Key Points:
- A new study from the Goodman Institute found that the 2017 Tax Cuts and Jobs Act would lead to more than $39,000 in economic benefits per average household over their lifetime.
- An earlier study by the Federal Reserve Bank of Atlanta estimated the gain at $22,676 because of personal income tax cuts. The new study adds the impact of lower corporate taxes.
- President-elect Biden is proposing to undo half of the 2017 corporate tax cuts, raising the top rate from 21 percent to 28 percent.
- According to the Goodman study, the 2017 corporate tax cut is worth almost $16,000 to Georgian families, on its own.
- In the short run, Georgia families would benefit more from Biden’s economic proposal because it offers a higher child tax credit and more benefits for low-income senior citizens.
- In the long run though, Georgians would be worse off under the Biden plan because the economy would be weaker from how the additional benefits are funded.