Recent tax reforms have propelled North Carolina from No. 44 to No. 15 in the Tax Foundation’s annual index of states’ business tax climates.
A new John Locke Foundation report highlights the positive changes that have produced rapid improvement in the rankings. JLF also continues to push for additional reforms.
The John Locke Foundation will continue to offer suggestions for lawmakers seeking ways to improve the state tax code, said Dr. Roy Cordato, JLF Vice President for Research and Resident Scholar.
“Recent recommendations to abolish the corporate income tax, reduce or repeal capital gains taxes, and replace depreciation with business expensing fit with the overall theme of improving North Carolina’s tax code,” Cordato said. “Reformers should continue to focus on reducing the tax system’s bias against productivity and job creation, reducing favoritism and special carve-outs, simplifying the tax code, and reducing the overall burden on taxpayers.”
