Tax cut would give back $1B back to Georgians

Georgia Gov. Brian Kemp said an income tax cut announced Tuesday would give $1 billion back to taxpayers.

The plan gives $250 to single tax filers, $375 to single head of household filers and $500 for married couples filing jointly for the 2024 tax year.

"This isn't the government's money," Kemp said in a news conference. "It's yours."

House Speaker Jon Burns said legislators have gotten good at returning money to the taxpayers, thanks to Kemp.

"When the failed policies of Washington have caused record high inflation, out-of-control prices at our stores and at the gas pump, and placed a financial strain on all Americans, here in Georgia, we've written a different story," Burns said. "Our strong, conservative leadership, strategic fiscal policies, have created, a historic, I believe, somewhere in the neighborhood of a $19 billion budget surplus."

Kemp said Tuesday's announcement is not the end of his search to give relief to Georgia taxpayers, especially those impacted by the recent storms.

"In the coming weeks, my team will continue our conversation with legislative leaders on how we can best help those who were hit so hard by these storms," Kemp said.

The governor said the announcement brings the total of recent tax cuts to $6.6 billion. The most recent tax cut lowered the individual income tax rate from 5.49% to 5.39% beginning Jan. 1, and an additional 0.1% annually beginning Jan. 1 until the rate is 4.99%.