It’s happening… again.
This week, Governor Roy Cooper announced that he cut yet another special deal with a select business in an effort to lure them to the Tar Heel State.
The catch? He made the deal with $558,700 of your hard-earned tax dollars.
The agreement will bring GE Aviation, a global manufacturer of aircraft engines and components, to Asheville and West Jefferson. While this may sound like a good deal, these transactions are often a huge loss for taxpayers, and states like North Carolina often don’t see a return on their investment.
What’s worse? Governor Cooper has already committed nearly $167 million in public funds to hand-picked corporations through the One North Carolina Fund and Job Development Investment Grant Program.
It’s called corporate welfare, and it means the government uses your tax dollars to pick winners while young entrepreneurs in the state struggle to compete. Ultimately, it rigs the economy against young people and anyone who doesn’t have close connections with government.
This is the wrong way for states and cities to incentivize businesses to set up shop.
There are already plenty of reasons for a business to come to North Carolina. The state has one of the strongest corporate tax policies in the entire nation and has consistently been ranked as one of the most business friendly states in the country. Legislators in Raleigh should continue improving the state tax code and reducing needless government barriers in order to make North Carolina an even better place to do business for many years to come.
When North Carolina politicians pick winners and losers in the economy, young entrepreneurs and ordinary taxpayers end up on the wrong side of a bad deal. If you want corporate welfare deals like this to come to an end in North Carolina, let Governor Cooper know today!