May 6

Tax Reforms, Economic Turnaround give NC $400 Million Surplus

Senate Leader Phil Berger (R-Rockingham) issued the following statementTuesday after the General Assembly’s Fiscal Research Division and the Office of State Budget and Management released a consensus revenue forecast showing North Carolina is expected to have a $400 million surplus in this year’s state budget:

“Two years ago, when the Republican legislature passed the largest tax cut in state history, Chicken Littles on the left loudly cried North Carolina would lose so much tax revenue that students wouldn’t have teachers, roads wouldn’t be built and our universities might have to close.

“But far from starving state government, tax cuts and tax reform have spurred economic growth and job creation – a turnaround that has provided our state with a surplus that will allow us to continue cutting taxes while investing in core priorities like education, infrastructure and public safety.”

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