The American Legislative Exchange Council is out with its 2020 edition of “Rich States, Poor States,” the 13th year they’ve produced the index. The measure evaluates 15 variables, including tax rates & burdens, state government debt and economic regulations, to rank the states in terms of most optimistic future for their economies.
North Carolina this year ranks 5th, up from 6th last year. Prior to the state’s historic tax reforms, North Carolina ranked 22nd in 2013, but rose significantly to 6th the following year after the tax cuts. NC has remained in the top 7 every year since.
Boosting our state’s ranking are high marks for our low corporate tax rate, low property tax burden, lack of a death tax and right to work status.
North Carolina also posted a very strong 12th ranking for the “Economic Performance” index, which is a backward-looking evaluation of states’ economic performance over the past decade.
This latest ALEC ranking reminds us just how far North Carolina has come in the last decade, including a transition from a high-tax to low-tax state.
Let’s hope our state doesn’t fall back to the irresponsible and damaging spend and tax ways of the past.