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Kemp proposes further income tax cut to 5.19%, says move would save Georgians about $7.5 billion over 10 years
Summary
Gov. Brian P. Kemp proposed lowering Georgia's income tax rate by 20 basis points from 5.39% to 5.19%, estimating the change would save taxpayers about $7.5 billion over the next decade. The governor framed the cut as part of a conservative budget approach that returned funds to taxpayers via rebates, suspensions and prior tax relief packages that
Gov. Brian P. Kemp proposed a reduction of Georgia’s income tax rate from 5.39% to 5.19%, saying the cut would save Georgians approximately $7,500,000,000 over the next 10 years.
Kemp framed the proposal as an extension of the state’s recent conservative budgeting and tax-relief measures. He said prior actions — including tax rebates, suspension of the state gas tax in prior years, the homeowner tax-relief grant, and an earlier acceleration of income-tax reductions — had already committed to saving taxpayers more than $7,600,000,000. The governor said the additional 20-basis-point cut would continue returning state revenue to taxpayers rather than creating long-term new programs.
Nut graf: Kemp presented the tax cut as part of a broader economic strategy to preserve Georgia’s competitiveness in attracting jobs and investment while giving residents more take-home pay.
He tied the tax policy to workforce and business recruitment, emphasizing job creation numbers and private-sector investment since he took office; the governor said the state had attracted about 193,000 new private-sector jobs and roughly $90,000,000,000 in investment since his tenure began.
Ending: Kemp urged the legislature to consider the additional rate reduction as part of the state budget process this session.
