Georgia Lt. Gov. Proposes Tax Cut Package
Details here:
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.
More on Georgia here.
Was this page helpful to you?
Thank You!
The Tax Foundation works hard to provide insightful tax policy analysis. Our work depends on support from members of the public like you. Would you consider contributing to our work?
Contribute to the Tax FoundationShare This Article!
Let us know how we can better serve you!
We work hard to make our analysis as useful as possible. Would you consider telling us more about how we can do better?
Give Us Feedback