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Here's A List Of Biden Tax Hikes Which Take Effect Jan. 1

When the Democrats finally passed the "Inflation Reduction Act" in
2022 (how's that going?), they included several tax hikes set to take
effect on Jan. 1, 2023.

Americans for Tax reform's Mike Palicz has conveniently compiled a
list of them, along with his take on their intended effects:

$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.

And of course, this tax hike violates Biden's pledge not to raise
taxes on Americans making under $400,000 per year. According to the
American Gas Association, the methane tax will slap a 17% increase on
the average family's natural gas bill.

$12 Billion Crude Oil Tax Which Will Increase Household Costs

Next up - a .16c/barrel tax on crude oil and imported petroleum
products which will end up on the shoulders of consumers in the form
of higher tax 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.

$1.2 Billion Coal Tax Which Will Increase Household Energy Bills

This one increases the current tax rate on coal from $0.50 to $1.10
per ton, while coal from surface mining would increase from $0.25 per
to to $0.55 per ton, which will raise $1.2 billion per year in taxes
that will undoubtedly be passed along to consumers in the form of
higher energy bills.

$74 Billion Stock Tax Which Will Hit Your Nest Egg — 401(k)s, IRAs and
Pension Plans

Democrats are now imposing a new federal excise tax when Americans
sell shares of a stock back to a company.

    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.

A tax on buybacks could dissuade companies from doing so, and US
companies will face significant compliance costs, which will - again,
be passed along to consumers.

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

American businesses reporting at least $1 billion in profits over the
past three years will now face a 15% corporate alternative minimum
tax, which will be passed along in the form of higher prices, fewer
jobs and lower wages, according to Americans for Tax Reform.

    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.

Which industry will likely be most affected? According to the Tax
Foundation, "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."