Georgia state lawmakers are moving forward with a proposal to further cut the state income tax rate, and shift its structure from a graduated income tax ranging from 2% to 5.75% depending on income to a flat income tax rate: 5.375% for all incomes.
“I believe it’s important we keep our promises,” said Republican Rep. Brett Harrell, chair of the ways and means committee who championed the bill. Lawmakers passed a state income tax rate in 2018, with the option built in to make an additional cut in 2020. The proposal would go into effect on January 1, 2021.
“We are not going to put the state, the citizens of Georgia, the valuable programs we offer at risk, at the same time reducing the burden of government on those who are funding these wonderful programs,” he said. He estimated the change will mean a $98 million revenue drop in the first year, which would grow to about $250 million in 2025.
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