This week, Governor Roy Cooper (R) announced a new round of taxpayer funded incentives for select businesses in several North Carolina counties.
The state has already spent hundreds of millions of dollars since Gov. Cooper took office in incentives for corporations. But is North Carolina certain to see a return on their investment?
Many economists have pointed out that corporate welfare deals like this frequently provide little to no benefit to the taxpayers who are forced to subsidize them. Unfortunately, Gov. Cooper doesn’t seem to be listening. To date, he has committed over $195 million to hand-picked corporations through the One North Carolina Fund and Job Development Investment Grant Program.
These “deals” are more accurately titled as corporate welfare, the practice of incentivizing companies to come to a location using taxpayer resources. This is a practice that harms taxpayers and puts young entrepreneurs at a disadvantage. No one is offering the small business owners a leg up on the competition.
The worst part is these unfair giveaways make no sense. North Carolina already 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. But for some reason, many of our state’s officials insist that isn’t enough and believe the solution lies in your wallet.
Instead of continuing to hand out taxpayer dollars to large special interests, North Carolina should focus on ways to improve its economy for everyone.
If you think North Carolina taxpayers shouldn’t be lining the pockets of corporations with their tax dollars, contact Gov. Cooper today and tell him to stop the corporate welfare giveaways.