#11 in the Nation

After recent tax cuts passed by a bipartisan majority in the Republican-led legislature, the nonpartisan Tax Foundation improved North Carolina’s business tax ranking to #11 in the nation. Here’s why they improved the state’s ranking…

After the most dramatic improvement in the Index’s history in 2015—from 41st to 12th in one year—North Carolina has continued to improve its tax structure, and now imposes the lowest-rate corporate income tax in the country at 3 percent, down from 4 percent the previous year. This rate cut improves the state from 4th to 3rd on the corporate income tax component, the best ranking for any state that imposes a corporate tax. (Six states forgo corporate income taxes, but four of them impose economically distortive gross receipts taxes in their stead.) An individual income tax reduction, from 5.75 to 5.499 percent, improved the state’s individual income tax component rank from 15th to 13th. At 11th overall, North Carolina trails only Utah and Indiana among states which do not forgo any of the major tax types.

Read more here: https://statetaxindex.org/state/north-carolina/

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