Georgia's Economic Outlook Ranked First in the Nation

ATLANTA, July 17, 2006 - Georgia's economic outlook ranked first in the nation according to a report by renowned economist Arthur Laffer, Governor Sonny Perdue announced today. Georgia's ranking has risen to number one over the past four years from 24th in 2002. "I am proud of the progress we have made the over past four years by reducing taxes and strengthening our economy," said Governor Sonny Perdue. "The report reaffirms what Georgians already knew - that Georgia is a great place to live and do business." Laffer is the developer of the "Laffer Curve," which illustrates the theory that cutting taxes in certain situations can lead to an increase in economic activity and government revenue. Laffer's annual study is a seven-category analysis that compares state tax and fiscal policies. Georgia's success is credited in large part to its commitment to reducing the tax burden on its citizens and businesses over the past four years. Laffer also praised Georgia's 2005 decision to determine corporate income taxes based on sales alone, a move that he predicts might save businesses $100 million annually. Last November Site Selection magazine ranked Georgia's business climate as the third best in the nation. A copy of the Laffer Report is available at www.gov.state.ga.us.