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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 their 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

The Biden plan would raise taxes on businesses and individuals by between $2 trillion and $3 trillion over a decade, according to recent estimates by the Tax Policy Center and the American Enterprise Institute.   According to the Tax Foundation, Biden’s plan would be the biggest tax increase since the late 1960s when the country was struggling to pay for the Vietnam War and Lyndon B. Johnson’s Great Society welfare programs.

In other words, if the Democrats succeed in the Georgia Senate races, the country could face a blue tidal wave of tax hikes.

Higher Household Utility Bills

President-elect often claims that he only wants to raise taxes on high-income households and corporations but nearly every American family could pay more if his tax hikes become law. That’s because utilities that supply water, natural gas, and electricity to American homes are legally permitted to pass on the cost of higher tax bills to their customers. So if Biden gets to hike corporate taxes, that could translate directly into larger bills for power and water.

“Any change in tax law would mean that the amount of money utilities collect goes up,” John Bartlett, president of Reaves Asset Management, told CNN Business.

read more here: https://www.breitbart.com/politics/2020/12/17/carney-bidens-massive-tax-hikes-inevitable-if-democrats-win-georgia-senate-races/?