"For a median-income family of four, that's a $2,000 increase in your taxes every year," Norquist told Fox News' "Fox & Friends" about the repeal. "To add to that, [Biden] wants to bring back the Obamacare penalty tax, which affects 100,000 people in Georgia alone and 5 million across the country, to punish you for not buying Obamacare; it's a $700 tax."
Democrats also want to raise the corporate income tax, said Norquist. "Right now our corporate income tax is 21%," he said. "Communist China's is 25%. We have a lower tax now thanks to the Republicans ... Biden wants to bring it back up to 28% or 35%. That would be more taxes on investing in America than communist China. That will drive businesses and jobs out of the country."
Biden and the Democrats are also considering potential tax hikes, including a gasoline tax, said Norquist.
“Looking forward to Biden, he wants to double the capital gains tax...he wants to have a carbon tax, an energy tax on all Americans, which of course hits the middle class. He wants to hit those 5 million Americans who were damaged by the Obamacare penalty tax – he wants to bring that back, Trump brought it to zero. I think Trump should look at the successes he’s had and talk about those, because Biden threatens them all," he said on Maria Bartiromo’s Mornings with Maria on Fox Business.
"That is set to not only go in and increase the cost of filling your tank by about $10 each time you fill it up, but then it automatically increases without any votes from Congress ever," said Norquist. "That's their goal, to get this automatic increase in your gasoline prices and the cost of energy for your home."
Democrats also want to double the capital gains tax to "over 40%, the highest since when Jimmy Carter was president and we had the very slow economy because the capital gains tax was so high," he added.
But if either GOP incumbent Sens. Kelly Loeffler or David Perdue wins, "no tax increase will pass," said Norquist, because there will be enough Republicans in the Senate to avoid tax increases for at least the next two years and "hopefully four."