Lieutenant Governor of Georgia Casey Cagle discusses the recently passed tax cut that will amount to more than $5.7 billion in tax relief over the next five years.
Lt. Governor Casey Cagle led the Senate to overwhelmingly approve the largest ever income tax cut for Georgia families and businesses, delivering a historic victory for our citizens.
“With the passage of this historic and sweeping income tax cut, Georgia families will have more take-home pay and greater opportunities, leading to brighter futures,” said Cagle. “This $5.7 billion tax cut was made possible by President Trump, and under Governor Deal’s leadership, Georgia took full advantage – delivering the first ever income tax rate reduction. Middle class families are working harder than ever before and today’s tax cut means a better tomorrow for millions of Georgians across our state.”
The massive tax reform package will amount to more than $5.7 billion in tax relief over the next five years and includes an individual income tax cut that is more than $1 billion greater than the projected “windfall” from the federal Tax Cuts and Jobs Act championed by President Trump. This tax cut will be the first reduction of Georgia’s individual income tax rate in state history.
“Conservatives have long championed tax reform of this magnitude and Lt. Governor Cagle fought to deliver it. I’m extremely proud to be part of this historic victory for Georgia families. I’m confident this is just the beginning of what we’ll continue to see under Casey Cagle’s leadership,” said Senator Chuck Hufstetler, Chairman of the Finance Committee.
Under the five-year plan, the top income tax rate for individuals and businesses will be reduced from 6 percent to 5.75 percent in FY2019 and down to an all time low of 5.50 percent in FY2020. The standard deduction is doubled from $2,300 to $4,600 for individual filers and from $3,000 to $6,000 for married joint filers.
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