Becki Gray looks at North Carolina’s 2017 legislative session and the trend line, which clearly points toward more freedom and away from more government.
Taxes were cut again for the third consecutive budget cycle, about $1 billion worth over the next five years. That includes lower corporate and personal income rates, another increase in the zero tax bracket for families and a boost to businesses with changes to the franchise tax and mill machinery tax.
Revenue surplus went, not for more government but into savings. North Carolina’s savings reserves now stand at the highest level in history. Hurricane Matthew flood victims were helped. A new law mandates 15 percent of any extra state revenue go into savings accounts. We’re making smart decisions today to ensure future fiscal stability.
Every budget passed since 2011 has kept government spending under the growth of inflation plus population. That restraint isn’t required in our constitution, and it’s not mandated in statute. It’s a result of good leadership.