I’m Mary Walden, with economist MW, welcoming you to the economic perspective. Today’s program asks, how does North Carolina compare on taxes. Mike, the latest report from the non-partisan Tax Foundation on state taxes was just released. How does North Carolina rank?
Mike: Summary Answer
- Report is dated 2019, but data are from a variety of years based on availability
- NC ranks 12th in a favorable tax climate for business, mainly due to its now low corporate income tax
- Ranks 38st in state and local revenue per capita
- Compared to the US, NC gets more of its state and local revenue from individual income and sales taxes and less from property and corporate income taxes
- NC ranks 12th highest in gasoline taxes, mainly because the state uses little of other taxes to pay for roads
- NC is still very low – 46th – in cigarette tax rates
- I’m MW
Mary: And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.