Adding Up the Fiscal Notes 2012 – Tax Bills Have High Short-Term Cost; Comprehensive Reform Still Needed

State leaders have already cut nearly $2 billion in spending since before the recession, a truly massive blow to the state’s economic health and Governor Deal has signed four bills into law that will create an approximately $85 million shortfall in the next two fiscal years. Although some of the policy changes enacted through the omnibus package appear likely to increase state revenues in the long-term, which could help shore up Georgia’s finances and improve its economy in future years, Georgia still faces a long road to repairing the damage from the Great Recession. Despite the small-scale “reforms” enacted this session, the state still needs comprehensive tax reform that includes new revenues. Download the PDF.