On Jan. 5, Georgians have a clear choice to make when they vote in the Senate runoff elections. If they vote for Democrat challengers Jon Ossoff and Raphael Warnock, they will be voting for Democrat control of the U.S. Senate and the Biden-Harris agenda of tax increases on American families and businesses.
Joe Biden and congressional Democrats have been very clear what that means.
President-elect Joe Biden has promised to impose $4 trillion in new or higher taxes and has repeatedly promised to repeal the Republican-passed Tax Cuts and Jobs Act (TCJA) on ”day one.”
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This would result in a $2,000 tax increase for a family of four earning the median income of $73,000. A single mother with one child with annual income of $41,000 would see a $1,000 tax hike.
According to Americans for Tax Reform’s analysis of the most recently available IRS data, middle-class Georgians saw the greatest reduction in tax liability after the TCJA was enacted.
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Georgia households with adjusted gross income (AGI) between $50,000 and $75,000 saw a 11.5% reduction in federal tax liability. Similarly, Georgia households with AGI between $75,000 and $100,000 saw a 12.8% reduction in federal tax liability.
Families with AGI of between $50,000 and $100,000 saw a tax cut of roughly double what families with AGI of over $1 million received.
Biden has also promised to reinstate the ObamaCare individual mandate tax, a highly regressive tax that forced American families to purchase government approved health insurance or pay a $2,085 tax. If reinstated, this tax would hit over 100,000 low- and middle-income Georgia families.
In 2017, this mandate tax hit 143,180 Georgia households – 89% of those households had annual income of $50,000 or less, and 94% of those households had annual income of $75,000 or less
A vote for Warnock and Ossoff is a vote for the Biden-Harris tax hike agenda that would kill jobs.
Biden’s tax hikes would mean Georgia families pay a top tax rate of 55.09% when factoring in payroll taxes and state income taxes.
A vote for Ossoff and Warnock would also lead to higher taxes on American businesses as Biden has promised to raise the corporate tax rate from 21% to 28%. This would make the U.S. tax rate higher than Communist China’s 25% corporate rate and harm workers, jobs and wages as we look to continue rebuilding from the coronavirus pandemic.
Biden’s Cabinet nominees support a host of additional new tax increases, so the Biden $4 trillion tax hike could be just the start.
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Biden’s Treasury nominee Janet Yellen supports a $2 trillion carbon tax that would increase costs for middle-class families due to higher costs of cooling and heating, transportation and groceries. Biden has already indicated he would support this tax hike, even though it would break his pledge not to raise taxes on Americans earning less than $400,000 per year.
In addition, Biden’s pick to lead the Office of Management and Budget, Neera Tanden, supports a soda tax that would disproportionately impact low-income Americans. Heather Boushey, one of Biden’s picks for the Council of Economic Advisers, wants to change the Constitution to impose a wealth tax.
Xavier Becerra, Biden’s nominee to run the Department of Health and Human Services supports ”Medicare-for-all,” which would lead to trillions of dollars in middle-class tax increases.
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While a vote for Warnock and Ossoff will be a vote for tax increases, Republican incumbent Sens. David Perdue and Kelly Loeffler are staunch defenders of taxpayers. Perdue voted for the TCJA and has been a consistent advocate of middle-class and small-business tax cuts. While Loeffler was not in Congress at the time, she is a consistent voice for tax cuts and a Taxpayer Protection Pledge signer, a written commitment to her constituents to oppose any and all tax increases.
A vote for Warnock and Ossoff is a vote for the Biden-Harris tax hike agenda that would kill jobs and harm small businesses and middle-class families across the country.
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