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

    From Ubiquitous@21:1/5 to All on Fri Jan 6 21:05:02 2023
    XPost: alt.rush-limbaugh, talk.politics.usa, us.taxes

    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.

    A 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.”

    --
    Let's go Brandon!

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)