Pat McCrory on Budget & Economy
Tax & unemployment overhaul helped economic crisis recovery
Our spirit of resilience helped North Carolina recover from our economic crisis. When I took the oath of office in January, 2013, North Carolina taxes were among the highest in the Southeast. But working together, we passed historic tax reform that put
more money in people's paycheck. It was the first major overhaul of our tax system in nearly 80 years. And two years ago, because of our badly outdated unemployment insurance system our businesses owed the federal government $2.5 billion.
But drawing upon our resilience we reformed our unemployment program. We not only aligned our benefits with neighboring states, we also devised a plan to pay off our debt this year, a full 3 years ahead of schedule.
Now in North Carolina, not only do we balance our budget, but when we have a debt, we cut up the credit card and we pay it off. That's a lesson those in Washington need to learn.
Source: State of the State address to 2015 N.C. Legislature
, Feb 4, 2015
Page last updated: Jul 23, 2017