Statement on the 2024 Governor’s Budget

Governor Cooper’s budget rightly acknowledges that the way to move our economy forward is to focus on the people—the child care workers, entrepreneurs, teachers, and state employees—who every day contribute to the wealth and well-being of our state.

Our public money can make child care more affordable, increase pay for a day’s work, and build the infrastructure that we need to continue to grow sustainably as a state so that every person can be well, no matter who they are or where they live.

By keeping the corporate income tax at 2.5 percent and pausing the income tax cuts for high income North Carolinians, the Governor’s budget takes a first step towards addressing the harm that a decade of irresponsible income tax cuts has had for the quality of life in communities across the state.

The proposal forestalls the prospect of another decade of further reductions that will slow North Carolina’s economic progress.  It also rightly freezes funding for private school vouchers, preventing the unaccountable expansion of a program that sends public money to wealthy families while too many children lack essential instructional materials and school personnel vacancies play out in communities across the state.

If North Carolina does not pause income tax cuts for the wealthy few and profitable corporations in favor of investment in the care for the people of our state, our economy will not be able to equitably recover and thrive. 

It is past time for policymakers in the legislature to recognize that their economic ideas aren’t making lives better in our state— not in rural communities, not for main street businesses that employ the majority of people, not for workers and families who are struggling to make ends meet, and not for students that are denied a sound, basic education.

The Governor's budget is a solid start to the serious work needed to put North Carolina back on track in ensuring that future generations can reach their full potential.

It will take bold leadership and a budget process that listens to the people of the state for a better economic future to be secure.

Beyond our preliminary take from our Executive Director above, the team at NC Budget & Tax Center is reading and analyzing this budget proposal with people in communities across North Carolina to understand its implications on areas including but not limited to revenue, democracy, education, and health with an eye to equity.

We look forward to publishing our findings in the coming days on our blog. In addition, we will be closely monitoring how this proposal moves through the budget process with the expectation that the final budget reflects a transparent and inclusive process and advances well-being in this great state.