Georgia Legislature: Tax Cutting Frenzy Part II

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We told you last week the Georgia House was all in a flutter over property tax cuts including caps and repeal of the state's car tax. With only a handful of working days left on the legislative calendar, Senate Republican leaders this week pushed through a tax cut package of their own which includes a 10 percent cut in income tax rates over five years. Estimates are that eventually the state would lose more than $1.2 billion a year. Despite mountains of evidence that tax cuts don't pay for themselves or stimulate the economy (one need only look at the fiscal situation on the federal level to understand this) Senators are billing the income tax changes as a "stimulus plan." The Georgia Budget and Policy Center has a new analysis showing the damaging impact this cut would have on the state.

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