If Georgians needed another excuse to get out and vote on the Jan. 6th Senate runoff, Democrat Joe Biden just gave them one.
According to a new study by the Committee to Unleash Prosperity (CUP), Biden’s economic plan would result in a “Georgia tax” that would cost each family about $3,900 over the next ten years. That is close to $40,000 per household over the next ten years.
Economist Stephen Moore, the co-founder of CUP, asserts that the Biden administration’s policies would stunt the economic growth that Georgia has seen over the last four years.
“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,” Moore said.
The study also claims that the money from states like Georgia would be funneled into dominant blue states.
“The main impact of the Biden agenda is to redistribute income and wealth from Republican-led red states, generally in the South, to Democratic-run blue states, mostly in the Northeast and the West Coast,” Moore wrote.
This study says there are five primary components of the Biden economic plan that will hurt the pockets of families in Georgia:
- Abolition of state right-to-work laws (Georgia is a right to work state, which means that employees cannot be mandated to join labor unions as a condition of employment)
- Anti-fossil fuel policies / “Green” energy mandates
- $15-an-hour federal minimum wage
- Elimination of the cap on state and local tax (SALT) deductions on federal tax returns
- $500 billion federal bailout of blue states
CUP ultimately claims that Biden’s plan would stunt the Peach State’s economic growth and make it poorer.
“The net cost to Georgia over the next decade would be $151.3 billion at an annual cost of $3,900 per family,” CUP said in a statement. “This is more than most families will receive from the recent “Stimulus” bill in Washington.”
If the Democrats win control of the Senate on Jan. 6th, the potential Biden Administration will have a clear pathway to enact these policies that would greatly hurt Georgia.
“Georgia ranks the third largest loser state from the Biden ‘tax’ on economically productive states,” CUP said. “Only Texas and Florida would lose more income due to these interstate redistribution policies.”