state budget office. On May 6, Gov. McCrory announced that the state has a budget surplus of $400 million while many other states are scrambling to fill gaps.”
And tax reform helps everyone.
“Not only did North Carolina’s tax overhaul institute equality in taxation in the Tar Heel State, it provided tax relief to every income group. The Raleigh-based John Locke Foundation recently released new analysis that shows that the flattening of the personal income tax provided tax relief to all categories of income, not just the wealthy.” – Tax Foundation Economist Scott Drenkard writing in Forbes
The scaremongers are wrong. Tax reform moves North Carolina forward.