Of the four possible combinations, we at the John Locke Foundation have always favored the Freedom & Growth combination of low corporate taxation with low corporate welfare. Gov. Roy Cooper's choice is the cardinal opposite.
The audit's accounting for the lost government use of the tax credits doesn't ask what economic activities would have occurred if the money was directed by individual taxpayers to whom it originally belonged. It assumes that their money is directed by government at no cost to the state economy.
The audit provides a much lower economic impact of Georgia's film tax credit than the Georgia Film, Music and Digital Entertainment Office does. But because of certain assumptions used in its model, the audit still manages to overestimate Georgia's film incentives' impact.
In 2016 Georgia granted $667 million in tax credits for film productions. In return, Georgia realized only $65 million in net new revenue, meaning the state self-inflicted a net revenue loss of $602 million.
This past week was very unusual — the media talking heads were apoplectic that the U.S. had just started "war with Iran," while social media was replete with talk of "World War III." So why have retail gasoline prices been so calm?
Did you know there are also magic words that can make your power bill go up? They were just used in the coal-ash cleanup settlement agreement between the Cooper administration, environmental groups, Duke Energy, and not ratepayers.