ATLANTA — Gov. Nathan Deal announced Tuesday that one of the biggest tax overhauls in years could mean big savings for families.
If Georgia had done nothing after the federal tax overhaul, estimates show the state could collect nearly $5 billion in taxes over the next five years.
State leaders thought that was too much of a windfall, so they decided to give some back to taxpayers.
"We believe that this approach makes clear our intent to rather reduce the tax burden on the citizens of our state while simultaneously safeguarding the mechanisms that keep our economy growing in the right direction," Deal told Channel 2 political reporter Richard Elliot.
Deal was joined by other state lawmakers to announce his plans to introduce a plan to cut Georgia taxes after changes in the federal tax code inadvertently gave the state a huge tax windfall.
The plan doubles the standard deduction for all Georgia taxpayers starting in 2018. It also reduces the income tax rate for individuals and corporations from 6 percent to 5.7 percent in 2019 and could further cut to 5.5 percent by 2020, with lawmakers and the next governor’s approval.
TRENDING STORIES: