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North Carolina is now competing with surrounding states when it comes to taxes, the Civitas Institute reported in mid-May.
North Carolina was under Democratic leadership in 2010 and was the highest between it, South Carolina, Tennessee and Virginia when it comes to tax rates, the conservative thinktank reported — having a 7.75% personal income tax rate, an 8.07% state and local tax rate and a 6.9% corporate tax rate.
As of 2020, North Carolina now has a 5.25% personal income tax rate, a 6.97% statewide sales tax rate and a 2.5% corporate tax rate, the Civitas reported.
"These two tables paint a very clear picture: A decade of conservative leadership has made a significant difference in North Carolina’s tax burden," Brian Balfour wrote for the institute. "Our state once stood as a high-tax state in a relatively low-tax region under the Democratic majorities of the past."
The thinktank added that because of its findings, voters should "keep this in mind when they consider what’s at stake this November."
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