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

Posted on Wednesday, January 4, 2023
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by Outside Contributor
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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

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.” 

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PaulE
PaulE
1 year ago

It’s just Joe Biden’s and the Democrats’ way of saying Happy New Year to the serfs, ummm I mean the American people, whom they “serve”. If you believe that, I have wonderful bridge to sell you in Brooklyn, New York.

Not to worry however my fellow Americans, those 87,000 new IRS agents all armed up and ready to hit the ground running, will be happy to ensure you pay your “fair share” no matter how many times they have to audit you. Now sit back and put on that recording of the old Soviet Union national anthem. Don’t have one? Well just hop right over to YouTube. It’s available on-line for your enjoyment.

N Hale
N Hale
1 year ago

Seems convenient that they created a tax for oil imports and Biden has made dependent on foreign oil again. I’m sure his oil expert son advised him to do that.

David Millikan
David Millikan
1 year ago

Excellent article telling the TRUTH.
Add that technically we have been in a DEPRESSION since July 2022, ADDING MORE INFLATION thanks to the
INFLATION INCREASE ACT.
Which ALL Products have DOUBLED in PRICE since.
And we have LESS MONEY in OUR POCKETS with MORE TAXES AND MORE TAXES TO COME.
Yet, they keep LYING about a recession when we have been in a DEPRESSION since July 2022.
NEVER would have happened with
PRESIDENT TRUMP.

Jacob Smith
Jacob Smith
1 year ago

Tax and spend. Democrats way of helping the working class into the poor house. Thanks for nothing.

Kim
Kim
1 year ago

If I were less cynical, I would never think that biden’s plan to tax imported petroleum is designed to make Americans think poorly of the countries selling this expensive commodity to us. And that would make us flock to good ol’ American generated electricity!

What’s next? Is he going to tax my huge oak trees which potentially can heat my home? How about a retroactive tax on the wood desk the computer sits on?

I recently had a brief conversation with an acquaintance who thought biden is keeping prices low for everyone, including her taxes (she hasn’t worked in years). It was brief because this college graduate just couldn’t grasp the basic idea that government doesn’t “make” anything and must bring in taxes to pay for itself and all its programs.

Amazon is laying off 18,000 employees. Does this bode well for the future of our economy? This country is gaining momentum in its rapid descent into economic oblivion. Just wait. It will get worse.

John P
John P
1 year ago

The problem is that as people get poorer, they’re going to turn to the government for more help and that’s exactly what this administration wants … dependent Americans.

Laura
Laura
1 year ago

Biden promised that there would be no new taxes. These politicians lie all the time.

LOVER OF AMERICA!
LOVER OF AMERICA!
1 year ago

Texas, Oklahoma – it’s time to ceceed! We can form our own sovereign nation and any other state that wants to join, welcome (except Arizona)

Reality
Reality
1 year ago

Obama/Biden and the democrat/communists lie all the time!!! Trump wants to save America and Obama/Biden want to destroy America!!!

Morbious
Morbious
1 year ago

You can thank the millions of dem robots still getting their news from legacy media and therefore unaware of virtually everything evil the administration does. Many are unionistas on a defined benefit pension. The rest of us watch as our iras decline and taxes increase. Thanks automata!

J. Farley
J. Farley
1 year 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.

Impeach Biden
Impeach Biden
1 year ago

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

Jeri
Jeri
1 year 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.

johnh
johnh
1 year 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?

Melinda
Melinda
1 year 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.

James Popielarz
James Popielarz
1 year ago

Democrats are good at raping the american taxpayer.

Jackie
Jackie
1 year 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!!!

Granny26
Granny26
1 year 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.

Tim Toroian
Tim Toroian
1 year ago

The second paragraph of the Declaration of Independence.

dune
dune
1 year ago

FJB

Nancy
Nancy
1 year ago

IMPEACH THE MOTHER!!!!!!

A Voter
A Voter
1 year 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?

Grace
Grace
1 year ago

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

Jim D.
Jim D.
1 year 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!

Panzer Rick
Panzer Rick
1 year 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.

nate
nate
1 year ago

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

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

Oakley
Oakley
1 year 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.

goakley
goakley
1 year 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.

MFer
MFer
1 year ago

FJB

Rich
Rich
1 year 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.

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