As reported by The Center Square website:
North Carolina, which has a flat state income tax, saw a cumulative increase in adjusted gross income (AGI) between 2010 and 2018 of $15.8 billion, according to a new analysis of IRS data by the independent research website Wirepoints.
North Carolina ranked eighth in the study comparing the 50 states’ AGI numbers to out- and in-migration numbers. North Carolina reported a 7.8 percent increase in AGI in 2018 compared with 2010, when the total AGI stood at $207.8 billion.
These figures are a strong indication of how North Carolina’s robust economy has attracted workers seeking opportunity. While conservative tax reforms over the past decade may not be the only explanation, it is certainly plausible they a leading factor.
At ABetterCarolina.com, we’ve outlined the stark contrast between past policies of liberal tax & spend legislatures and the more conservative legislative leadership of the past decade, especially since 2013.
For instance, compare the highly-ranked income growth since 2010 to the state’s economic condition at that time.
- NC’s unemployment rate was 10.6%, 8th highest in the nation
- NC had lost 1.25% of its jobs in the prior decade
- NC’s median household income was falling further behind the national average, growing just 14.4% from 2000 to 2010 compared to 17.4% nationally
- NC’s poverty rate was 17.4%, 9th highest in the nation
A far more welcoming tax climate has made North Carolina a much more desirable location for businesses and workers alike.
North Carolinians should not want to go back to the failed policies of the past.