When he was first elected, President Joe Biden promised to not raise taxes on any household making under $400,000 a year.
That promise seems long gone, as his own Vice President Kamala Harris cast the tie-breaking vote in the Senate on Sunday morning to pass the Democrats’ “Inflation Reduction Act” — but what will come to be a massive handout for green energy companies at the expense of hardworking Americans.
Some major components of the bill include attacks on just about every source of existing energy that everyday Americans use to fuel their homes and vehicles.
As summarized by Americans for Tax Reform (ATR), taxpayers feeling the pinch of high inflation will be hit with the following additional costs when the legislation is enacted:
A $6.5 Billion Natural Gas Tax and $1.2 Billion Coal Tax, Which Will Increase Household Energy Bills
“The bill imposes 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.”
ATR added the following:
“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.”
Crude oil is also directly affected by the bill, as it will be hit with a $12 billion dollar tax, which “Democrats have pegged … to inflation. As inflation increases, so will the level of tax.”
The Tax Foundation noted that the Manchin-Schumer spending spree would not only “eliminate about 30,000 full-time equivalent jobs in the United States,” but it “would also reduce average after-tax incomes for taxpayers across every income quintile over the long run.”
That is directly the opposite of what Biden promised on the campaign trail.
American Legislative Exchange Council (ALEC) Chief Economist Jonathan Williams told “Fox and Friends” that contrary to the mainstream media’s liberal narrative, the country has seen “record tax revenue numbers, time and time again in recent years, but we just spend faster than the taxes are coming in” while calling the package “economic malpractice.”
Despite that fact, the Democrats’ bill includes $79.6 billion in funding for 87,000 new IRS agents, who will target individuals as well as small and medium-sized businesses.
If Americans do manage to save any money while their day-to-day cost of living their lives and running their businesses skyrocket, they will still be faced with additional hits to the money that they save. Investment accounts from 401(k)’s to 529 plans will all be affected under this new bill due to new regulations on stock buybacks. ATR notes, “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.”
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Highway robbery. PUNISHING US FOR ENJOYING AMERICAN WAY OF LIFE. SQUEEZING US WHILE CODDLING INVADERS, FELONS, CRIMINALS and TRAITORS. WONDER WHAT THE LARGEST EXECUTION HAS BEEN SO FOR?
Years ago, a liberal talk show host blasted Americans with jobs. He ranted that people who get a paycheck have an unreasonable idea that they are entitled to keep most of what they earn. He called it the “earners- keepers syndrome.” Fits perfectly with the Biden Admin attitude.
“Whenever any form of government becomes destructive of these ends [life, liberty, and the pursuit of happiness] it is the right of the people to alter or abolish it, and to institute new government.” ~ Thomas Jefferson
Yep & that time might be here. Thank God our founders were smart enough to include the Second Amendment.
So Biden’s tax and spend bill is going to eliminate about 30,000 jobs is it? Well no problem, Biden is adding 87,000 jobs to his law enforcement Army in the IRS.That’s the first step in how a dictator starts taking control of a country, arm his enforcers and take the weapons away from the citizens. Little does he know that an attempt to disarm the American citizens will speed up that second American revolution that we have been talking about for years now. When it starts it will destroy this country and further divide the people that are left standing. The end of the United States of America is fast approaching.
“When once a Republic is corrupted, there is no possibility of remedying any of the growing evils but by removing the corruption and restoring its lost principles; every other correction is either useless or a new evil.” ~ Thomas Jefferson
What does that have to do with alleged tax increases?
Everything
We’ve gained 6.4 million jobs since Biden was elected, so I think losing 30,000 is no big deal
You must have been one of those losers who voted for lying Biden.
Well, if you have a 401k, switch it over to a ROTH, immediately.
I just want to take this opportunity to thank the moronic anti-American idiots who didn’t have enough sense to look at Biden’s past record and blindly voted for him. I’m an old man but I sincerely hope I’m still around to see Biden’s socialist government come back and bite them right in the ass. Thanks you idiots, THANKS FOR NOTHING.
Nancy Pelosi sez: ‘We ALL belong to the Government,’ Chucky and Joey are saying: ‘Everything YOU own belongs to the Government.’
Those that did not listen during the campaigning, are about to realize the actions of their voting for this present administration. The lies that flowed out of Biden’s mouth were blatantly those of a 50 year politician, who voted time and time again against the good of the American people. He freely excepted the wealth of this Nation, but continuously fought against the welfare of it’s citizens. And, he sometimes bragged about voting against the American way of life. So, for those that voted for him and his agenda, I say…..Live with it !! For those who didn’t for him , I say…..Prepare yourselves for what is to come !!
What hurts is those of us who voted for Donald Trump must suffer the results because of the idiotic voting of those who voted for lying Biden.
I saw nothing in the article about the rate of tax or tax brackets increasing so what tax increase are you talking about? It’s a lie that “buybacks” will hurt stockholders. Millionaire managers buy back their company stock to increase the stock price, and they own millions of shares, not you. Plus if we can force them not to do buybacks perhaps they’ll use their profits to invest in the company, pay higher wages, or give you more dividends on your stock! Stop misleading us, we are not stupid. And that 6 1/2 billion dollar so-called increase in taxes, it’s not a tax, but if it was a tax and you divided into the millions of households it would cost us $50 a year. Big deal! And while I believe inflation is out of control, the average wage has gone up 5% in the last year
Get your head out of the sand!
begging the question–are these the intended or unintended consequences of democrat policy?
Its ALL that + the damn 87K IRS agents