Gov. Nathan Deal and top Republicans in the Legislature announced Tuesday they want to lower income tax rates for individuals and corporations in Georgia. It’s part of a plan to cut into the estimated $4.7 billion state budget windfall over the next five years, resulting from the new federal tax law.
The plan from top Republicans would double the standard deduction for Georgia taxpayers, effective January 2018; lower the state income tax rate from 6 percent to 5.75 percent, effective 2019; and set up lawmakers to lower the rate even further to 5.5 percent for 2020.
Deal said it would save taxpayers $5 billion over the next five years.
Read this story for free
To continue reading, sign up for our newsletters and get unlimited access to WABE.org
We won't share your information with outside organizations Why am I seeing this?
