Tax Cuts

I’m bumping this comment up to the front page. It’s important to know what the Republicans are accomplishing — particularly given the fact that they inherited a crap economy from Barnes and the Dems. Paul Bennecke writes:

Tax cuts this year:

– A $1 billion tax cut to be implemented over 10 years changed the way Georgia companies are taxed, allowing them to invest in plant expansion and job creation. Small businesses can deduct up to $410,000 on their income taxes by investing in equipment, property or other capital to help grow their businesses.

– $430 million in property tax relief was included in the state budget

– A teacher tax deduction will provide tax relief for teachers by providing a $250 tax deduction for teachers that use their personal money to buy school supplies.

– Strategic Ind. Job Bonus (HB 389) Governor Perdue is encouraging job growth in Georgia by providing a $500 per job tax bonus for strategic industries that grow their workforces and expand job opportunities in Georgia.

– Sales Tax Holiday – July 29-31

Tax cuts in 2003-2004

– over $700 million in property tax relief

– eliminate state income tax for seniors 65+ starting in 2006

– tax cut on military income

– Sales Tax Holiday in 2003 and 2004

As for building the reserves, anyone who uderstands the AAA bond rating and how important it is to the fiscal stability of the state, knows that we must build that reserve back up or we possibly lose it. When we had hundreds of millions in deficits in 2003 and 2004, the reserve was tapped.

Unlike the federal government, Georgia is required by the Constitution to balance our budget every year…no deficit spending.

One comment

  1. Melb says:

    You can thank Lt. Governor Mark Taylor for the tax cut on military income! Also 83 counties have had to raise their property taxes since Sonny came into office. The Democrats are also the ones who saved that reserved and made it possible for the state not to have bigger cuts in education than they did. The tax cut is going to help business, but they only pay a total of 2% of all the taxes in Georgia, I believe any tax cut that large should have gone to working Georgians. Either way a tax cut will help whomever recieves it.

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