(The Center Square) – Georgians could have a $2,680 tax increase if Congress lets the 2017 Tax Cuts and Jobs Act expire by the end of the year, according to a study by the National Taxpayers Union Foundation.
The main issue facing Peach Stare businesses is a policy on full expensing, the authors of the report said.
“Georgia does not adopt full expensing business investments,” the report said. “State policymakers could adopt 100% full expensing regardless of whether federal full expensing is renewed.”
Florida has the highest possible tax burden among Georgia’s surrounding states at $3,650. Alabama is the lowest at $2,192.
Business groups are advocating for the tax cuts. The U.S. Chamber of Commerce and the Greater North Fulton Chamber held a roundtable discussion on the tax cuts last week with U.S. Rep. Richard McCormick, R-Ga.
“Extending the pro-growth tax provisions of the Tax Cuts and Jobs Act is critical to ensuring continued economic prosperity for Greater North Fulton,” said Kali Boatright, president and CEO of the Greater North Fulton Chamber of Commerce, in a statement after the event. “Without action, this would prohibit job creation, investment, and growth.”
Groups are lobbying Georgia’s Democratic U.S. Senate delegation to support an extension. Sen. Jon Ossoff has indicated he will not support the tax cuts. Americans for Prosperity held a rally outside of his Atlanta office on April 15.
But there are also concerns about how the tax cuts could affect the federal deficit.
A letter sent to U.S. Rep. David Schweikert, R-Ariz., from the Congressional Budget Office shows the tax cuts could add $37 trillion over the next 30 years, according to previous reporting by The Center Square.
