Rick Jackson’s Wealth Grows Amidst Tariff and Tax Policies
Rick Jackson, the Republican gubernatorial candidate in Georgia, has openly discussed how recent tariffs and tax cuts have significantly increased his wealth. Meanwhile, these same policies have been contributing to financial hardships for many working-class citizens.
Jackson, the billionaire at the helm of Jackson Healthcare, shared his insights during a public event in Thomasville on March 6. When asked about the One Big Beautiful Bill Act (OBBB), which proposes to trim $1 trillion from Medicaid to fund tax breaks for the affluent and large corporations, Jackson highlighted the benefits he received from tax deductions.
“We extended the tax deductions, which are good,” Jackson stated. “If [Trump] hadn’t passed it—I’ll be honest with you—I’d be paying 40% more in taxes right now. I’d rather that money go to nonprofits than the federal government, so I like that part.”
Jackson’s comments about the potential increase in charitable donations due to tax cuts align with a perspective that lacks empirical support. Research by the National Bureau of Economic Research in 2008 found no significant link between tax cuts and increased charitable giving. Additionally, a 2024 Tax Policy Center analysis revealed that the 2017 Tax Cuts and Jobs Act actually reduced charitable donations, in part due to financial strains on middle and lower-income earners.
The OBBB is anticipated to result in approximately 150,000 Georgians losing Medicaid coverage. The repercussions extend to healthcare providers relying on Medicaid funding, with some facilities, such as a rural hospital in Lavonia, having already discontinued services like labor and delivery due to financial constraints.
“Over a period of the last five to 10 years, we’ve closed somewhere in the vicinity of 14 baby delivery systems,” explained HomeTown Health CEO Jimmy Lewis to the Georgia Recorder. “It puts the community in an extremely adverse situation, both from a health care standpoint and from an economic development standpoint.”
At the same event, Jackson boasted about the economic advantages he gained from President Donald Trump’s tariff policies. He recounted making an “80% return in four weeks” by investing in stock options following the market downturn triggered by the tariff announcement.
However, these tariffs, which act as taxes on imported goods, have contributed to increased costs for essential items such as food, clothing, and automobiles. This situation has been aggravated by inflation, with the Joint Economic Committee reporting a near $1,200 annual rise in living expenses for Georgians.
Jackson’s political aspirations include succeeding retiring Republican Governor Brian Kemp. In the upcoming May 19 primary, he will compete against Lieutenant Governor Burt Jones and Georgia Secretary of State Brad Raffensperger.
The post Rick Jackson brags that tariffs and tax cuts are boosting his wealth appeared first on American Journal News.
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