The conservative group behind the infamous no new tax pledge is warning voters that businesses and pocketbooks are going to take a big hit if Democrats win the high-profile runoff races in Georgia that will determine control of the U.S. Senate.
Americans for Tax Reform said in an email blast Thursday that Democrats Jon Ossoff and Ralph Warnock would “rubber-stamp the Biden-Harris agenda to raise taxes on families and businesses in Georgia and across the country.”
Mr. Ossoff and Mr. Warnock are seeking to unseat GOP Sens. David Perdue and Kelly Loeffler in Jan. 5 runoff races in Georgia.
The tax group says that presumptive President-elect Joseph R. Biden ran on the promise to raise $4 trillion in new or higher taxes, meaning the highest earners in Georgia would face a total top tax rate of 55%.
They said Mr. Biden’s vision calls for a family of four earning $73,000 a year would pay $2,000 more in taxes.
“While Ossoff and Warnock would support these tax increases on Georgians, Republican Senators Kelly Loeffler and David Perdue will hold firm against the Biden plan of higher taxes on families and businesses,” the group said.
ATR’s Analysis for Top Tax Bracket:
Biden top federal rate: 39.6 percent
Georgia top rate: 5.75 percent
Medicare payroll tax: 1.45 percent
Biden new payroll tax: 6.2 percent
Pease limitation: 1.188 percent
Additional Medicare tax: .9 percent
Total: 55.09 percent
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