Lt. Governor Casey Cagle, the leading conservative Republican candidate for governor, today joined Gov. Nathan Deal and Speaker David Ralston to announce a historic tax cut for hard-working Georgians.
“By cutting income tax rates, we are delivering on a goal that my fellow conservatives have long sought,” said Cagle. “Conservative spending policy allows for conservative tax policy, and I’m extremely proud that Georgia families will keep more of the money they earn to save for their futures and to provide for their needs. This plan builds on the tax cut we passed through the Senate last year and sets us apart as a bold leader in taking full advantage of the Trump tax reform to increase incomes across Georgia.”
The significant tax cut will be equal to greater than $5.7 billion over the next five years, and will represent an individual income tax cut that is more than $1 billion greater than the projected “windfall” from the federal Tax Cuts and Jobs Act. This tax cut will be the first cut of Georgia’s income tax rate in state history.
“Our conservative leadership is driving Georgia’s incomes higher and producing results for all our communities. As governor, I will lead to advance the next wave of cuts to continue lowering our total tax burden and helping more families get ahead and climb the economic ladder.”
Under the five-year plan unveiled today, the standard deduction is doubled from $2,300 to $4,600 for individual filers and from $3,000 to $6,000 for married joint filers. The top rate will be reduced from 6 percent to 5.75 percent in FY2019 and down to 5.50 percent in FY2020.