A member of Glynn County’s delegation to the Georgia General Assembly says a state income tax rate cut will be returning money to its rightful owners.
State Rep. Shaw Blackmon, R-Bonaire, chair of the House Ways and Means Committee, announced legislation Tuesday that will lower the maximum income tax rate to a single flat rate of 5.25%. It is currently 5.75%.
Local Rep. Buddy DeLoach, R-Townsend, supports the legislation.
“Government tends to spend whatever they have,” DeLoach said. “This is money that belongs to the people and we should never take more than necessary.”
Decisions made throughout the COVID-19 pandemic and Georgia’s business-friendly attitude help put the state in a position to decrease the tax rate.
“Our state has benefited from being the first to reopen our economy and from being the best in the nation to do business,” DeLoach said. “We have led and the people of our state will be the beneficiary.”
House Speaker David Ralston, R-Blue Ridge, said the proposed reduction and other legislation will save Georgians an estimated $1 billion in the 2024 calendar year.
“Lowering taxes will let families keep more of their hard-earned money,” Ralston said. “In these times when Washington is letting inflation skyrocket, it is up to us to keep our state government lean and help Georgians when the cost of everything is rising.
“I am proud that this will mark the third time as Speaker that I will preside over the passage of a tax cut — another step in our continuing efforts to lower taxes for Georgia families.”
Trimming down the tax rate is not all the legislation does. It also establishes a standard exemption of $12,000 for single or head-of-household filers and $24,000 for married couples filing jointly.
Under the measure, a family of four would not pay any income tax on the first $30,000 of income with dependent exemptions.
“With this bill, we will not only save Georgians more than a billion dollars a year, but we will also have a fairer, flat income tax that is easier to understand,” Blackmon said. “We are focused on implementing better tax policy to keep Georgia competitive.”
