Georgia lawmakers vowed they were going to rein in tax breaks for businesses this year, but their efforts came to nothing. Gov. Brian Kemp on Tuesday vetoed a bill to pause for two years a sales tax exemption the state gives for building and equipping computer data centers.
Liz Truss' resignation as Prime Minister is being blamed on a faulty economic plan. But her fate should serve as a warning to other countries that may have to grapple with an inconceivable choice.
Starting in 2024, the state’s six-bracket income tax rate that tops out today at 5.75% would be flattened and reduced to 5.49%. It would then continue to drop incrementally but only if certain revenue growth indicators are met.
Georgia senators have proposed a much more modest income tax cut than the $1.1 billion plan passed by the House, and also want to sharply reduce tax breaks for film and television productions that have been credited with transforming the state into one of the world's biggest filming hubs.
Democrats will try the same budgetary process from four decades ago when first-year President Ronald Reagan used reconciliation to achieve his "revolution" in federal fiscal policy.
