It’s been a good week for wonks. Let’s take a look at the political news in Georgia.
House Bill 329, sponsored by Jay Powell (R-Camilla) would replace Georgia’s six different tax rates with a flat 5.4% rate. According to the Atlanta Journal-Constitution, “Powell’s bill would mean a tax cut for any individual making more than $7,000 and for any married couple who file joint returns and make more than $10,000. All other tax brackets would see an income tax increase. But Powell also would create a state earned income tax credit to help those lower-income individuals and families.”
The Atlanta Journal-Constitution reports that the state’s Teacher Retirement System needs an infusion of over $200 million in taxpayer dollars for FY 2018. The TRS, which pays out an average pension of $36,000 to over 110,000 retirees, is tied to the performance of the stock market, which had flatter-than-usual returns in 2016. Conversations are brewing under the Gold Dome about the possibility of switching to a different program, like a 401(k) or even re-allocating pension funds into pay raises for teachers.
The heat is on for Tom Price’s recently-vacated seat. Former State Senator Dan Moody has announced that he is entering the race for the District 6 seat.
Best of the Week
Categories: News of the Week