Georgia House passes tax cuts in response to federal tax overhaul

Georgia House passes tax cuts in response to federal tax overhaul
(Source: WTVM)

(WTVM) - The Georgia state House of Representatives is giving out tax cuts in response to the federal tax overhaul.

The House passed sweeping tax cuts that could eliminate any surplus revenue the state expected to collect due to President Trump's tax overhaul.

The governor's office estimates that Georgia could collect a little more than five billion dollars in added taxes over the next five years because of the federal changes.

The proposal would cut top income tax rates for individuals and businesses from six to 5.75 percent in 2019, with an option for further cuts in 2020.

Opponents of the proposal argue that there is far too much uncertainty to make rate cuts.

The proposal will now head to the Georgia state Senate.

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