DeLoach featured in Asheville Citizen-Times article on state tax cuts
The extensive article, which included insights from Elon Economics Professor Steve DeLoach, looked at varying perspectives on the impact of tax cuts on the North Carolina as the legislature considers its two-year budget.
A recent article in the Asheville Citizen-Times about the short- and long-term economic impact from state tax cuts on the North Carolina economy included the insights of Steve DeLoach, professor of economics at Elon.
The May 27 article by reporter Mark Barrett titled "Have NC tax cuts boosted the economy? Not so much, economists say" examines the role that tax cuts made during the past decade by the N.C. General Assembly have played in the state's economic health. The article comes as the legislature is considering a new two-year budget plan with further tax cuts a possibility.
DeLoach, who chairs the Department of Economics, notes that nationally, tax cuts have failed to fuel economic growth nationally over the long term, and it's difficult to point to short- or long-term benefits in North Carolina. In particular, DeLoach said, the drop in revenue from tax cuts can lead to reduced spending on infrastructure and schools, which can prove harmful.
"What I worry about is what's going to happen 20 years from now," DeLoach said. "Are the cuts we're making right now going to lead to a less educated workforce?"
Read the full article here.