Gov. Kemp indicators largest earnings tax reduce in Georgia historical past – On Widespread Floor Information

Gov. Kemp indicators largest earnings tax reduce in Georgia historical past – On Widespread Floor Information

BONAIRE, GA – On Tuesday, April 26, Governor Brian P. Kemp, along with First Lady Marty Kemp, Lt. Governor Geoff Duncan, members of the Georgia General Assembly and others the largest income tax cut in state history. HB 1437).

“Because of Governor Kemp and the courageous leadership of the General Assembly, Georgia taxpayers will benefit directly from this historic tax cut.” said Lt. Governor Geoff Duncan. “I applaud the governor and my colleagues for working to implement fiscally conservative policies while prioritizing the needs of our growing state.”

“Today we enacted the largest income tax cut in the history of the state – one that will keep more money in the pockets of hard-working Georgians,” said spokesman David Ralston. “I want to thank Gov. Brian Kemp for working with the General Assembly to ensure that this tax cut gives taxpayers as much money back as possible while keeping the state in a strong financial position.”

“I also want to applaud House Ways & Means Chairman Shaw Blackmon for his tireless work throughout the legislative process to bring House Bill 1437 to Georgia for a significant tax cut.

“This is the third cut in the state income tax burden for Georgian families that we have passed in the last five years. It demonstrates our continued commitment to being good stewards of taxpayers’ money while serving the needs of a growing, thriving state.”

An excerpt of Kemp’s comments from the bill signing ceremony is below, and the ceremony was livestreamed today here.

Excerpt from Governor Kemp’s remarks:

“Today is another reminder that we were right to protect both lives and livelihoods during the pandemic and not let critics sway us as we reopened our economy.

Because we made the tough decisions when it mattered, and because of our conservative approach to budgets and governance, Georgia is leading the nation in the Great Recovery, and we are in a unique position to bring hard-working taxpayers much-needed relief at a time to offer You are being burdened by sky-high inflation caused by Washington policies.

So far this year I’ve signed a tax refund that puts over a billion dollars back in the pockets of hard-working Georgians, a temporary suspension of the state’s gasoline tax to ease the pain at the gas pump, and just last week a military-retirement income tax exemption — the first in the history of our country.

As I said earlier this year, we can’t fix everything Washington broke, but we are doing our part to lessen the impact on Georgians’ wallets.

Today we will introduce a longer-term relief.

I firmly believe that the government should take as little as possible to properly serve the people.

We must never forget that taxpayers’ money is people’s money – not government money!

HB 1437 offers the largest tax cut in Georgia’s history.

And once fully implemented, it will save an average Georgia family of four earning more than $600 a year in state taxes by $60,000.

Over a seven-year period, it will reduce the current 5.75 percent tax rate, which most Georgians pay, to just 4.99 percent.

These declines are purposefully separated over this period, beginning in 2024, to ensure the government is able to respond appropriately to any unexpected or sudden downturn in the economy.

Luckily, despite the headwinds we’re facing from bidenflation and bad federal policies, Georgia is poised to remain a top destination for new jobs and investment.

Our strong and growing workforce, our logistics and transportation facilities like the Georgia Ports Authority – now a national model – and the busiest airport in the world, and our approach to working with employment creation partners to bring opportunity to every corner of our state means our economy will continue to thrive.

If we achieve the growth triggers set out in this draft law, all Georgian taxpayers will benefit from this achievement.

Finally, I would like to once again thank everyone standing here with me today who helped make this tax cut possible, including our partners at the Treasury Department who are tasked with implementing this important proposal.

Georgia continues to be the best state to live, work and raise a family – even in the face of truly unprecedented times – because of days like today when we put Georgians and their needs first.

Over the past legislature, we have worked hard to build a safer and stronger Georgia for all who call the Peach State home. Today is just the latest fruit of that good work.

Thanks. God bless. And with that I now sign HB 1437.”

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