Tax hikes may not be priority, but more government spending may be coming.
Nearly a month after Election Day, Gov. Pat McCrory conceded his hotly contested race with Attorney General Roy Cooper. What does this mean for North Carolina small businesses?
NFIB/NC’s Save America’s Free Enterprise Trust endorsed McCrory for re-election, citing his leadership of the “Carolina Comeback,” including eliminating the estate tax, cutting personal income tax rates, paying off the state’s $2.5 billion unemployment insurance debt to the federal government ahead of schedule, and reducing unemployment.
During an NFIB luncheon in June in Raleigh, Cooper, however, called for bigger state budgets, reported the North State Journal. His proposals for helping the small business community included more state spending on education and workforce training as well as targeted tax credits and incentives.
He did note that he didn’t think raising taxes was necessary to help the economy, but supported consistency, referring to the confusion and uncertainty surrounding North Carolina’s sales tax expansion on certain services.
A few days before McCrory’s concession, his office announced that the state had collected another tax revenue surplus: $191 million more than expected so far this fiscal year. It remains to be seen whether Cooper can continue the Carolina Comeback.
