Georgia Lt. Gov. Proposes Tax Cut Package

March 19, 2008

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.

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