ATLANTA – A proposed amendment to the Georgia Constitution would limit how many tax dollars the state of Georgia can spend in any given year, state Senate Majority Leader Chip Rogers, R-Woodstock, said.
Rogers has introduced SR 20 – “Taxpayer Protection Act of 2011.”
“The citizens of Georgia have a right to say ‘how much is too much’ when it comes to state spending. This Amendment would be the very best tool we have to ensure government does not spend beyond its means,” said Senate Majority Leader Chip Rogers. “Once enacted Georgia taxpayers can expect our state to eventually refill the rainy day fund and begin to gradually eliminate the state income tax.”
SR 20 would restrict the state from spending any money in excess of the previous year budget adjusted for inflation and population. Any additional revenue beyond the spending limitations would be required to go into the so-called Rainy Day fund until it reaches a point of 10 percent of the previous year spending. Once the rainy day fund is at 10 percent, additional revenue would be used to slowly phase-out the state income tax.
On Wednesday, the Senate Finance Committee approved the amendment.
