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Public Statements

Issue Position: Improving the Economy

Issue Position

By:
Location: Unknown

Job creation - Tax Revision - Marketing

Currently, Rowan County's unemployment rate is 13.8%, significantly
higher than the national average and the North Carolina state average,
which is at a record 11.2%! More than 9,300 of our friends and neighbors are out of work with nowhere to turn. When Lorene Coates was elected in 2000, the unemployment was 4.5% and trending upward.

in 1998 2.8%
in 1999 3.1%
in 2000 4.5%
in 2001 6.7%
(this was the year that Ms. Coates voted for the first "temporary" sales tax increase)
in 2002 6.3%
in 2003 7.6%

Scheduled to end on 7/1/03, the "temporary " sales tax increase is extended 2 more years!
in 2004 7.3%

Now scheduled to end on 8/13/05 - the "temporary" sales tax increase is extended for another two years!!
In 2009 13.8%

Ms. Coates votes to make the first "temporary sales tax" permanent and to levy a new "temporary sales tax" of 1 full cent - a 21% increase scheduled to end on 7/1 2011.

As unemployment rose, Raleigh's solution was to increase taxes for the
unemployed in order to support rather than eliminate wasteful spending and
pork projects. This is not only INEFFECTIVE leadership; it is insensitive to
the needs of the people and counter productive to growing the economy.

In order to move Rowan County and North Carolina out of this economic
disaster,we must have jobs in the private sector! Government can not
and should not create jobs but it can and should create conditions favorable
for businesses to grow successfully and create more job in the private sector.

If we are going to attract businesses, then we
need to become fiscally attractive to the business community.
We must be competitive with the other states, particularly those
around us. Here is how we stand when we compare Corporate
Income Tax Rates for our surrounding states:

NC -- 7.11% including surtax
TN - 6.5%
Ga -- 6.0 %
Fl. -- 5.5%
SC -- 5.0%

As our Representative, I will propose the following 3 step plan
to aggressively energize our State forward out of this recession:

* First, we must have a complete revision of our tax code with particular attention to reducing the corporate income tax to a competitive rate.
o a review of our regulatory requirements on businesses
o and propose that we repeal those deemed
o unnecessary, outdated or restrictive to business growth
A strict avoidance of "incentive" offers to businesses.
Incentives devalue our State, are unfair to existing
businesses and rarely work as agreed or expected.

The less money that the State takes from businesses,
the more money businesses have to reinvest in themselves
and become more successful creating more jobs and generating
more revenue for the State.

* Second: we must establish North Carolina as "the location of choice"for business relocation /expansion, for tourism and retirement. We must implement an aggressive program to market North Carolina to the rest of the nation under the direction of the State Chamber of Commerce working in close cooperation with each Economic Development Committee in the State.

Successful marketing of the State could create hundreds of
permanent jobs in such related industries as Real Estate, Banking,
Clerical, manufacturing, travel, restaurant, medical and many others
as businesses and people relocate to North Carolina creating
demand for services and products.

Tourism brought $15.5 billion into our economy last year, supporting
187,000 jobs and generating over $855 million in tax revenue. North
Carolina was the 6th most visited State in the union. 37% of the
tourists live in North Carolina. If we were to market the State
nationally promoting tourism, we would generate billions more
into our economy with minimal investment. Thousands of jobs
would be created in support industries such as retail, car rentals, air
and rail travel, as well as the obvious restaurant and hotel industries.
All of the associated manufacturing and supply side industries that
support tourism would flourish as well. Which can you think of that
I might not have mentioned?

* Third: We must relieve the tax burden on our working people.

We labor under the highest Personal Income Tax of
any of the Southeastern States.
NC -- 7.75%
SC -- 7.0%
GA. -- 6%
VA -- 5.75%
Fl - 0%
Tn - 0%

The solution is to BROADEN our TAX BASE instead of increasing our taxes rates. The State will collect more revenue with a lower tax rate paid by more people than it will with a higher tax rate on a few.

The free market creates jobs - government creates bureaucracies.
We need jobs to help this economy recover, not more burdensome
government growth to support.


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