Below is Biden’s promise not to raise taxes on those making under 400K. I am glad he is looking out for us.
President Biden and congressional Democrats imposed a long list of tax increases as part of their “Inflation Reduction Act” passed in 2022.
On Jan. 1, 2023 the following Democrat tax hikes will take effect:
$6.5 Billion Natural Gas Tax Which Will Increase Household Energy Bills
Think your household energy bills are high now? Just wait until the three major energy taxes in the Inflation Reduction Act hit your wallet. The first is a regressive tax on American oil and gas development. The tax will drive up the cost of household energy bills. The Congressional Budget Office estimates the natural gas tax will increase taxes by $6.5 billion.
The tax hike violates President Biden’s tax pledge to any American making less than $400,000 per year. Biden administration officials have repeatedly admitted taxes that raise consumer energy prices are in violation of President Biden’s $400,000 tax pledge.
A letter to Congress from the American Gas Association warned that the methane tax would amount to a 17% increase on an average family’s natural gas bill. Democrats have included a tax in the bill despite retail prices for energy surpassing multi-year highs in the United States.
$12 Billion Crude Oil Tax Which Will Increase Household Costs
Democrats are imposing a 16.4 cents-per-barrel tax on crude oil and imported petroleum products that will be passed on to consumers in the form of higher gas prices.
The tax hike violates President Biden’s tax pledge to any American making less than $400,000 per year.
As noted above, Biden administration officials have repeatedly admitted taxes that raise consumer energy prices are in violation of President Biden’s $400,000 tax pledge.
As if it weren’t bad enough, Democrats have pegged their oil tax increase to inflation. As inflation increases, so will the level of tax.
The non-partisan Joint Committee on Taxation (JCT) estimates the provision will raise $12 billion in taxes.
$1.2 Billion Coal Tax Which Will Increase Household Energy Bills
The tax hike more than doubles the current excise taxes on coal production. Under the Democrat proposal, the tax rate on coal from subsurface mining would increase from $0.50 per ton to $1.10 per ton while the tax rate on coal from surface mining would increase from $0.25 per ton to $0.55 per ton.
JCT estimates that this will raise $1.2 billion in taxes that will be passed on to consumers in the form of higher electricity bills.
$74 Billion Stock Tax Which Will Hit Your Nest Egg — 401(k)s, IRAs and Pension Plans
www.atr.org/list-of-biden-tax-hikes-hitting-americans-on-jan-1/
h/t bigkahuna62