Georgia Senate OKs income tax reduction
The Georgia Senate on Friday stamped its approval on an income tax cut that Lt. Governor Casey Cagle said will provide broad, immediate and fair tax relief to every working Georgian.
The Senate plan will chop income taxes 10 percent across the board for each resident who pays income tax, not just those at the top rate of 6 percent. The cuts will be phased in over five years in equal, annual installments, beginning July 1, 2008. Because the same percentage cut is applied to all rates, the taxpayers who need the cut the most will receive a proportionately larger tax cut guaranteed payday loan.
"We believe this is the best tax relief option because the impact will be felt this year and virtually every good economist confirms that a broad income tax cut represents the single best fiscal policy to stimulate the economy," Cagle said. "The endorsements we received from tax reform groups validates this argument and now we look forward to providing real tax relief to Georgians this year."