Instead of Luring Amazon with Taxpayer Giveaways, Gov. Roy Cooper Should Highlight North Carolina’s Pro-Growth Policies

North Carolina Gov. Roy Cooper likes to use taxpayer money to pick winners and losers in business. He has already given tens of millions of tax dollars to Credit Suisse and several other big corporations, claiming “it creates jobs.”

Now, Gov. Cooper has a perfect opportunity to stop cheating young taxpayers out of their hard-earned money and learn to play by the rules.

 North Carolina is one of several states bidding for Amazon’s second North American headquarters. Amazon is waiting to see which state offers the best deal.

“Clearly these are the kinds of jobs we want for our state and I think North Carolina would be the perfect place for that company and others,” Gov. Cooper told WBTV. “We’re taking significant steps to make sure that North Carolina makes the first cut.”

While a strong economy and job opportunities are good for young professionals and entrepreneurs in North Carolina, more multi-million dollar taxpayer subsidies are not.

Young people are already struggling to find good-paying jobs and purchase a home. Additional subsidies for prospering businesses would only make matters worse.

Gov. Cooper should highlight pro-growth economic policies, not dangle corporate welfare, to lure Amazon to North Carolina. The General Assembly’s recent reforms prove lawmakers can create a business-friendly environment without bending over backward to accommodate big corporations. 

  • In 2015, the second income tax reduction in three years took effect—allowing North Carolinians to keep more of their take-home pay 
  • In 2016, state lawmakers cut the corporate income tax rate by 4 percentage points

This year, the General Assembly decreased both the personal income and corporate tax rates. These tax reforms are already improving North Carolina’s economy. 

  • Corporate tax cuts will account for $476.4 million in savings for businesses over the next five years 
  • Forbes ranked North Carolina the second-best state for business this year 
  • U.S. News & World Report placed it among the top 10 states in 2017 for economic growth

 Given that millennials are launching businesses at a higher rate than any other generation, fair competition is key for young people in North Carolina’s economy. Reforms like these will help business owners and entrepreneurs keep more of their hard-earned money, while creating a more level playing field for competition and more job opportunities for young adults.

When it comes to incentive packages, you can’t do much better than pro-growth economic policies and a booming economy.

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