Well that didn’t take long. Just 24 hours after we reported that the courts have invalidated the Biden administration ban on state tax cuts, the North Carolina state legislature stepped to the plate and passed the biggest tax cut in Tar Heel State history. The bill will phase out the state’s corporate tax.
And, amazingly, Governor Cooper says he will sign the bill. (After months of searching, we finally found a Democrat who is not out of his mind on economic policy!)
Our friends at the John Locke Foundation had a big hand in this policy victory. Here are the highlights:
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- No Medicaid Expansion (12 years and counting)
- A phase-out of the corporate income tax over six years
- Reducing the personal income tax rate from 5.25% to 3.99% over six years
- Adding to the state’s Rainy Day fund, bringing it to $4.25 billion
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States are flush with cash. Why isn’t every state dramatically cutting tax rates to counteract the Biden policies?
