Friday, August 5, 2022
ATLANTA – Today, Team Herschel released the following statement highlighting how Raphael Warnock’s proposed partisan spending bill would increase taxes on millions of Americans across every income bracket, with more than half of the tax increases on Americans making less than $400,000 per year. This comes from a recent report conducted by the non-partisan Congressional Joint Taxation Committee (JCT).
According to the JCT, in 2023, Raphael Warnock’s bill would increase taxes by $16.7 billion on American taxpayers earning less than $200,000, a nearly $17 billion tax targeted solidly at low- and middle-income earners. The proposal would raise another $14.1 billion from taxpayers earning between $200,000 and $500,000.
Based on JCT data, 98 percent of all tax returns filed by those in the $200,000 to $500,000 category are filed by those earning between $200,000 and $400,000, with at least three-fourths of the income in the $200,000 to $500,000 category also coming from those below $400,000, meaning it is likely that at least half of all new tax revenue raised next year would come from those earning under $400,000.
“Raphael Warnock has done more for Joe Biden’s reckless spending plans than Georgia’s taxpayers,” said spokesperson Mallory Blount. “Joe Biden and Raphael Warnock both promised to not raise taxes on any American but have decided to break this promise to fund their progressive spending spree. This bill is an obscene way to spend Georgians’ hard-earned tax dollars and it is unacceptable. The people of Georgia deserve better from their leaders in Washington and deserve better in how their tax dollars are spent.”