In the past few weeks lawmakers have approved legislation to cut the capital gains tax on stocks and bonds in half. They also have voted to eliminate taxes on upper-income retirees.
Today, the Senate is scheduled to vote on legislation that would cut low-income tax credits to a million Georgians who have incomes below $20,000. The tax credits are worth about $5 to $26 per person.
The tax credit measure is brainchild of Rep. David Knight (R-Griffin), who argues that there are no other, similar tax credits for people who don’t earn enough money to have a tax liability. However, the state allows some corporations to receive similar tax credits. Both programs cost the state more than $20 million per year. Knight’s bill would not impact the corporate income tax credits.
Knight’s bill failed to get out of the House, so the Senate Finance Committee allowed him to attach it to another, uncontroversial tax bill.
When asked about the move, Senate Finance Chairman Ronnie Chance (R-Tyrone), said, “We needed to get it out of the committee.”
Sen. George Hooks (D-Americus), the dean of the Senate, shook his head when asked about the low-income tax credit cut. “And at the same time, we’re giving tax breaks to trillionaires on Sea Island.”