"This idea of limiting government spending is one of the best things we could do in the General Assembly. Taxpayers deserve to know that every dollar they send to Atlanta is only going to fund the necessary functions of government and that any excess dollars will be put into the reserve or returned to the taxpayers," Loudermilk said.
"Senator Loudermilk has proven during his years of service that he will work on behalf of the taxpayers not the special interests that seek to spend, spend, spend. I really appreciate his leadership on this important issue. The Taxpayer Protection Act will protect future generations of Georgians from government growing too large." said Senate Majority Leader Chip Rogers, the sponsor of the Resolution.
Senate Resolution 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 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.
The amendment was approved Wednesday by the Senate Finance Committee in a unanimous bi-partisan vote.