Issue Position: North Carolina Re-Establishment of Manufacturing Jobs Act
Issue Position
I came up with this plan when my opponent published his newsletter on Facebook, where he stated "I am very pleased with the business partnerships between the United States and China" He wrote that after his trip to Shin Jen, China. In 1982 Shin Jen had a population of a little more than 300,000 people. Today, It is more than 10,000,000. All jobs that came from here in the U.S. North Carolina has a population of a little more than 9,000,000. There are more people in that one Chinese City, than in all of North Carolina.
My plan would be as follows and this is just the bare bones of it: Present on a State level the following incentives to bring Manufacturing Companies back, or, to North Carolina. Any manufacturing company who becomes headquartered here or builds manufacturing plants here in North Carolina, to hire North Carolina Citizens, will receive a zero percent Income Tax Rate on their State Corporate Income Taxes for a period of 5 years. Then they will receive a Tax Rate of 5 percent on the their State Corporate Income Taxes for a period of 10 years, instead of the current 6.90 percent tax rate that they will have to pay if they come here now. This legislation will also contain the following failsafes and restrictions: Local City/Town, and County Governments will NOT be allowed to raise taxes on the citizens of their areas just to be able to get more revenue because the company has come to their region. Next, The Company, will be REQUIRED to show proof that the money that was saved, by giving them this type of tax incentive has been re-invested into making their company foot print larger in THIS State, That they have outfitted their company with 21st century manufacturing techniques, or that they have used the money to hire more employees in the local region of the plant or within the State. The Money will be required to Stay Here. Also, NO MONEY SAVED BY THE COMPANY, BY HAVING THE LOWER TAX RATE, WILL BE ALLOWED TO BE USED AS EXECUTIVE BONUSES AND ALL EXECUTIVES WILL NOT BE ALLOWED TO HAVE "GOLDEN PARACHUTES" IF THEY LEAVE OR ARE FORCED OUT OF THE COMPANY. This will bring jobs back, and WILL remove people from the UNEMPLOYMENT roles.
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