Economy
In order to move Rowan County and North Carolina out of the “Great Recession”, we knew that we must have jobs in the private sector! Free market principles teach us that government can not and should not create jobs but it can and should create conditions favorable for businesses to grow successfully in order to create more jobs in the private sector.
If we were going to attract businesses to relocate, or expand, into North Carolina, we needed to become fiscally attractive to the business community. We knew that we must also provide for our state-based businesses ability to grow, expand and create more jobs, as well. We knew that we must also create an environment that would encourage entrepreneurial businesses, too. We knew that we must become competitive with the other states, particularly those around us.
Here is how we stood when we compare Corporate Income Tax Rates for our surrounding states, when Republicans took control of the State legislature in 2011 :
- NC – 6.9% ( Today, our Corporate income tax rate is 4% and scheduled to reduce
- TN – 6.5% to 3% in 2017 and ranked 7th in the country – up from 44th place !)
- GA – 6.0 %
- FL – 5.5%
- SC – 5.0%
Today, after a comprehensive revision of our tax code, with particular attention to reducing the corporate income tax to a competitive rate, the Tax Foundation has ranked North Carolina 7th in the nation, up from 44th place ! The 2013 tax reform plan calls for further reductions to be phased in over the next several years which will further improve our ranking and enhance our competitiveness for new business. These reductions, along with the historic regulatory reforms of the last 5 years, will provide unlimited opportunity for growth and expansion of existing state based businesses, as well. A favorable tax and regulatory environment will help us avoid “incentive” offers to entice new businesses to locate or start up in North Carolina. Incentives devalue our State, are unfair to existing businesses and rarely work as agreed or expected.
The less money that the State takes from businesses, the more money businesses have to reinvest in themselves and become more successful creating more jobs and generating more revenue for the State.
Promote Tourism
Tourism generates more than $16 billion every year in North Carolina, supporting 187,000 jobs and generating over $855 million in tax revenue. North Carolina was the 6th most visited State in the union. 37% of the tourists live in North Carolina. If we were to market the State nationally, promoting tourism, we would generate millions more into our economy with minimal investment. Thousands of jobs would be created in support industries such as retail, car rentals, air and rail travel, as well as the obvious restaurant and hotel industries. All of the associated manufacturing and supply side industries that support tourism would flourish as well. Successful marketing of the State could create hundreds of permanent jobs in such related industries as Real Estate, Banking, Clerical, manufacturing, travel, restaurant, medical and many others as businesses and people relocate to North Carolina creating demand for services and products.
Last session, the Legislature passed the Governor’s plan to overhaul the Department of Commerce efforts at economic development with an exciting, innovative approach to market North Carolina through a public- private partnership that will move our state forward, nationally. The creation of “prosperity zones” and strategic marketing will help ensure that interested parties are given the very best service and first impression of North Carolina.