Gov. Kemp introduces legislation to ‘accelerate’ largest income tax cut in state history

ATLANTA — Georgians could see their income tax rates drop faster than expected.

The governor now wants to accelerate the cuts he approved last year.

Kemp signed those big tax cuts two years ago, which cut income tax every year in steps until 2029.

Surrounded by Republican lawmakers Kemp was all smiles as he announced Monday, he wants to accelerate the massive tax cuts he signed into law last year.

The law cuts taxes, in steps, from 5.75% to 4.99% by 2029.

Under his new proposal, that would speed up, dropping it by an extra tenth of a point this year to 5.39%.

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With the state sitting on $16 billion in rainy day reserves and big tax surpluses, Kemp felt the state could afford it.

“This is what happens when you budget conservatively. This is what happens when you think long term rather than make knee-jerk fiscal decisions without considering the impact that it will have on the state,” Kemp said.

Once fully implemented, it could mean a savings of about $650 for a family of four earning $75,000 a year.

“You can’t keep cutting, cutting, cutting. Where are you going to get the money to replace it?” state Sen. Gloria Butler, D-Stone Mountain, said.

Some Democrats, including Butler, worry about some cuts going too far.

While the state is sitting on big reserves and surpluses, that rate is slowing.

“I’m concerned, obviously, because each time you tinker with the tax and reduce it, it interferes with the state’s revenue stream,” Butler said.

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