North Carolina receives high marks in Rich States, Poor States reprot. | Stock Photo
North Carolina receives high marks in Rich States, Poor States reprot. | Stock Photo
North Carolina has come in fifth in the country in the American Legislative Exchange Council Center for State Fiscal Reform’s most recent Rich States, Poor States report, according to The Center Square.
The Center Square repot on Aug. 17 takes 15 factors into account such as tax rates and labor policies. The state ranked 6th in 2019.
This time around, North Carolina came in fourth for corporate tax rate, 10th for property tax burden, first for no estate/inheritance tax levied and sixth for recently legislated tax changes, the report found. It also came in 1st for minimum wage, which is $7.25 an hour.
When it comes to economic performance, North Carolina came in 12th, and it came in 25th in cumulative GDP growth, third in cumulative domestic migration and 17th in nonfarm employment growth.
Rep. Jason Saine (R-Lincoln) reacted to the news on Facebook, pointing out some of the highlights as well.
"North Carolina's fifth-place ranking in economic outlook for 2020 represented a rise of one spot from sixth in 2019. In the 15 policy variables used to determine economic outlook, North Carolina ranked in the top 10 for top marginal corporate tax rate (fourth), property tax burden (10th), no estate/inheritance tax levied (first), recently legislated tax changes (sixth), minimum wage (first at $7.25 an hour) and being a right-to-work state."
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