Bill > HR30

This resolution expresses support for permanently extending the Tax Cuts and Jobs Act of 2017, highlighting its significant economic impacts. The resolution notes that the 2017 tax legislation resulted in a $1.5 trillion net tax cut, led to historically low unemployment rates, and increased median household income by approximately $6,000 over two years. It emphasizes that 23 key provisions related to individual income taxes are set to expire after December 31, 2025, including reduced personal income tax rates, an expanded standard deduction, and reduced Alternative Minimum Tax (AMT). The resolution also points out that the act reduced the corporate tax rate from 35% to 21%, making the United States more competitive internationally, and implemented a $10,000 cap on state and local tax (SALT) deductions. The primary recommendation is to permanently extend these tax cuts with corresponding federal spending reductions to prevent increasing national debt, arguing that allowing the tax cuts to expire would result in a substantial tax increase, reduced job opportunities, lower wages, and higher prices for Americans.

Budget and Finance

https://www.legis.ga.gov/legislation/69380