Democratic Governor Roy Cooper raised concerns about the future of North Carolina’s economy at the North Carolina Press Association Convention. He highlighted missed opportunities due to tax cuts benefiting the wealthiest. Despite having the lowest corporate tax rate in 40 states, Cooper expressed worries that there won’t be enough money for crucial state investments.
In response, Brian Balfour of the John Locke Foundation pointed out that North Carolina’s tax cuts have attracted investments and job creation. He criticized Cooper’s tax handouts to corporations like Apple and VinFast. Cooper expressed a desire to restore the earned income tax credit for the middle class but argued against tax cuts for the wealthy.
Republican Rep. Stephen Ross emphasized the positive impact of the state’s tax policy over the past 12 years, leading to financial stability and strong economic development. Ross acknowledged challenges like rising healthcare costs and emphasized the importance of maintaining solid financial footing.
Looking ahead, Ross stressed the need to reassess infrastructure investments to keep pace with the state’s growth. He highlighted the importance of redirecting resources towards essential infrastructure projects instead of corporate welfare.
Overall, the discussions at the convention revealed a mix of optimism about North Carolina’s economic potential, concerns about missed opportunities, and the need for strategic investments in infrastructure to support continued growth and development.
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