List of Biden Tax Hikes Hitting Americans on Jan. 1
On Jan. 1, 2023 the following Democrat tax hikes will take effect:
$6.5 Billion Natural Gas Tax Which Will Increase Household Energy Bills
The tax hike violates President
Biden’s tax pledge to any American making less than $400,000 per year.
$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.
$1.2 Billion Coal Tax Which Will Increase Household Energy Bills
The tax hike more than doubles the current excise taxes on coal production.
$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.
$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.
President Biden imposed a long list of tax hikes as part of the "Inflation Reduction Act." These Biden tax hikes take effect on Jan. 1:
www.atr.org