{"id":2363268,"date":"2024-11-02T16:45:59","date_gmt":"2024-11-02T20:45:59","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/north-carolina-12th-in-competitive-tax-codes-anaylsis-washington-examiner\/"},"modified":"2024-11-02T16:47:51","modified_gmt":"2024-11-02T20:47:51","slug":"north-carolina-12th-in-competitive-tax-codes-anaylsis-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/north-carolina-12th-in-competitive-tax-codes-anaylsis-washington-examiner\/","title":{"rendered":"North Carolina 12th in competitive tax codes: Anaylsis &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fnorth-carolina-12th-in-competitive-tax-codes-anaylsis-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2363268&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>A recent study\u200b by the \u200cTax Foundation ranks North Carolina&#8217;s tax\u2063 code as the 12th best in the\u2063 United States, down one \u2062position from last year. This reflects the impact of significant structural reforms in other states. North Carolina received praise \u2064for reducing\u2063 its individual flat-rate income tax \u200dfrom 4.75%\u2062 to 4.5%, and it \u200dranks third \u2064for corporate taxes and seventh for \u2064unemployment \u2064insurance. The foundation emphasizes the \u2064importance of a competitive business tax climate, noting that taxes paid by \u200cbusinesses ultimately affect individuals through various economic \u200bimpacts. The \u2062study also \u2062highlighted that states like Wyoming and \u200bSouth Dakota topped the list for \u200dthe \u200bbest tax codes, while New \u200cYork and New Jersey ranked as the worst, being burdened by high rates and complex tax structures.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">North Carolina 12th in competitive tax codes: Anaylsis<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1871401\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>(The Center Square) &ndash; North Carolina has the 12th best tax code in the country, according to a new study.<\/p>\n<div class=\"article-paywall\">\n<p>The nonprofit Tax Foundation publishes a ranking each year of state tax codes. It was previously called the State Business Tax Climate Index but this year has been rebranded as the State Tax Competitiveness Index.<\/p>\n<p>North Carolina actually dropped one spot on the list this year from its 11th place ranking last, year because of &ldquo;meaningful structural reforms,&rdquo; in other states, the foundation said.<\/p>\n<p>However, the group praised North Carolina&rsquo;s reduction in individual flat-rate income tax from 4.75% to 4.5%.<\/p>\n<p>The Old North State boasts the No. 3 ranking for corporate taxes and No. 7 for unemployment insurance.<\/p>\n<p>&ldquo;The taxes paid by businesses should be a concern to everyone because they are ultimately borne by individuals through lower wages, increased prices, and decreased shareholder value,&rdquo; the foundation said. &ldquo;States do not institute tax policy in a vacuum. Every change to a state&rsquo;s tax system makes its business tax climate more or less competitive compared to other states and makes the state more or less attractive to business.&rdquo;<\/p>\n<p>Paired with incentives, state and local governments in the state have drawn scores of new business opportunities. The tax changes are anchored through the Republican majorities of the General Assembly.<\/p>\n<p>Overall, Wyoming and South Dakota topped the new list of states with the best tax codes, with New York and New Jersey coming in as the worst.<\/p>\n<p>&ldquo;The absence of a major tax is a common factor among many of the top 10 states,&rdquo; the report says. &ldquo;Property taxes and unemployment insurance taxes are levied in every state, but there are several states that do without one or more of the major taxes: the corporate income tax, the individual income tax, or the sales tax.&rdquo;<\/p>\n<p>The states at the bottom of the list, have &ldquo;complex, nonneutral taxes with comparatively high rates,&rdquo; the foundation said.<\/p>\n<p>&ldquo;New Jersey, for example, is hampered by some of the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/illinois-voters-sounding-off-on-three-nonbinding-questions-washington-examiner\/\" title=\"Illinois voters sounding off on three nonbinding questions - Washington Examiner\">highest property tax burdens<\/a> in the country, has the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/california-ranks-near-bottom-in-state-business-tax-climate-report\/\" title=\"California&#039;s State Business Tax Climate Ranks Poorly: Report\">highest-rate corporate income tax<\/a> in the country, and has one of the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/here-are-the-best-and-worst-states-for-business-taxes-in-2023-where-does-yours-rank\/\" title=\"Here Are The Very Best And Worst States For Company Taxes In 2023. Where Does Yours Rank?\">highest-rate individual income taxes<\/a>,&rdquo; it said. &ldquo;Additionally, the state has a particularly aggressive treatment of international income, levies an inheritance tax, and maintains some of the nation&rsquo;s worst-structured individual income taxes.&rdquo;<\/p>\n<p>A strong tax code can help a state succeed economically, the foundation said.<\/p>\n<p>&ldquo;A well-structured tax code won&rsquo;t make the Wyoming Basin a metropolis, nor will poor tax structure make Manhattan a ghost town,&rdquo; the group said. &ldquo;But tax structure does play a role in a state&rsquo;s economic successes or failures, and often a substantial one. Every state can benefit from a simple, neutral, transparent, pro-growth tax structure.&rdquo;<\/p>\n<p>The report highlights states that have improved their tax codes and moved up on the ranking list.<\/p>\n<p>Arkansas, for example, moved up two slots on the list, from 38th to 36th, for dropping its <a href=\"https:\/\/amzn.to\/3YuVZYV\">top marginal corporate income tax rate<\/a> from 5.1% to 4.3% and its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-the-democrats-new-tax-hike-will-impact-your-wallet\/\" title=\"How The Democrats\u2019 New Tax Hike Will Impact Your Wallet\">top marginal individual income tax rate<\/a> from 4.7% to 3.9%, the foundation said.<\/p>\n<p>Georgia moved up six places to 26th, changes including replacing a graduated individual income tax with a top rate of 5.75% to a flat tax structure with a rate of 5.39%.<\/p>\n<p>&ldquo;Taxes are not everything, but they do matter, and they are within the control of policymakers,&rdquo; the foundation concluded. &ldquo;Even within a given revenue target, there are better and worse ways to raise revenue.&rdquo;<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1871401\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1871401\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>North Carolina ranks 12th in tax codes, per a new study<\/p>\n","protected":false},"author":1,"featured_media":2363269,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/06\/minimum-wage-and-money.jpg.optimal.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[44231,32258,44230,32076],"class_list":["post-2363268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-competitive-analysis","tag-north-carolina","tag-tax-codes","tag-washington-examiner"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/06\/minimum-wage-and-money.jpg.optimal.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2363268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2363268"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2363268\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2363269"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2363268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2363268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2363268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}