ATLANTA – The state Senate in Georgia recently passed two bills that pave the way for state income tax rebates and further income tax rate cuts for residents. Governor Brian Kemp is expected to sign these measures, which would result in income tax rebates of up to $500 and a flat income tax rate of 5.19%. The rebates would automatically be sent to taxpayers without requiring any additional action.
The state’s $11 billion surplus has made it possible to accelerate these income tax cuts, with the aim of reaching a target rate of 4.99% in the future. Despite concerns from Democrats about the tax cuts primarily benefiting higher-income individuals and potentially reducing funding for essential services, Republicans argue that the measures are putting money back into the hands of Georgians during a period of high prices.
Overall, the impact of these tax cuts is estimated to save Georgians $7.5 billion over the next decade. While the majority of the benefits may go to wealthier individuals, supporters of the bills believe it is a step towards providing relief to taxpayers and stimulating the economy. The bills have sparked debate over the distribution of benefits and allocation of state revenue, highlighting the ongoing discussions over tax policy and economic priorities in the state.
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