With North Carolina struggling with an 11.1% unemployment rate – 9th highest in the nation – the news that North Carolina was rated as having among the poorest tax climates for small businesses should come as no surprise (except maybe to our “Jobs Governor”).
North Carolina has one of the 15 worst tax environments for small businesses in the country and the worst in the South, the Washington, D.C.-based Small Business & Entrepreneurship Council says in a report released Tuesday.
The Business Tax Index 2010 lumps North Carolina in with the likes of New York, California, New Jersey and Massachusetts due to the Tar Heel State’s relatively high tax rates on personal income and corporate profits. North Carolina also was penalized for having unemployment and gasoline taxes higher than most states. If not for the 12th lowest property tax rate as a percentage of household income in the United States, North Carolina would have ranked even lower.
I wrote recently about two solutions North Carolina should address in order to improve her business climate and begin creating jobs again. Unfortunately, the Governor and other left-wing leaders are too busy touting extremely flawed surveys that falsely claim to show North Carolina has a strong business climate and remain in denial about what needs to be done.