I am disappointed in Governor Perdue’s decision to veto HB 481.
While I appreciate the Governor’s position that the tax cuts included in the bill would have made balancing our state budget even more difficult, I believe that the economic benefits to our state would have outweighed these concerns. Now is the time for us to cut taxes in order to help grow jobs and ignite our economy.
The capital gains tax cut seemed particularly problematic for the Governor, and I do share some of his concerns about the timing and lack of immediate relief it will offer. That being said, cutting the capital gains tax has been a cornerstone of Republican economic policy for decades, and I believe we must seize on any opportunity to cut these job-killing taxes.
I supported this legislation, worked with its sponsors to develop it, and would have signed it. The Governor does, however, make a very valid point that a comprehensive tax-cutting policy – rather than piecemeal legislation – is very much needed. Had a comprehensive plan, developed with input from county and city officials, been presented this year, I believe the Governor would have been more likely to sign such legislation.
As Governor, I will work closely and collaboratively with our county and city elected officials, as well as the Legislature, to develop and enact a comprehensive overhaul of Georgia’s tax structure.
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