Georgia’s budget increased cumulatively more than pop+inf in state funds and all funds from 2014-23, meaning taxes are higher than the average taxpayer can afford.
- The 2023 state funds budget is $5.3 billion higher than it would have had spending grown at the rate of population growth plus inflation over the past decade.
- Because the state funds budget grew faster than population growth plus inflation for the last ten years, the state spent and taxed $37.6 billion too much.
- The 2023 all funds budget is $7.2 billion higher than it would have been had spending grown at the rate of population growth plus inflation over the past decade.
- Because the all funds budget grew faster than population growth plus inflation over the past decade, the state spent and taxed $64.5 billion too much.
State Funds Budget Data
- Estimated FY 2024 Only State Funds Budget ($ Billions): $45.58
- FY 2025 Only State Funds Budget Limit ($ Billions): $48.44
- FY 2025 Only State Funds Budget Limit Growth ($ Billions): 6.27%
- Cost per person of state funds budgeting more than pop+inf over the last decade in 2023 budget: $478
- Cost per family of 4 of budgeting more than pop+inf over the last decade in 2023 budget: $1,913
- Cumulative cost per person of state funds budgeting more than pop+inf over the last decade from 2014-23: $3,412
- Cumulative cost per family of 4 of state funds budgeting more than pop+inf over the last decade from 2014-23: $13,649
State All Funds Budget Data
- Estimated FY 2024 All Funds Budget ($ Billions): $65.01
- FY 2025 All Funds Budget Limit ($ Billions): $69.09
- FY 2025 All Funds Budget Limit Growth ($ Billions): 6.27%
- Cost per person of all funds budgeting more than pop+inf over the last decade in 2023 budget: 649
- Cost per family of 4 of all funds budgeting more than pop+inf over the last decade in 2023 budget: 2,596
- Cumulative cost per person of all funds budgeting more than pop+inf over the last decade from 2014-23: 5,847
- Cumulative cost per family of 4 of all funds budgeting more than pop+inf over the last decade from 2014-23: 23,389
Other Considerations
- Economic Freedom of North America (2021) (Rank): 6 [Fraser Institute]
- Economic Freedom (2022) (Rank): 5 [Cato Institute]
- Fiscal Policy (2022) (Rank): 9 [Cato Institute]
- Regulatory Policy (2022) (Rank): 11 [Cato Institute]
- State Tax Collections Per Capita (FY2021) ($): $2,579 [Tax Foundation]
- State Tax Collections Per Capita (FY2021) (Rank): 43 [Tax Foundation]
- State-Local Total Tax Burden per Capita (2022) ($): $4,862 [Tax Foundation]
- State-Local Tax Burden per Capita (2022) (%): 8.90% [Tax Foundation]
- State-Local Tax Burden per Capita (2022) (Rank): 8 [Tax Foundation]
- Top Income Tax Rate (2024) (%): 5.49% [Tax Foundation]
- Top Income Tax Rate (2024) (Rank): 27 [Tax Foundation]
- Flat/Progressive/Zero Income Tax (2024): F [Tax Foundation]
- Overall State Business Tax Climate Index (2024)(Rank): 32 [Tax Foundation]
- Top Corporate Income Tax Rate (2024) (%): 5.75% [Tax Foundation]
- Top Corporate Income Tax Rate (2024) (Rank): 20 [Tax Foundation]
- State-Local Sales Tax Rate (2024) (%): 7.40% [Tax Foundation]
- State-Local Sales Tax Rate (2024) (Rank): 32 [Tax Foundation]
- Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (%): 0.92% [Tax Foundation]
- Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (Rank): 25 [Tax Foundation]
- Economic Outlook (2024) (Rank): 11 [American Legislative Exchange Council]
- Economic Performance Rankings, 2012-2022 (2024) (Rank): 9 [American Legislative Exchange Council]
- Tax and Expenditure Limit (0-3): 0 [American Legislative Exchange Council]
- Tax and Expenditure Limit (Rank): 32 [American Legislative Exchange Council]
- Right-to-Work Law (2022) (Y/N): Y [American Legislative Exchange Council]
- State-Local Spending per Capita (2022) ($): $10,008 [US Government Spending]
- State-Local Spending per Capita (2022) (Rank): 3 [US Government Spending]
- Official Poverty Rate (2020-22) (%): 13 [Census Bureau]
- Official Poverty Rate (2020-22) (Rank): 38 [Census Bureau]
- Supplemental Poverty Rate (2020-22) (%): 10.1 [Census Bureau]
- Supplemental Poverty Rate (2020-22) (Rank): 37 [Census Bureau]
- Labor Force Participation Rate (Dec 2023) (%): 61.60% [Bureau of Labor Statistics]
- Labor Force Participation Rate (Dec 2023) (Rank): 35 [Bureau of Labor Statistics]