NC will soon eliminate corporate taxes. Democrats say it'll force working people to pay more.

As North Carolina prepares to ditch corporate taxes, Democrats are raising concerns that the move will shift the burden to the working class. The state budget, set to take effect July 1, will decrease the corporate tax rate from 2.5% to zero, in a bid to boost economic growth and job creation. However, critics argue that the move will benefit corporations at the expense of everyday taxpayers. By eliminating corporate taxes, some fear that the state will have to hike taxes on low- and middle-income earners, such as sales and property taxes. While supporters claim that the tax cut will make the state more competitive and spur growth, opponents argue that it will only benefit the wealthy few. The decision comes as a growing number of states move to reduce or eliminate corporate taxes in efforts to remain competitive and attract businesses. The debate highlights the delicate balance between promoting economic growth and ensuring equity and fairness in tax policies.