Georgia lawmakers eyeing income tax cuts – Atlanta Business Chronicle

26
Jul

Georgia lawmakers eyeing income tax cuts – Atlanta Business Chronicle

Supporters say taxing income discourages job creation and other business investment.

“When you lower income tax rates, you lower rates on production, earned income and investing,” Christine Ries, an economics professor at Georgia Tech, told a state Senate study committee July 17. “If you want more of something, don’t tax it.”

“What we’ve done is adjusted our tax laws,” said Senate Finance Committee Chairman Judson Hill, R-Marietta, who also chairs the study committee. “We haven’t reformed them.”

Hill and others say the time is right to take aim at the income tax because the surrounding states Georgia competes with for jobs either don’t tax income at all or boast lower tax rates.

Senate President Pro Tempore David Shafer, R-Duluth, introduced a constitutional amendment late in the 2013 session to freeze Georgia’s personal income tax rate at6 percent.

Then, in the session’s final few days, Georgia Rep. Tom Kirby, R-Loganville, introduced a proposal to abolish the state income tax altogether.

Georgia lawmakers eyeing income tax cuts – Atlanta Business Chronicle.

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