A top Republican lawmaker is casting doubt on whether Georgia's taxpayers will see another income tax cut this year.
Senate Finance Committee Chairman Chuck Hufstetler of Rome said Friday that he doubts that Georgia's General Assembly will further reduce the top rate on Georgia's state income tax from 5.75% to 5.5%. Hufstetler said he doesn't “see the math.”
Legislators cut the top income tax rate from 6% to 5.75% in 2019.
Analysts estimate the state would forgo $500 million to $550 million in revenue from another cut.
But with revenues already lagging after the first cut, Gov. Brian Kemp ordered midyear budget cuts this year, with plans for cuts to get deeper next year.
