Finance / Government Watch

List of Biden Tax Hikes Hitting Americans on Jan. 1st

tax

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.

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

When Americans choose to sell shares of stock back to a company, Democrats will impose a new federal excise tax which will reduce the value of household nest eggs. Raising taxes and restricting stock buybacks harms the retirement savings of any individual with a 401(k), IRA or pension plan.

Union retirement plans will also be hit.

The tax will put U.S. employers at a competitive disadvantage with China, which does not have such a tax.

Stock buybacks help grow retirement accounts. Raising taxes and restricting buybacks would harm the 58 percent of Americans who own stock and more than 60 million workers invested in a 401(k). An additional 14.83 million Americans are invested in 529 education savings accounts.

Retirement accounts hold the largest share of corporate stocks, accounting for roughly 37 percent of the outstanding $22.8 trillion in U.S. corporate stock, according to the Tax Foundation.

In 2017, corporate-sponsored funds made up $4.45 trillion in market value; union-sponsored funds accounted for $409 billion; and public-sponsored funds, which benefit teachers and police officers, added up to $4.25 trillion.

When companies perform stock buybacks, these investors are the ones who benefit. A tax on buybacks could dissuade companies from conducting this action and negatively impact retirement savings.

American companies will face significant compliance costs — a boon to expensive white-shoe law firms — the burden of which will be passed on to working households.

$225 Billion Corporate Income Tax Hike Which Will Be Passed on to Households

Democrats imposed a 15 percent corporate alternative minimum tax on the financial statement income of American businesses reporting $1 billion in profits for the past three years. These American companies employ millions of Americans.

The cost of this tax increase will be borne by working families in the form of higher prices, fewer jobs, and lower wages.

Tax Foundation report from last December found a 15 percent book tax would reduce GDP by 0.1 percent and kill 27,000 jobs.

Preliminary cost estimates from the Congressional Budget Office found the provision would increase taxes by more than $225 billion.

According to JCT’s analysis, 49.7 percent of the tax would be borne by the manufacturing industry at a time when manufacturers are already struggling with supply-chain disruptions.

Tax Foundation also warned that current supply chain issues could be worsened by the book tax’s disproportionate burden on key industries. The report concluded that “the coal industry faces the heaviest burden of the book minimum tax, facing a net tax hike of 7.2 percent of its pretax book income, followed by automobile and truck manufacturing, which faces a 5.1 percent tax hike.” 


Reprinted with Permission from - Americans For Tax Reform by – Mike Palicz

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Rich
11 days ago

Any fools that continue to back these tyrannical communists deserve to go down in flames. Unfortunately they will take the rest of the country with them. Patriots, it’s time to take a stand and get a backbone.

MFer
27 days ago

FJB

goakley
29 days ago

Corporate Income Tax Hike.Can someone show me a corporation that doesn’t pass a tax to the purchaser/user. All taxes are paid by people in the end. My paycheck and yours.

Hal-
26 days ago
Reply to  goakley

The ignorant faction of the public doesn’t understand the deceit of how the DemocRats are choking the eonomy of this Nation. And I do think the bulk of the news media is playin along with this deception by the Dumpocrat Party. Balanced Budget Amendment? …. anyone??? Term limits for Congress members? …. anyone?

Mike L
6 days ago
Reply to  Hal-

Must have term limits, federal and state level.

Oakley
29 days ago

Corporate Income Tax Hike.Can someone show me a corporation that doesn’t pass a tax to the purchaser/user. All taxes are paid by people in the end. My paycheck and yours.

nate
29 days ago

“But he said our taxes would not go up.”

“Gee Wally, haven’t you learned a thing about the communist Democrats?”

Panzer Rick
29 days ago

Biden is a corrupt and evil archcriminal. His regime of cronies, neocon rinos, and globalists are the only groups that benefit from this. The wealthiest people in the country will never feel this, but everyone else certainly will. Americans have no one else to blame but themselves. They allowed the most corrupt election to happen, opening the door for biden to do this, as they did nothing. There are plenty of options out there to protest this, including a nation wide strike or tax revolt against the federal government. But our country is filled with cowards and weaklings who refused to do anything, allowing this deep rooted corruption to prevail for years disintegrating our nation. This is just a start.. it is only going to get worse from here. But y’all deserve it, and now you will pay for it.

David Campbell
29 days ago
Reply to  Panzer Rick

Biden is not an archcriminal. Biden is the closest thing we are likely to have to a real life Manchurian Candidate. Why is this important to understand? because even an archcriminal president still considers his legacy and how history will treat him. Those controlling Biden don’t care about that, so are even more free to use the power of the presidency to accelerate the destruction of our country. Plus we need to know who the enemy is to defeat him. And that enemy wants to keep us focused on Biden.

Beverly
28 days ago
Reply to  David Campbell

We have two enemies at the top. Obama and yes, Harris. He is a Muslim and has made his promises to Islam. She is the daughter of the Communist leader of Jamaica, married to the previous leader of the Communist group in California. What could go wrong?

Vince
29 days ago
Reply to  Panzer Rick

Absolutely right. Congress never imposed the income tax on 98% of the public. Good luck getting these fake conservatives to even discuss this.

Hal-
26 days ago
Reply to  Panzer Rick

You are too kind in your assessment of Biden!!!

Jim D.
29 days ago

“Taxes that raise consumer energy prices are in violation of President Biden’s $400,000 tax pledge.”

Yup! But if he has no friggin idea what the hell he’s doing, did he actually violate his own tax pledge?! I’ll also bet that he read the new 1.7 trillion omnibus spending bill cover to cover as well!
Schmuck!

Mike L
6 days ago
Reply to  Jim D.

Maybe biden can’t read anymore. We know he can’t think or remember.

Grace
29 days ago

Might be a reduction for all the spending but a huge increase to the American citizen.

johnh
29 days ago
Reply to  Grace

What a sneaky way to pass on more energy costs to the middle & lower classes, while Biden says will not raise taxes on anyone making less than $400K per year. Why is he doing this & why is Congress letting him get away with this ?

Cynical American
26 days ago
Reply to  johnh

These energy taxes will fall heaviest on those at the lower economic strata – watch the news reports of elderly and poor people who are having to decide whether to heat their homes or buy food!

Mike L
6 days ago

Very True, mainly for us seniors on fixed income.
There goes our Social Security raise we just got. To pay for heat & electricity for homes, and gas for our cars. So much for visiting the grandkids.

A Voter
29 days ago

According to JCT’s analysis, 49.7 percent of the tax would be borne by the manufacturing industry at a time when manufacturers are already struggling with supply-chain disruptions.

Does anyone with even a few functioning brain cells not understand that the manufacturers will pass those increases on to the end user / consumer, I.E. you and me?

johnh
29 days ago
Reply to  A Voter

Good point: the average citizen will suffer from these new taxes by paying once when buying products & one when paying utility bills. What a shame the War on Fossil fuels is & is harming USA in many ways.

Cynical American
26 days ago
Reply to  A Voter

These energy taxes are also a disincentive for manufacturers to re-shore their off-shore factories from cheap labor locales like China – what an idiotic industrial development/economic plan these tax increase are!

Ash
25 days ago
Reply to  A Voter

Functional brain cells are in short supply in DC especially amongst the democrats. Republicans are not exempt from this either.

Nancy
29 days ago

IMPEACH THE MOTHER!!!!!!

PopopB
29 days ago
Reply to  Nancy

I go along with this!!! Tell us how we can do this so we can get rid of this stumble bum?

Phil Florian
27 days ago
Reply to  Nancy

Then you would have Giggles Harris as president

Mike L
6 days ago
Reply to  Phil Florian

Right, we have to keep sleepy joe, otherwise camel face harris get in.

dune
29 days ago

FJB

Tim Toroian
30 days ago

The second paragraph of the Declaration of Independence.

Granny26
30 days ago

Biden is a flat out LIAR. He does everything he says he won’t do and doesn’t do anything he said he will do. I hope he gets lost while in Mexico this week.

Jackie
30 days ago

I have come to the conclusion that Joe Biden and Democrats don’t like us very much!! They keep doing things to make us suffer!! It’s not as if most, if not all politician don’t lie to us but Democrats seem to go out of their way to hide their reality from us until they are ready to slam us with the new reality that they have planned for us!! They lie about everything that is in any campaign and yet, for some really weird reason, we keep electing the same old lying politicians!!!!! I live in a state that has had Democrat rule for almost 40 years and our state is suffering immeasurably because of Democrat policies, laws and regulations!!!

Neil Schleiker
30 days ago
Reply to  Jackie

Just figuring out now? Haven’t you been listening to them. For decades?

Ron St. Martin
29 days ago
Reply to  Jackie

Unfortunately most of the Republicans are the same, no one cares about “the People” anymore! It’s all about who can make me rich and get me re-elected.

James Popielarz
30 days ago

Democrats are good at raping the american taxpayer.

Melinda
30 days ago

Biden can get away with this on the pretext that he’s not raising taxes for individuals, which may be true. But by raising all these industry and corporate taxes, the effect is the same: we will all pay, no matter our income level.

Gene
29 days ago
Reply to  Melinda

Exactly.

Taylor
29 days ago
Reply to  Melinda

2023 employee F.I.T has been raised. The IRS has raised the adjusted wage amounts and the “tentative $ amount to with-hold” has increased, so yeah we’ll all be paying more income tax.

johnh
30 days ago

This is another way that Biden is sneaking some more taxes in his War on Fossil fuels & all consumers will pay more on their heating/electric bills every month after Jan 1,2023. In this case, Biden has also slammed his green EV cars as it will cost you more to charge batteries of EV. How did these taxes sneak thru without warning to Americans until now? Biden must think if he raises price of energy costs then people will consume less energy & help inflation — but then what is Biden going to do with all these new taxes?

PaulE
30 days ago
Reply to  johnh

Rather than sit glued to CNN or whatever msm news outlet you watch every day, try simply going on line to read the content of the bills Congress is working to enact. A lot of them were included in the Inflation Reduction Act bill signed into law last year. Others where buried in the so-called Infrastructure Bill and even one or two in the Chips Act. Of course the IRA had NOTHING to do with reducing inflation, as everything in the bill was either a tax, a new regulation which is what is called stealth taxation or a list of climate change regulations which result in more revenue to the government. So nothing was sneaked into place.

Gene
29 days ago
Reply to  PaulE

It’s not disastrous enough on the working poor and middle class already; just wait until all these Biden’s taxes go in to effect. The voters that simply vote Democratic just because of the name are not only voting themselves into financial ruin, they’re dragging us unwilling participants into that disastrous calamity too.

johnh
29 days ago
Reply to  PaulE

Did not find out about these taxes on CNN, but found out about taxes in this article from AMAC. By the way, did not see anything about these hidden new taxes on FOX news either.

Mike L
6 days ago
Reply to  PaulE

Hey AMAC, any chance you can get PaulE to write articles for you. He really has an eve for these issues.

Jeri
30 days ago

I know that we will all suffer, but in my daydreams I hope that those who voted for Biden and see him as their hero get raped of their money 2, 3, 4, times more than than me. I can dream.

Sara
29 days ago
Reply to  Jeri

I DID NOT ALREADY VOTE ON THIS COMMENT AMAC. Your comment should read 16, not 15 at this time.

Impeach Biden
30 days ago

Wakeup America——vote these Marxist Democrats out!!!!!!!!!!!

Granny26
30 days ago
Reply to  Impeach Biden

Thing is the POS wasn’t actually voted in by the election…it’s called FRAUD and the demonrats are very good at that.

PapaYEC
30 days ago
Reply to  Impeach Biden

We did vote them out, but the communist Rats undermined the elections via fraud.

Sue
20 days ago
Reply to  PapaYEC

Not enough people voted on the mid terms. They didn’t realize how important this election was. It is important to vote every time.

J. Farley
30 days ago

A billion here, A billion there, pretty soon it adds up to be real money!
Someone please explain to me, why the Democrats hate America so much, America is being destroyed from within, yet People keep electing them to public office.
If you vote for a Democrat, you are voting to make America a crap hole again.
I am sure that a low life liberal will read this, come on have the nerve to explain your great wisdom in destroying America, bet you won’t!
God Save America and our Constitution and the Bill of Rights!
I pledge allegiance to the flag of the United States of America and to the republic for which it stand, One Nation under God with liberty and justice for all.
Democrats and RINO’S you took an oath to uphold and defend the Constitution and the Bill of Rights. EMPTY WORDS AND LIE’S.

Sheila
30 days ago
Reply to  J. Farley

J. Farley, The reason why the Democrats hated America so much because they have no faith in God and they only think of themselves. Years ago, the Democrats of the 1940’s and the 50’s were much different than they are nowadays. They were more in faith with God, respect our country, especially the politicians who respect our country and the people who vote for them. Not anymore. All they want nowadays is power. They want to be big shots. There no more real refined ladies and gentlemen from the good old days. It is very sad.

J. Farley
30 days ago
Reply to  Sheila

I was just trying to draw one of the Moron’s out into the open, I know they are cowards, liars, commies, and weasels.
Democrats are such low life’s they are the only life form that can walk upright under a snake.

Kim
29 days ago
Reply to  Sheila

You don’t have to be a Christian or even to believe in God in order to do good things for America. That comes from empathy, morals, and knowing what the Constitution stands for.

johnh
30 days ago
Reply to  J. Farley

RINOs are the only checks & balances we have in Congress in my opinion.

MariaRose
30 days ago
Reply to  johnh

If your statement is true, why can’t the RINOs do anything but cause more counterattacks to their own party.

johnh
27 days ago
Reply to  MariaRose

Definition of a RINO to a lot of people is someone who is not obedient & vote on everything that the Republican party wants them to. That is a little bit like blackmail to me & is not the party I liked a few years ago.

Ken
30 days ago
Reply to  J. Farley

Anybody who votes for a democrap simply has to hate America. There is no other conclusion we can come to. The question every America loving person should be asking right now is, ” Are you an American, or are you a democrat?”

Rich
11 days ago
Reply to  Ken

All those die hard democrats just want something for nothing and ironically don’t care if our country becomes a third world country. The younger ones are the “entitlement” crowd. The older ones are brain dead and should know better.

PapaYEC
30 days ago
Reply to  J. Farley

Willing slaves/useful idiots vote commit fraud for Democrats.

Brad S
28 days ago
Reply to  PapaYEC

Unfortunately, Democrats are very skilled at manipulating low information voters and dependency-class citizens into thinking that “they care” because of the latest vote-buying scheme du jour that they roll out with the help of the dominant liberal media. After all, no one will ever vote against Santa Claus. Then, true to form, Democrats will paint Republicans as heartless SOBs when Rs oppose these schemes and will get away with their smears.

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