RALEIGH, N.C. — Election Day is upon North Carolinians! On March 5, voters will decide who they want to see on the ballot in November.
Spectrum News 1 is covering topics that are top of mind on both sides of the aisle. One issue Republican gubernatorial candidates have zeroed in on is the economy.
On the outskirts of the North Carolina State Fairgrounds, you’ll find a community staple that’s been helping people do DIY-projects since 1936.
Burke Brothers Hardware Inc. provides a little bit of everything, but owner Jeff Hastings says it goes beyond what’s on the shelves.
“We’re not just a hardware store, we’re part of the community, and we’re a service to the community,” Hastings said. “A lot of what they’re saying and mandating on Jones Street, we have to live by, and we have to be at the at the expense of their decisions.”
One of those influences is how small businesses are taxed.
“A lot of times the smaller businesses are taxed at different rates than large corporations. Our tax rate will vary depending on income, anywhere from 21 to 37%. And large corporations usually are capped out at about 24%,” Hastings said.
They’ve also had to navigate changes to various legislation that helped during the pandemic, such as the COVID Act, which helped owners invest money back into their stores.
“It’s paid for a forklift. It’s paid for expansion of our employees over the last three or four years,” Hastings said.
When it comes to whoever lands the title of governor, Hastings hopes they won’t forget to think of their local, small businesses.
“The governor [Roy Cooper] brought in a lot of large businesses. Some of the challenges for the small business is to make sure that we remain relevant in the eyes of economic development,” Hastings said. “Part of it is making sure that we get engaged with those businesses where possible, because just like a homeowner, they’re going to need suppliers that we can help with down the road.”
Polling frontrunner in the GOP election for governor, Lt. Gov. Mark Robinson, says the economy is one of the top things he plans to focus on, if elected.
“We’re the No. 1 business destination, two years running,” Robinson said. “We have a fantastic opportunity in this state right now to take this state to the next level. I believe the two things that are going to do that are focusing on our economy and focusing on our education.”
State Treasurer Dale Folwell says he has the experience to help North Carolina’s economy, starting with balancing the state budget.
“We manage an amount of money at the Treasurer’s office eight times the size of the state budget, so I’ll be the first governor in North Carolina history that looks at zero-based budgeting,” Folwell said. “So except for the pension, the health care and the interest on the debt, we’ll take every line item of the budget and make sure that this is money that still needs to be spent.”
Attorney and businessman Bill Graham got into specifics he’d like to do to help move the economy forward.
“We got to do something about food prices. And that’s the first thing I would do when elected is I would get rid of this remaining tax on food,” Graham said. “I’d remove the tax on overtime. You talk about not being a politician. I’ve had a bill introduced to get rid of the tax on overtime so we can get more money in the pockets of the people who earned it in the first place. So that that’s the kind of thing that that I’ve been doing, you know, while not having a political office.”
Meanwhile, people and businesses like Burke Brothers are on standby to see what happens and how it’ll impact their bottom line.
“I’m excited to have the election behind us and get on the same track,” Hastings said. “And again, have the legislators work across the aisle to bring the best economy they can for small businesses and the general public.”