(The Center Square) – Tennessee residents could have an additional $2,660 tax burden if the 2017 Tax Cuts and Jobs Act expires, according to a study by the National Taxpayers Union Foundation.

The report’s authors recommend that Tennessee officials look at protecting tax code elements included in the 2017 bill in case Congress does not extend the cuts before the Jan. 1 deadline. Tennessee follows the federal tax code.

The state’s net operating loss policies, which are “less generous” than the federal, should also be reconsidered, the report said.

Tennessee’s potential tax burden if the cuts expire is second only to Georgia at $2,680 among the Volunteer State’s neighbors. Mississippi would have the least impact of the states surrounding Tennessee at $1,570 per taxpayer, according to the report.

More than 80% of Americans could see higher taxes, the organization said in its report.

“The standard deduction used by over 90% of taxpayers will be cut in half,” the report said. “The $2,000 child tax credit will fall to $1,000 and will be phased out for more taxpayers. Higher tax brackets will kick back in, as will a lower estate tax threshold.”

A letter sent to U.S. Rep. David Schweikert, R-Ariz., from the Congressional Budget Office shows the tax cuts could add $37 trillion over the next 30 years, according to previous reporting by The Center Square.

The nonprofit Committee for a Responsible Federal Budget said in a March report the cuts could hurt the economy in the long run.

“While CBO finds the TCJA extensions would boost output over the next decade, they find that the higher debt load from deficit-financed extension would negatively impact the economy over the long run while also pushing up interest costs,” it said. “By FY 2054, CBO estimates that GDP would be 1.8% smaller and the average interest rate on federal debt would be 29 basis points higher relative to its baseline scenario.”

The National Taxpayers Union Foundation presented another scenario where an increase in business taxes would also cause the GDP to decrease if the tax cuts expire.

“On the business side, investment in new equipment will be literally taxed through reduced expensing, internationally-sourced income will face higher rates, and the Section 199A deduction used by 25 million small businesses will go away,” the report from the foundation said. “All told, taxes will increase by $500 billion a year, with an economic impact enough to reduce wages by 0.5% and Gross Domestic Product by 1.1%.

Taxpayers in other regions would be impacted more than those in the South, according to the report. Massachusetts is the most affected, with a $4,848 tax increase, followed by Washington ($4,567) and California ($3,768).

(The Center Square) – Democrats and Republicans from three states are supporting a 287-mile trail that would include Georgia, Tennessee and North Carolina.

The lawmakers are asking for a feasibility study on the Benton MacKaye National Scenic Trail. U.S. Rep. Chuck Fleischmann, R-Tenn., said Wednesday the trail deserves a national scenic designation.

“The Benton MacKaye Trail is an invaluable part of my district in East Tennessee that thousands of Tennesseans and Americans hike each year, and the trail connects some of the most beautiful and pristine parts of Tennessee with Georgia and North Carolina,” Fleischmann said.

The trail that winds through the Southern Appalachian Mountains was completed in 2005, according to Bob Cowdrick, president of the Benton MacKaye Trail Association, which has supported its development since 1980, according to the bill.

“This study would help protect our storied outdoor heritage for future generations, support local economies, and provide a wide array of recreation opportunities for everyone from day hikers to thru-hikers and solo trekkers to families,” Cowdrick said.

The trail’s path is made up of 95% of federal land. It passes through the Great Smoky Mountains National Park and the Chattahoochee-Oconee, Cherokee and Nantahala National Forests. It begins at North Georgia’s Springer Mountain and ends at North Carolina’s Mount Sterling, according to the Benton MacKaye Trail Association.

The bill is cosponsored in the House by Democrats Steve Cohen of Tennessee and Lucy McBath of Georgia. Rep. Chuck Edwards, R-N.C., is also a cosponsor. Republican North Carolina Sens. Thom Tillis and Ted Budd are cosponsoring it in the Senate with Rep. Raphael Warnock, D-Ga. The bill is currently in the House Natural Resources Committee.