Both candidates for governor, Attorney General Josh Stein and Lt. Gov. Mark Robinson, are pledging to cut taxes, but their plans to save people money look a lot different.
Robinson, the Republican candidate, announced what he calls his 鈥溾�� this month. Item No. 3 on his list is 鈥淐ut Taxes for ALL North Carolinians.鈥� Stein has his own set of , and his list includes 鈥渃utting taxes for working families.鈥�
Neither candidate is proposing specific changes to the personal income tax rate at this point. That rate is currently 4.5%, and last year鈥檚 budget schedules further decreases for years to come: down to 4.25% next year and eventually to 2.49% by 2034 if the state revenues hit targets set out in state law.
Asked to elaborate on Robinson鈥檚 tax cut proposal, campaign spokesman Mike Lonergan told 瓜神app that 鈥渞ather than Soviet-style price controls like the Biden-Harris-Stein plan, as governor, Mark Robinson will immediately provide relief by cutting taxes on groceries. He also wants to prioritize eliminating more taxes on veterans benefits.鈥�
Grocery buyers pay a lower sales tax rate than other types of purchases: a 2% tax that funds local governments.
Rep. Ben Moss, R-Richmond, last year that would have launched a state study on 鈥渢he costs and benefits reasonably anticipated from excluding groceries from local sales taxes, including increased purchasing power for lower-income residents of the state and local revenue losses.鈥� The bill drew a bipartisan list of co-sponsors, but it never got a hearing.
Stein鈥檚 tax plan, announced back in March, calls for bringing back the state鈥檚 earned income tax credit. It was eliminated in 2014 by the GOP-controlled legislature, and legislation filed by Democrats in the years since has gone nowhere. Republican lawmakers say they prefer cutting the tax rate for all income levels rather than targeted tax credits.
Stein said his plan would result in a $520 average credit for working families, and families with three children or more would receive a credit of up to $1,486.
鈥淛osh Stein is the only candidate in this race with a proven record of delivering for the people of North Carolina,鈥� campaign spokeswoman Morgan Hopkins said this week. 鈥淗e has a plan to tackle the high cost of living by cutting taxes and lowering costs, grow the economy, and make sure it works for more people.鈥�
Stein鈥檚 campaign announced another tax-related proposal this week: a plan to bring back a sales tax holiday in August that was popular for back-to-school shopping. His campaign said in a press release that he also wants to 鈥減rovide teachers with a stipend to help cover the out-of-pocket costs of school supplies and invest in free school meals.鈥�
Robinson is looking at the overall income tax rate in addition to his proposal for grocery taxes. 鈥淚n the coming months, as we have updated revenue forecasts, there will be conversations with lawmakers to hone in on more specific figures like rates 鈥� but the bottom line is, as governor, Mark Robinson is committed to keeping up the momentum of fighting wasteful spending and cutting taxes so our economy can thrive,鈥� Lonergan said.
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Other economic proposals in the campaign
Other aspects of Robinson鈥檚 new economic plan include topics the legislature has been addressing recently. One is a ban on central bank digital currency, which is part of a recently vetoed bill that the legislature is in the process of overriding.
Another would prevent state government entities from using 鈥渋deologically-driven investing鈥� practices such as environmental, social and governance investing, known as ESG. That鈥檚 the practice in which investment managers choose companies based on their policies on environmental and other issues.
The legislature passed restrictions on ESG investing last year, but Lonergan said Robinson wants to do more.
鈥淭he bill only applies to state pension funds 鈥� there are plenty of other state investments to apply these principles to, and as governor Mark Robinson will be looking forward to working with legislative leaders and the state treasurer鈥檚 office to continue this work,鈥� Lonergan said.
Other items in Robinson鈥檚 proposal include reducing regulations on businesses and investing in higher education, as well as a pledge to 鈥渆xpand technical and apprenticeship programs in K-12鈥� schools.
Stein鈥檚 campaign, however, criticizes Robinson鈥檚 commitment to career and technical education, pointing to a detailing the lieutenant governor鈥檚 call for the state to reject federal education funding. The state received $43 million in federal funding for career and technical education programs this past school year.
In addition to taxes, Stein's economic plans include a pledge to increase the minimum wage. Asked exactly how much higher the state's minimum wage should be, his campaign didn't respond. His website also says he'll "champion no-cost community college for students pursuing coursework in our state鈥檚 growing, high-demand industries."
