Georgia Budget Raises Taxes on Middle-Income Families to Pay for Capital Gains Tax Breaks for Wealthiest Investors

Source: Institute on Taxation and Economic Policy, April 7, 2009

On Friday, April 3, the Georgia General Assembly passed a budget for fiscal year 2010 that includes a major new tax cut (an exclusion for long-term capital gains income) and a substantial tax increase (eliminating a state-funded property tax relief program). A new analysis by the Washington, DC-based Institute on Taxation and Economic Policy (ITEP) shows that the net impact of these two provisions will likely be a substantial tax increase on most low- and middle income Georgians, and a very large tax cut for a small group of the very wealthiest Georgia taxpayers.

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