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Georgia income tax brackets 20217/24/2023 That’s better for the local businesses they patronize and the state treasury that taxes them. That’s a good thing: It means the people moving here brought more income with them than the people moving out took away. The latest data, covering individual tax filers’ moves between 20, show Georgia received a net $1.28 billion increase in adjusted gross income from newcomers. The data speak to the relative attractiveness of states, and we can infer a few things about policy preferences. Each year, the Internal Revenue Service reports data about taxpayers’ movement. You’ve heard the phrase “voting with their feet” about people who move to places that better reflect their policy preferences. Lower is better, but slower isn’t.įederal taxes: Tax day no more? The pros and cons of Rep. But since 2018 the top rate has gone only from 6% to next year’s rate of 5.49%, and it isn’t scheduled to fall below 5% until at least 2029. Meanwhile, Georgia laudably flattened our six brackets to a flat rate, effective next year. Florida, of course, has no personal income tax. Over the past decade, North Carolina has gone from a three-bracket personal income tax topping out at 7.75% to a flat rate of 4.75% with more cuts planned. Last year, Iowa moved to shrink its nine-bracket personal income tax, with a top rate of 8.53%, to a flat rate of 3.9% by 2026. We’ve seen it regarding school choice and health care reform, two areas in which Georgia has stagnated while fellow “swing states” like Florida and Arizona have been forging ahead.Īnd we’ve seen it regarding tax reform. This is a commentary by Kyle Wingfield, president and CEO of the Georgia Public Policy Foundation, a libertarian-leaning think tank based in Atlanta.Īn underrated story in recent years is how much more cautiously Georgia’s lawmakers have moved on several issues than their counterparts in similar states.
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