The consensus revenue forecast for the state of North Carolina released this week projects a one-time $3.25 billion budget surplus.
North Carolina has recently been ranked as the best state in the country to do business by CNBC and Business Facilities magazine.
When Republicans took over control of state government a decade ago and announced a plan to reduce taxes, Democrats predicted huge budget deficits, but because of economic growth in the state the opposite has happened with the state budget.
North Carolina state House Speaker Tim Moore (R-Cleveland) in a press release said, “The surplus projected in today’s consensus revenue forecast demonstrates the economic strength of our state, which has attracted both businesses and families to North Carolina.”
Moore continued “Today’s consensus revenue forecast confirms that North Carolina’s tax policies are fueling economic growth. The surplus is a significant increase over the current fiscal year’s budget.”
President Pro Tem of the state Senate Sen. Phil Berger (R-Rockingham) said, “While this year’s surplus is welcomed news, we need to be cautious as we prepare the budget. We must continue to prioritize responsible spending, addressing our state’s workforce needs, and providing additional tax relief to our citizens.”
Berger added, “I am confident that as we continue to address some of the state’s most pressing needs, we will continue doing so in a fiscally responsible way that leads to even more growth for North Carolina. This is the approach we will take as we consider our budget priorities of targeted raises for law enforcement and other key personnel, greater investments in infrastructure, and workforce development initiatives.”
From those statements it appears that the Republican majorities in the state House and state Senate are on the same page moving forward in the 2023 legislative session. In the 2022 election the voters of North Carolina elected a veto proof majority in the state Senate and Republicans in the state House are one vote shy of a veto proof majority.
The surplus should be used to phase out the sales tax, or the state income tax.
How long must we suffer the Coop? The Republicans need a good candidate for Gov in the next election. Someone who can spell out what the conservatives do, and the result.
Speaking of Government, here’s a little factoid: since our President took office, the national debt has gone up 8 TRILLION dollars. All this is vote-buying for the faithful. We are seeing the result with the cost of most everything we buy. The Govt inflation rate figures come from Fantasy Land. The only way our Govt can pay it’s bills is by inflating the supply of money. That makes EVERYTHING you have that is denominated in dollars is worth less, and less, and less. Those few who have a pile of cash have learned that your cash is now NFG.
Don’t worry. The democrats will spend it all on studying the mating habits of transgender gnats and sensitivity training for those of us who swat at them or some such nonsense. Leave it there so Governor Robinson has funds to help sort out the mess when he sends a car to tote Roy outta Raleigh.
It is a shame the east greensboro city council can’t figure out how to get a surplus.
I wonder why.
If there are any true Democrat’s reading this email please be concerned that your leaders locally and nationally are power hungry and spend crazy. Joe Biden is looking at every penny made by everyone under $400,000 and taxing all of us Unmercifully. My pension, all your 401-k ,any and all stock.
The lie he told was anyone’s salary under $400,000 was exempt from any taxes he would hand out. You guessed it everyone under $400,000 is facing all the taxes that is coming out of Washington.This ploy that he wanted to tax the rich was a gimmick,so that all of us would carry the burden for the Country.
My perception of the Joe Biden was that when he was elected, I knew that every tax they dream up will be carried by the middle class,that happens to be YOU
And I. Let’s vote all Democrats out in 2024. Local and National. We have seen what they will do to this country so let’s vote all of them out of office!!!!!!
Democrats do read these comments. It’s just that more and more Americans are on the dole; so they vote themselves a free lunch, and more of the same. Republicans can’t get (re)elected if they don’t appear to lean that way also.
For example, no one wants to reduce SS & Medicare insurance benefits, even though those are going bankrupt. Simple solution is just the raise the retirement age to say, 67. Ask President Macron how an effort to raise retirement age by two years is working out for him.
Isn’t it time they repealed the “temporary” Food Tax, imposed in 1961 by “Food Tax Terry” Sanford (D) ?
That would help every person in the state, and particularly benefit the low income working families who need to put food on the table.
Only a handful of states tax groceries, and in those states Food Stamp purchases are required to be tax exempt by Federal law.
It’s time to stop taxing food.
Good idea! People would see this on their purchase receipts.
John go look at the new Toyota Plant. Get a photo. It is now under roof. Why does our newspaper not praise it?
Because it is in another County?
This surplus will dwindle quickly as the Medicaid Expansion Plan goes into effect in the coming years. Be happy we have the extra money to pad our budget so we can get used to paying higher taxes gradually. As goes California so goes North Carolina.
As goes Portland, so goes Greensboro. As goes Greensboro, so goes Sedalia.
The surplus should be held in an account to those with the coming recession that will have a big impact on families and small business struggling from the spike in inflation.
Good idea! Reduce the income tax rate? Sales tax rate? Food tax? What do you think?