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List of Biden Tax Hikes Hitting Americans on January 1

On January 1, 2023,  the following tax hikes will take effect.

The Inflation Reduction Act:  A Look at the Democrat Tax Increases

This regressive tax on American oil and gas development will drive up the cost of household energy bills, violating President Biden's tax pledge to those making less than $400,000 per year.

Natural Gas Tax: $6.5 Billion Increase

A 16.4 cents-per-barrel tax on crude oil and imported petroleum products will be passed on to consumers in the form of higher gas prices, again violating President Biden's tax pledge.

Crude Oil Tax:  $12 Billion Increase

This tax more than doubles the current excise taxes on coal production, raising $1.2 billion in taxes that will be passed on to consumers in the form of higher electricity bills.

Coal Tax:  $1.2 Billion Increase

A new federal excise tax on the sale of shares by Americans will reduce the value of household nest eggs and put U.S. employers at a competitive disadvantage with China, negatively impacting retirement savings for those with 401(k)s, IRAs, and pension plans.

Stock Tax:  $74 Billion Increase

This hike in the corporate income tax rate from 21% to 28% will be passed on to consumers in the form of higher prices for goods and services.

Corporate Income Tax: $225 Billion Increase

The Inflation Reduction Act imposes a long list of tax increases that will hurt American households and businesses. Contact your representatives and let them know that you oppose these tax hikes.

Take Action to Oppose These Tax Increases

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