State’s Largest-Ever Income Tax Cut will Save Georgians an Estimated $1 Billion a Year
ATLANTA – Today, Speaker David Ralston (R-Blue Ridge) and House Ways & Means Chairman Shaw Blackmon (R-Bonaire) announced legislation to lower Georgia’s maximum income tax rate from 5.75 percent to a single, flat rate of 5.25 percent. Combined with other measures in the proposed legislation, Georgians would save an estimated $1 billion per year when the cut goes into effect for the calendar year 2024.
“Lowering taxes will let families keep more of their hard-earned money,” said Speaker David Ralston. “In these times when Washington is letting inflation skyrocket, it is up to us to keep our state government lean and help Georgians when the cost of everything is rising. I am proud that this will mark the third time as Speaker that I will preside over the passage of a tax cut – another step in our continuing efforts to lower taxes for Georgia families.”
The bill also institutes a standard exemption of $12,000 for single or head-of-household filers and $24,000 for married couples filing jointly. For example, a family of four would not pay any income tax on the first $30,000 of income, assuming they claim available dependent exemptions.
“With this bill, we will not only save Georgians more than a billion dollars a year, but we will also have a fairer, flat income tax that is easier to understand,” said Chairman Shaw Blackmon. “We are focused on implementing better tax policy to keep Georgia competitive.”
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