Washington, D.C. – Bernie Sanders’ $3.5 trillion (more like $5.5 trillion) reckless socialist tax-and-spend reconciliation bill would have a disastrous impact on Georgia, but Senator Raphael Warnock is poised to support it.
Should he fall in line with Majority Leader Chuck Schumer, which he does 100% of the time, he will vote for the largest tax increase since 1968. Even more troubling, the tax increase will make rates in Georgia higher than they are in communist China.
In fact, Bernie’s bill would result in a federal-state corporate tax rate of 30.7% in Georgia vs. 25% in China. In Europe, the gap would be even bigger as the continent averages a 19% rate.
Additionally, capital gains taxes would skyrocket. The combined federal-state capital gains taxes in Georgia would be 37.55% vs. 20% in China.
As with all tax increases on businesses large or small, they will find their way into increased prices on consumers and stagnant wages for workers.
Senator Warnock loves to say that he works for all Georgians, but this bill works against all Georgians.
Statement from Spokesman T.W. Arrighi: “As America emerges from the COVID-19 pandemic and struggles with inflation and a sluggish economy, Senate Democrats are seeking record spending and tax hikes as part of Bernie Sanders’ reconciliation bill. Should the bill pass, Georgia businesses would be subjected to higher tax rates than their competitors in communist China. It’s hard to imagine how any Senator from Georgia could vote for such a bill, but Raphael Warnock is far from independent, he is a liberal partisan who is preparing to vote against his state’s interests.”
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