Georgia tax cut bill unveiled
February 21, 2018--8:33 a.m.
Gov. Nathan Deal, along with Lt. Gov. Casey Cagle, and House Speaker David Ralston announced a five-year, 5.7 billion dollar tax cut bill Tuesday.
The legislation would double the standard deduction for Georgia taxpayers for all filing statuses, effective Jan. 1, 2018.
It would also reduce the income tax rate for individuals and businesses from 6 percent to 5.75 percent effective Jan. 1, 2019.
State Senator Chuck Hufstetler, who was part of the news conference announcing the tax cut, was a guest on Wednesday's Hometown Headlines Radio Edition.
"This is a true middle-class tax cut, this isn't a millionaire tax cut," he said. "The biggest percentages of tax cut go to lower-income people. A family of four making $50,000 a year is going to see about 16% reduction in their taxes when all this is implemented. $75,000 income will get 12%, $150,000 will get 10%. Everybody gets the increased deduction on the bottom of $180 for a family whether you make $10,000 or $1,000,000."
The bill will also eliminate the sales tax on jet fuel, which sponsors say will encourage airlines to fly additional direct flights from Georgia to destinations around the globe.