In January 2011, Republicans took the majority in the North Carolina General Assembly for the first time in 141 years. Since then, the state has put its economic house in order. Republicans have eliminated over $5 billion in debts and deficits, lowered the tax rate and restructured the tax code, and reduced unemployment by record numbers.
Deficits
Under Democrat control, North Carolina had a $2.5 billion structural deficit in January 2011.
With Republican leadership North Carolina had a $1.4 billion savings reserve account in February 2017.
State Debt
Under Democrat control The Old Party racked up $2.7 billion in debt to the Federal government to cover costs that the Democrat-controlled legislature could not pay for.
With Republican leadership North Carolina paid off this debt ahead of schedule without raising taxes, managing to accumulate a Total Reserved Fund Balance of $1.4 Billion as of May 2017.
Taxes
Under Democrat control North Carolina had the highest taxes in the southeast — personal income taxes were as high as 7.98% and businesses were taxed at 7.1%. And Democrats continued to raise sales taxes year after year, despite promising that these increases would only be temporary.
With Republican leadership North Carolina Personal Income Tax rate has been reduced to 5.499% from the top rate of 7.75% in 2012. The Corporate income rate reduced to 3% from 6.9% in 2012. Standard deduction (zero tax bracket) increased to $17,500 (over two years) from $6,000 in 2012.
Unemployment
In 2011 under Democrat control, NC’s unemployment rate was a staggering 10.74%, among the highest in the entire nation.
With Republican leadership North Carolina’s unemployment rate has been more than cut in half — to just 4.6%. That’s lower than the national average.
Stay up to date
Subscribe today to receive email updates from Dean, including news from the campaign trail, upcoming events, issues facing our community, and ways you can get involved.