How Tax Reform Is Helping North Carolina

Date: May 02, 2018

 

According to a survey by economists from PNC Financial Services Group, small and mid-sized businesses in North Carolina are anticipating higher sales and modest hiring over the next six months. Similar to the record highs reached in the NFIB Small Business Optimism Index, this is the highest level of optimism since the survey began in 2012, Winston- Salem -Journal reported.

The survey also found:

  • 66 percent of business owners surveyed project increased revenue
  • 70 percent project higher profits
  • 24 percent plan to add full-time jobs
  • 17 percent plan to add part-time jobs
  • 38 percent said they would increase employee wages
  • 58 percent said they are more optimistic about their business’ outlook
  • 48 percent are optimistic about the local economy
  • 50 percent are optimistic about the national economy

These results were also echoed by Vice President Mike Pence, a keynote speaker at a Charlotte event sponsored by America First Policies last month, and by Sens. Richard Burr and Thom Tillis.

In an op-ed for the The Charlotte Observer, Pence wrote, “All told, in just the past four months, nearly 50,000 North Carolina workers have received a tax-cut bonus, while thousands more have received raises or better benefits. Charlotte’s own Bank of America has given bonuses to many of its North Carolina workers. American Airlines, with a major hub in Charlotte, gave bonuses to more than 11,000 employees in the Tar Heel State. Local manufacturer Charlotte Pipe and Foundry has also given bonuses to more than 1,400 workers. And the list goes on.”

Burr and Tillis pointed out the small businesses doing the same in an op-ed for The Fayetteville Observer: “RDR Inc., a government consultancy firm with a center near Southern Pines, made headlines in February by offering an additional $1,000 to its employees across the country. Atlantic Packaging in Wilmington pledged to use the savings from the law to reward nearly 1,000 of its employees. And North Carolina’s Thermo Fisher Scientific and AT Insurance Group also gave bonuses after crediting the Tax Cuts and Jobs Act.”

Tax reform, at both the federal and state level, continues to work for North Carolina.

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