Financial Security
Financial Security
STATE INCOME TAXES
In 2024, our Georgia state government enacted a multi-year plan to switch our state's major source of revenue - state income taxes - from an outdated system called a graduated income tax system in which tax brackets had not been updated to reflect present day income ranges, to a flat rate income tax system in which every Georgian pays a flat rate income tax (5.19% initially that is scheduled to decrease in the coming years) regardless of income amounts.
This new flat rate plan also misrepresents that progressively increasing the standard deductions over the coming years will help everyone, but that is only a face value understanding. Standard deductions lessen the taxable amount but the wealthy ends up getting taxed the same as the non-wealthy, meaning that the non-wealthy ends up with less for daily living expenses after effectively paying more in state income taxes.
While a flat rate income tax system seems simple and therefore attractive as a political point, this flat rate system will benefit the wealthy and cost more for working and middle-class Georgians, making the wealthy wealthier and the poor poorer, essentially making climbing the financial ladder even more difficult and non-feasible for the working class, and effectively widening the gap between wealthy and non-wealthy, making the middle-class nonexistent.
As Governor, I plan to do the work to restructure our state's income tax system to put in place a graduated / progressive income tax system that is fair, reflects modern day income ranges and puts money back in the hands of working and middle-class Georgians by more proportionately taxing income ranges for everyone, and so as not to diminish one of our state's most important revenue streams [in favor of sales tax increases which would affect everyone], thus allowing for opportunities such as investing in growing our state's Child Tax Credit for young families, offering tax credits for public school teachers and first responders, and addressing dire needs in our children's public education system.
MINIMUM WAGE UPDATE
As Governor, I will work to seek bipartisan support to prioritize passing legislation to raise our state's minimum wage to an amount that more closely matches a minimum living wage in our state.
This would not only help low-income residents make ends meet and have the opportunity to become less dependent on other governmental programs and more willing to spend growing our economy, but also make our state more desirable for new residents.
