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Recently, we learned that Sealed Air Corp (the makers of Bubble Wrap) were relocating their HQ from Northern NJ to Charlotte. This is the largest Fortune 500 company relocation in Charlotte's history (and possibly NC's history as well). While reading about this story on a NJ media publication, the following quote caught my eye....
Quote: "Still, both Hughes and fellow Rutgers economist Joseph Seneca said that the North Carolina incentives are not that large and are likely to have been only one factor in Sealed Air’s decision to move. New Jersey has much higher land costs, a higher cost of living and higher taxes than does North Carolina. New Jersey’s corporate income tax is 9 percent, and its top personal income tax rate is 8.97 percent. By contrast, North Carolina’s corporate tax rate is 6 percent, and its top income tax rate is 5.8 percent." Elmwood Park-based Sealed Air Corp.'s move to N.C. will cost N.J. 200 jobs - News - NorthJersey.com
During McCrory's campaign for governor, he made it explicitly clear that lowering NC's corporate tax and creating a lower flat tax on income would make NC more competitive for job relocations. Well, here we are; it's 2014 and we've had a TON of major job announcements since McCrory took office. We now even have economists from other states citing McCrory's tax rates as a major reason for NC's business friendly status. Your thoughts? Was McCrory (the "wicked" republican) actually right about something? Hmmmmmmmmm?
Location: The place where the road & the sky collide
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Quote:
Originally Posted by urbancharlotte
Recently, we learned that Sealed Air Corp (the makers of Bubble Wrap) were relocating their HQ from Northern NJ to Charlotte. This is the largest Fortune 500 company relocation in Charlotte's history (and possibly NC's history as well). While reading about this story on a NJ media publication, the following quote caught my eye....
Quote: "Still, both Hughes and fellow Rutgers economist Joseph Seneca said that the North Carolina incentives are not that large and are likely to have been only one factor in Sealed Air’s decision to move. New Jersey has much higher land costs, a higher cost of living and higher taxes than does North Carolina. New Jersey’s corporate income tax is 9 percent, and its top personal income tax rate is 8.97 percent. By contrast, North Carolina’s corporate tax rate is 6 percent, and its top income tax rate is 5.8 percent." Elmwood Park-based Sealed Air Corp.'s move to N.C. will cost N.J. 200 jobs - News - NorthJersey.com
During McCrory's campaign for governor, he made it explicitly clear that lowering NC's corporate tax and creating a lower flat tax on income would make NC more competitive for job relocations. Well, here we are; it's 2014 and we've had a TON of major job announcements since McCrory took office. We now even have economists from other states citing McCrory's tax rates as a major reason for NC's business friendly status. Your thoughts? Was McCrory (the "wicked" republican) actually right about something? Hmmmmmmmmm?
I'm not convinced at all. When Bev was governor, we were doing well with getting businesses out here west of Charlotte. It's definitely dropped off w/McCrory.
Face it, he needs Charlotte's votes to be re-elected. People are not happy that he's not "Governor Train". The NJ website didn't happen to mention that the lower tax rates in NJ are lower than NC, did they?
Face it, he needs Charlotte's votes to be re-elected. ....
No he doesn't. It's not even on the radar.
The net vote from the large cities in NC is pretty small. This is because people tend to vote their party rather than vote for their real interests. In Charlotte there are are a few large demographics who will vote for the Democrats no matter who is on the ticket. It's very tough for a GOP candidate to win many net votes from Charlotte.
In 2012 McCrory got 2,440,707 votes. However he netted only 3,101 votes from Mecklenburg and almost all that vote came from the suburban areas outside of the Charlotte city limits. Statewide elections in NC are decided by the "Jessiecrats" in the Eastern part of the state. Always have been. They voted for Perdue in 2008 and they voted by McCrory by a wide margin in 2012.
So this announcement, IMO isn't about getting the vote because there is none to be had here. It's about the taxes. (or rather lack of them)
Location: The place where the road & the sky collide
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Originally Posted by WaldoKitty
No he doesn't. It's not even on the radar.
The net vote from the large cities in NC is pretty small. This is because people tend to vote their party rather than vote for their real interests. In Charlotte there are are a few large demographics who will vote for the Democrats no matter who is on the ticket. It's very tough for a GOP candidate to win many net votes from Charlotte.
In 2012 McCrory got 2,440,707 votes. However he netted only 3,101 votes from Mecklenburg and almost all that vote came from the suburban areas outside of the Charlotte city limits. Statewide elections in NC are decided by the "Jessiecrats" in the Eastern part of the state. Always have been. They voted for Perdue in 2008 and they voted by McCrory by a wide margin in 2012.
So this announcement, IMO isn't about getting the vote because there is none to be had here. It's about the taxes. (or rather lack of them)
The tax differential is primarily in property taxes, driven by the Abbott Districts in NJ.
I'm seeing a decrease in jobs coming into this area rather than an increase. I don't think its the tax decrease at the top that was offset with increases further down the chain.
During McCrory's campaign for governor, he made it explicitly clear that lowering NC's corporate tax and creating a lower flat tax on income would make NC more competitive for job relocations. Well, here we are; it's 2014 and we've had a TON of major job announcements since McCrory took office. We now even have economists from other states citing McCrory's tax rates as a major reason for NC's business friendly status. Your thoughts? Was McCrory (the "wicked" republican) actually right about something? Hmmmmmmmmm?
We are attracting some jobs. I don't know what percentage we can attribute to low taxes and what percentage we can attribute to the general condition of a (booming) recovery.
But there is no doubt that McCrory's tax cuts have hit the budget hard. There's been huge infighting even within the republican/teaparty over what to cut and where since tax revenues are so low. Are we spending a dollar to make a dime?
But there is no doubt that McCrory's tax cuts have hit the budget hard. ...
Depends upon your definition of hard. The difference between the 2012 general fund revenues (Perdue) and 2013 revenues (McCrory) was a decrease of $63M. This on a revenue plan of ~$19.6B.
i.e. the difference was a drop of 0.32%, or 1/3 or 1%.
Depends upon your definition of hard. The difference between the 2012 general fund revenues (Perdue) and 2013 revenues (McCrory) was a decrease of $63M. This on a revenue plan of ~$19.6B.
i.e. the difference was a drop of 0.32%, or 1/3 or 1%.
The reports I read said NC had a HALF BILLION DOLLAR shortfall. That's "hard" to me.
If we had not cut taxes so much we'd have a large surplus for teacher raises, etc instead of all the bickering. Overall tax cuts will cost NC between $512MM and $700 MM (projected) this fiscal year.
The reports I read said NC had a HALF BILLION DOLLAR shortfall. That's "hard" to me.
If we had not cut taxes so much we'd have a large surplus for teacher raises, etc instead of all the bickering. Overall tax cuts will cost NC between $512MM and $700 MM (projected) this fiscal year.
So what you are saying is....Screw these companies and the jobs they are bringing to our City!
We don't need you or your jobs! Go away you are a burden to Charlotte. Bev did this for years and it worked well for "Your Side" - giving NC a financial crisis that Pat is trying to dig us out of.
By the way, teachers don't need raises, they should be happy they have a job. If they don't like the job, quit. There a millions of people looking for a job. If the trash collectors or all government employees start screaming for a raise, do you simply give them one?
I'm glad your not in charge of writing the checks.
Location: The place where the road & the sky collide
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Quote:
Originally Posted by Native_Son
The reports I read said NC had a HALF BILLION DOLLAR shortfall. That's "hard" to me.
If we had not cut taxes so much we'd have a large surplus for teacher raises, etc instead of all the bickering. Overall tax cuts will cost NC between $512MM and $700 MM (projected) this fiscal year.
Plus the state shortfalls mean cuts to county & local governments which means that those taxes go up.
Been there done that. NJ's fiscal problems all trace back to 2 things. Christie Whitman's tax cuts & the fall-out from that fiasco and the Abbott Districts. They have resulted is suffocating property taxes & a state pension system on the brink of bankruptcy.
These are North Jersey companies. Land & property values are suffocating. Both prices are way cheaper in South Jersey, but you can't get away from the god-awful property taxes without leaving the state.
That said, I still don't think that McCrory's tax cuts play into this one little bit.
So what you are saying is....Screw these companies and the jobs they are bringing to our City!
We don't need you or your jobs! Go away you are a burden to Charlotte. Bev did this for years and it worked well for "Your Side" - giving NC a financial crisis that Pat is trying to dig us out of.
By the way, teachers don't need raises, they should be happy they have a job. If they don't like the job, quit. There a millions of people looking for a job. If the trash collectors or all government employees start screaming for a raise, do you simply give them one?
I'm glad your not in charge of writing the checks.
This is the STATE forum mike. I'm not commenting about any "city" Leave your petty, distorted personal differences and red herrings aside.
And it's
*there are;
*you're
You won't get another reply from me. Your level of discourse and understanding aren't sufficient to justify any effort from me.
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