In less than two years, North Carolina’s governor and legislature have helped to revive the state’s economy. The economy is growing and adding jobs, improving the well-being of North Carolina residents.
Governor Pat McCrory took office in January of 2013, joining a Republican legislature. For the first time since Reconstruction, North Carolina’s executive and legislative branches were controlled by Republicans, and they had a large mandate for reform. In 2011, the state’s economy grew at an anemic 0.3 percent. It was well below the national rate of 1.6 percent and one of the lowest in the Southeast. The state’s growth lagged many of its peers in 2012 as well. Individuals wanted change.
The new government took action to repair the state. The biggest item on the agenda was tax reform. McCrory and the legislature’s plan passed one of the most impressive tax reform packages in any state in years.
First, the plan consolidated brackets and cut the individual income tax rate. The overhaul replaced three individual income tax rates ranging from 6.0 to 7.75 percent with a single rate of 5.8 percent. In 2015, the rate will be cut… more