Saturday, August 6, 2022
ATLANTA – Today, Team Herschel released the following statement highlighting how Raphael Warnock’s partisan spending bill would hurt Georgia’s manufacturing industry and small businesses.
Just as our economy enters a recession, Joe Biden and Raphael Warnock want to hurt Georgia’s economy with over $250 billion in new taxes, specifically a book minimum tax. Not only will these new taxes make Georgia companies less competitive, but the real cost of these tax hikes would also hurt workers and consumers.
The new tax provisions in this legislation are full of special interest loopholes, especially Green New Deal corporate subsidies. A tax hike this complex and untested would not be able to be implemented until at least 2024, further proving that any alleged relief for Georgians would not come for years.
The idea of a book minimum tax has been attempted and rejected before. Congress passed a book minimum tax in 1986 and it was repealed just two years later.
“Raphael Warnock cares so much about supporting Joe Biden he will purposefully hurt Georgia’s economy,” said spokesperson Mallory Blount. “Even though they promised not to raise taxes on Americans, Warnock’s bill would implement billions of new taxes. Even though we just entered a recession, Warnock wants to make sure he can fund his progressive agenda. This bill is an irresponsible use of taxpayer dollars and yet another example of Raphael Warnock blindly supporting Joe Biden.”