North Carolina will soon look a lot more appealing to Americans looking to make more money, start a new business or live the good life.<\/p>\n
The Tar Heel state recently overhauled its tax code for the better. The wise policy decisions are \u201cexpected to move the Tar Heel State from 44th<\/sup> to 17th<\/sup>place in the Tax Foundation\u2019s State Business Tax Climate Index<\/em><\/em>,\u201d <\/em>according to an op-ed in Forbes<\/em> magazine<\/a>.<\/p>\n What does that mean for North Carolina? Well, if other low-tax states like Texas, Florida, Tennessee and Washington are any indication, North Carolina will soon be blessed with \u201cmore job creation, capital formation and higher wages.\u201d<\/p>\n AccountingWEB<\/em>, an accounting news website, pointed out last month<\/a> that state tax rates are redrawing the population map \u2013 and redirecting money around the country.<\/p>\n \u201cA recent review of IRS data from 1040 forms filed in 1995 through 2010 showed a clear pattern of people moving to states with lower personal income tax rates, especially those with no tax,\u201d according to the website.<\/p>\n From 1995 to 2010, \u201c the nine states that have no personal income tax \u2013\u00a0Alaska, Florida, New Hampshire, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming \u2013\u00a0gained $146.2 billion in adjusted gross income (AGI)\u00a0.\u201d Collectively, however, \u201cthe areas with the highest personal income tax \u2013\u00a0California, Hawaii, Oregon, Iowa, New Jersey, Vermont, New York, Maine, and Washington, DC \u2013\u00a0lost $107.4 billion AGI.\u201d<\/p>\n \u201cLooked at another way, the ten states with the lowest per capita state and local tax burden\u00a0netted an increase of $69.9 billion in AGI. The ten states with the highest state and local tax burden per capita\u00a0lost a whopping $139 billion in AGI,\u201d AccountingWEB<\/em> found<\/a>.<\/p>\n North Carolina leaders are wise to realize that taxes matter and act accordingly. The move, as the research shows, will mean more people with more money to create more jobs for the state.<\/p>\n","protected":false},"excerpt":{"rendered":" North Carolina will soon look a lot more appealing to Americans looking to make more money, start a new business or live the good life. The Tar Heel state recently overhauled its tax code for the better. The wise policy decisions are \u201cexpected to move the Tar Heel State from 44th to 17thplace in the […]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-18943","post","type-post","status-publish","format-standard","hentry","category-posts"],"_links":{"self":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/18943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/comments?post=18943"}],"version-history":[{"count":2,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/18943\/revisions"}],"predecessor-version":[{"id":18956,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/18943\/revisions\/18956"}],"wp:attachment":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/media?parent=18943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/categories?post=18943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/tags?post=18943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}