03/03/2022
House Republicans today unveiled the “Tax Reduction and Reform Act of 2022,” a historic, $1 billion tax cut that will lower or eliminate taxes across all income levels. In fact, more than 95 percent of working Georgians will benefit from these reforms, which is flat, fair and simpler. With this plan, Republicans are continuing to enact meaningful tax reforms that keep more money in hardworking Georgians' pockets. Read more here-->
The new tax plan:
Establishes one FLAT tax rate of 5.25% replacing the current top rate of 5.75% and eliminating 5 other brackets
Eliminates tax brackets for single, head of household, married filing jointly, and married filing single taxpayers
Increases and simplifies the personal exemption (creating one large standard exemption)
Single and head of household taxpayers increases from $2,700 to $12,000
Married filers exemption grows from $7,400 to $24,000
Preserves charitable contribution deductions for itemizers
Eliminates the marriage penalty
