Most likely the belt is slipping on pulleys or the clutch pads are slipping on the bell. In stock form, these buggies are geared too high so that should be your first modification. Replace the axle sprocket with a larger 39-tooth and replace the weights and spring in the transmission to change your shift points.
Do you have an impact wrench? An electric or air driven model will work as long as you have at least 150 ft lbs of torque. This will be an essential tool for working on the transmission and replacing your belt.
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