Let’s acknowledge something that everyone knows to be true: You can’t cut taxes every single year. And then let’s face up to the fact that, in Georgia, this is one of those years when holding the line will be a win for taxpayers.
The state budget that has already been cut by $3 billion, or about 14 percent, over the past two years. Now it stands to be slashed by another $1.5 billion. Trying to reach that point while also cutting taxes is too much for lawmakers to bite off.
Look, with unemployment still creeping higher, I’d love to see a growth- and jobs-spurring tax cut just as much as the next supply-sider. Incentives matter, and capital is still on strike. The theory is still right.
That said, money is sitting idly today because of the regulation, spending and (future) taxes coming from Washington. People aren’t investing in future growth because the uncertainty is too great.
State policy is playing a much smaller role in these decisions right now. We can’t compete with