Governor proposes slashing taxes after federal ‘windfall’
ATLANTA (AP) — The governor and lawmakers have announced a proposal to slash income taxes in Georgia in response to federal tax changes passed in December.
Republican Gov. Nathan Deal on Tuesday unveiled what he called one of the largest income tax reforms in Georgia’s history.
The governor’s office estimates Georgia could collect $4.7 billion in added taxes over the next five years because of the federal changes. Deal had hoped to defer the question of how to use those funds until 2019, but changed course after receiving blowback from GOP leaders up for election in November.
The proposal would cut top income tax rates for individuals and businesses from 6 to 5.75 percent in 2019, with an option for further cuts in 2020, and double the standard deduction for all filers.