![]() Only two House Democrats voted against it on the final day of the 2022 legislative session.īut the bill drew 13 “no” votes from Democrats in the 56-member state Senate. With Kemp and all 236 seats in the Georgia House and Senate on the ballot last year, the tax cut proved extremely popular. “With broad-based tax relief, you’re encouraging people out there who are creating the next company that will turn into a large employer.” “When you do more of a targeted approach, you’re giving tax relief to a company or industry you already know about,” he said. Wingfield said targeted tax relief also fails to benefit new industries that public policymakers can’t foresee. “When you do it broad-based, you’re not giving any favoritism,” said Kyle Wingfield, president and CEO of the Georgia Public Policy Foundation, a think tank that advocates free-market approaches to public-policy issues. “It takes the politics out of the policy.” Supporters say across-the-board tax cuts are more effective at creating jobs than the assortment of tax credits and exemptions for specific industries the General Assembly has passed over the years. If legislators agree, the tax rate for 2024 would be set at 5.39%. Brian Kemp announced earlier this month that he plans to ask lawmakers to accelerate the reductions by one year. ![]() The tax rate will continue to decline annually, arriving at 4.99% in 2029. This story also appeared in Capitol Beat News Serviceįor now, the phased-in tax cut sets the state income tax rate for 2024 at a flat 5.49%, down from the current 5.75%. ![]()
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