CBS News: These states may soon slash their residents’ income taxes

Georgia’s House recently approved a bill that would create a flat state income tax with a 5.25% rate, raise the amount of income exempt from taxation and eliminate many deductions. Georgia’s top income tax rate is now 5.75%, which applies to income over $7,000 earned by a single person or income over $10,000 earned by a married couple or single person with dependents.

About 62% of the flat-rate benefits would flow to the top 20% of Georgia tax filers, according to an analysis by the liberal-leaning Georgia Budget & Policy Institute, using modeling by the Institute on Taxation and Economic Policy. Read more