Friday, March 16, 2007

North Carolina's Tax Burden Is Among The Lowest In The Nation

North Carolina's business tax burden is among the lowest in the nation, according to a study prepared by tax experts at Ernst & Young. The report found that combined local and state taxes paid by North Carolina businesses amount to 3.9 percent of the gross state product, which is one of the reasons our state is one of the fastest growing in the nation for new people and businesses relocating here each year. That rate tied North Carolina with four other states - Connecticut, Delaware, Oregon and Virginia - as having the lowest U.S. business tax burden. The highest burden in 2006 was carried by Wyoming businesses, which paid taxes equivalent to 10.8 percent of the state's gross state product. The 50-state study used public information to estimate the business share of a variety of 26 taxes at the state and local government levels.

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