Georgia Lt. Gov. Proposes Tax Cut Package
March 19, 2008
Under the proposal, the state would reduce the income tax rates by 10 percent over five years beginning July 1, 2008. Under that plan, the maximum 6 percent tax rate would drop the first year to 5.88 percent and so on until it reach 5.4 percent.[…]
Instead of freezing residential [property tax] assessments at 2008 rates plus an annual increase of up to 2 percent and commercial at 2008 plus up to 3 percent, the Senate proposal would freeze both at the government inflation rate – a higher figure.
New to the package under the Senate proposal – a “TABOR”-like proposal that would rein-in state government spending and direct money in excess of a formula (based on the inflation rate and population growth rate) to education, the rainy day fund and then to taxpayer refunds.
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