NC Republican Party Accomplishments

In 2011 the Republican Party, became the majority party in the North Carolina General Assembly, for the first time in 140 years. Prior to becoming the majority party the State of North Carolina was in debt and was facing the following serious problems:

• The State owed the Federal Government over $2 billion for Unemployment Taxes.
• North Carolina had the 5^th highest unemployment rate in the country (8.1%).
• North Carolina had the highest tax burden in the Southeast.
• North Carolina faced large budget deficits.
• The State GDP (Gross Domestic Product) was stagnant.

When the Republicans took over the majority in North Carolina they knew something had to change. The first step was tax reform. They took the following actions:

• Republicans cut the personal income tax from 7.75% to 5.5% going to 5.25%
• Republicans cut the Corporate income tax from 6.9% to 3% going to 2%
• Standard Deductions which primarily benefit low-income families have been drastically increased.
• The Gas Sales Tax was cut and capped.
• Republicans eliminated the Estate Tax or “Death Tax.”

While the Republicans were cutting taxes the detractors were saying “You know what? The State is going to lose revenue. It’s going to hurt the economy.”

So here is what has happened as the result of the Republican Party’s leadership.

• The State’s GDP has been one of the fastest growing in the country and as a result it has the 23^rd largest economy in the WORLD.
• Over 400,000 net new jobs have been created in the State.
• Unemployment has been cut in half the lowest in 17 years (4.1%).
• We had a budget surplus last year of over $500 million dollars.
• We paid off that Unemployment Debt (over $2 billion dollars) the State owed the Federal Government.
• We put almost $2 Billion dollars in the “Rainy Day” fund in case of natural disasters like Hurricane Matthew.

That’s the financial part of it.  Here’s what others are saying.

• Corporate Executives rank North Carolina #5 for favorable Business Climate.
• Forbes Magazine says NC is the best state for starting a business.
• North Carolina is now one of 12 States with an AAA Bond rating.
• CNBC ranked North Carolina as the 5^th best state for Business in 2017.
• Technology Association ranked NC #1 in Tech Jobs.
• US Census Bureau ranked North Carolina in the top 5 for wage growth.