North Carolina’s GOP Governor Pat McCrory was named one of the most fiscally responsible governors in America, according to a new report by The Cato Institute.
The Fiscal Policy Report Card on America’s Governors 2016 awarded an “A” to five governors, all of which are Republican: Paul LePage of Maine, Pat McCrory of North Carolina, Rick Scott of Florida, Doug Ducey of Arizona, and Mike Pence of Indiana.
From The Cato Institute:
Pat McCrory of North Carolina came into office promising major tax reforms, and he has delivered. In 2013 he signed legislation to replace individual income tax rates of 6.0, 7.0, and 7.75 percent with a single rate of 5.8 percent. That rate was later reduced to 5.75 percent. The law also increased standard deductions, repealed the estate tax, and cut the corporate tax rate from 6.9 to 4.0 percent, with a scheduled fall to 3.0 percent next year. In 2015 McCrory approved a further individual income tax cut from 5.75 to 5.5 percent. McCrory has matched his tax cuts with spending restraint. The general fund budget will be just 8 percent higher in 2017 than it was when the governor took office in 2013.