These Biden Tax Hikes just took effect

There’s no better way to ring in a new year than with your taxes going up. This statement was made by literally no one. Yet that’s exactly the fate awaiting millions of Americans, because a number of tax increases passed by President Biden just took effect on January 1.

These are the 3 biggest tax increases that have taken effect. originally identified Mike Palicz, American for Tax Reform (ATR),

Oil imports subject to a 16.4-cent tax

Americans have been struggling with skyrocketing gas prices since the inception of this administration. Apparently, the president thinks the way to improve this situation is to… tax oil imports? Yes, seriously. The so-called “Inflation Reduction Act,” The bill, which was passed by Democrats on August 20, 2022, contains a 16.4 percent per barrel tax for oil imports. New taxes are also in effect for natural gas and coal.

It’s just basic economics that at least some of these costs will be passed on to consumers and result in higher gas prices. Thanks, Joe!

Your retirement savings will be affected by a $74B tax on stock purchasebacks

Democrats have passed legislation that imposes a 1% tax upon stock buybacks. They claim this will generate more than $70billion in revenue over the next ten years. This might sound like something that only finance bros need to worry out, but it’s not.

ATR explains: “​​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.”

Hmm… hurting Americans retirement savings and putting us at a competitive disadvantage with China. Is this really what it is? “Build Back Better” What was it supposed to look like

Workers will be hurt by a $225 billion tax increase

The Biden administration’s new 15% “minimum tax” Thanks to the “Reform of Corporations”, corporations are now subject to the same restrictions. “Inflation Reduction Act.” While it’s meant to squeeze money out of corporate bigwigs, economists have long acknowledged the reality that much of the burden of the corporate tax is borne by workers and consumers. The Tax Foundation was established. warns This new tax will result in 27,000 job losses, lower wages and a decrease in economic growth.

So much for Joe’s promises, huh?

President Biden promised time and time again that he wouldn’t raise taxes on anyone earning less than $400,000. But thanks to the tax hikes he’s implementing that are now taking effect, anyone who buys gas, has a retirement account, or works for a major corporation will be bearing the burden of some big new taxes.

Shoutout to ATR’s Mike Palicz for identifying these tax hikes. 

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