Carney: Biden’s Massive Tax Hikes Inevitable if Democrats Win Georgia Senate RacesJohn Carney 17 Dec 2020
All eyes are on the Georgia Senate run-offs races to be decided on January 5, 2021.
The stakes couldn’t be higher, especially for those considering their pocket books, their small businesses, and their financial futures.
Georgia should be on the mind of every American taxpayer–especially every small business owner.
President-elect Joe Biden plans massive tax hikes that could hit nearly every American’s bank account. Small businesses, in particular, could get socked with much higher taxes.
But to enact his ambitious money-grab, Biden needs Democrats to win both of the Senate seats in the upcoming Georgia run-0ff. That would be enough to evenly divide the Senate, giving a Vice President Kamala Harris the ability to swing control of the Senate to the Democrats and cast the deciding vote on issues that are split along party lines like, for example, tax hikes.
Here are the tax hikes that Biden and Vice President Kamala Harris promised to implement as one of his top priorities once in office:
End the 20 percent deduction for small business incomes above $400,000.
Hike the corporate tax rate from 21 percent to 28 percent.
Households could face higher utility bills as power and water providers pass on the cost of the higher taxes.
Raise the top individual income rate back to 39.6 percent from 37 percent.
Impose the 12.4 percent payroll taxes on earned income above $400,000.
Reviving the Obamacare individual mandate tax
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https://www.breitbart.com/politics/2020/12/17/carney-bidens-massive-tax-hikes-inevitable-if-democrats-win-georgia-senate-races/