Pro-growth JOBS Act passes Georgia House

 

Late Friday, the Georgia House of Representatives passed HB 1023, the Jobs, Opportunity, and Business Success (JOBS) Act of 2010. HB 1023, introduced by former State Representative Tom Graves (R-Ranger), would eliminate the state’s net worth tax, cut the high capital gains tax in half, and create a tax credit for businesses that hire unemployed workers. The bill passed the Georgia House overwhelmingly on a 154-8 vote.  HB 1023 now goes to the Georgia Senate for consideration.  NTU strongly supports the JOBS Act because it would grow the economy and create jobs by cutting taxes rather than continue the failed policy of raising job-killing taxes.

 

Most states have been trying to tax and spend their way out of the recession and budget deficits by increasing their income taxes, and raising excise taxes on goods like sugary drinks and tobacco. The National Conference of State Legislatures reports that about half of the states raised taxes last year. Yet here we are in 2010 and states like Illinois and New York are considering tax increases again.

 

Georgia’s legislators know that they cannot tax, spend, or borrow their way out of a deficit; the only way to get out of the economic doldrums without creating problems for future generations is to encourage economic growth through budget and tax reform. The JOBS Act encourages growth by cutting taxes so that individuals and businesses will have more money to spend and invest in Georgia, which will create jobs for Georgians and increase revenues for the state.

 

Let’s hope that the Senate passes HB 1023 quickly and gets it to Governor Sonny Perdue so that he can sign this pro-growth measure into law.