FOR IMMEDIATE RELEASE
December 29th, 2020
Matt Martini, [email protected]
NEW STUDY ESTIMATES BIDEN AGENDA’S “GEORGIA TAX” WILL COST THE AVERAGE GEORGIA FAMILY NEARLY $4,000 ANNUALLY
Report Details Shows Georgia the Third Largest Net Loser of 50 States from Biden Progressive Plan
Washington, D.C. – A new study from the Committee to Unleash Prosperity (CUP) analyzed five components of Biden’s economic agenda and found that his policies would have substantial negative effects on the citizens of Georgia, costing each family over $3,900 per year for a decade.
Economist Stephen Moore, co-founder of the Committee to Unleash Prosperity, said “Georgia has been out of the 10 fastest growing states over the past decade thanks to pro-growth policies, including low taxes and low cost of living compared to other states. The Biden plan reduces these competitive advantages by forcing Georgia to adopt the same liberal policies that have been tried and failed in states like New York, California and New York.”
Five Biden policies in particular will act like a competitiveness “tax on Georgia” and put its prosperity in jeopardy:
1) Abolition of state right-to-work laws
2) Anti-fossil fuel policies / “Green” energy mandates
3) $500 billion federal bailout of blue states
4) Eliminate the cap on state and local tax (SALT) deductions on federal tax returns
5) $15-an-hour federal minimum wage
CUP estimates that these policies all combined would highly disadvantage Georgia and make the state poorer. As an example, Georgia is a right to work state, which has brought tens of thousands of jobs to the state from the forced union states in the northeast and Midwest. The Biden plan rescinds Goergia’s right to work law. The net cost to Georgia over the next decade would be $151.3 billion at an annual cost of $3,900 per family. This is more than most families will receive from the recent “Stimulus” bill in Washington.
As the chart below shows, Georgia ranks the third largest loser state from the Biden “tax” on economically productive states. Only Texas and Florida would lose more income due to these interstate redistribution policies.
|The Biggest Losers, How Much Each State Stands to Lose From Biden Agenda|
|State||Cost to the State Over a Decade|
|North Carolina||$154 billion|
About Committee to Unleash Prosperity
Stephen Moore is the president of Committee to Unleash Prosperity and served as a senior economic advisor to President Donald Trump in 2016.
Erwin Antoni III, Ph. D is a Senior Fellow at the Committee.