Up until this new year, 2023, tax wise, we the people have still been protected by the tax cuts provided to us by the Trump administration. So, over the past year or so, we still were being buffered somewhat from those tax cuts and if you thought your over all bills were bad last year, well, you ain’t seen nothing yet!
Do you remember the so-called Dems claim that the Inflation Reduction Act would help all of us ordinary Americans? You also remember Biden promising people that no one making less than $400,000 a year would be hit with any tax increases? If you believed either one of these claims, you were seriously duped!
Latest economic analysis now shreds (something I warned of the day this stupid bill passed) Biden’s promise to pieces when he claimed taxes would not be raised on those of us making under $400,000 a year. The reason why this promise has been shred to bits is that the Inflation Reduction Act actually includes three major energy taxes that are expected to increase ALL households energy bills, no matter what you make a year.
One of those taxes is a regressive tax on American gas and oil development which is estimated will increase our taxes by $6.5 billion in 2023. Biden and the Dems are now proposing a 16.4 cent per barrel tax on crude oil and this will be passed onto the normal consumer in the form of even higher gas prices at the pumps!
Despite the fact the Dems and Biden promised that this Inflation Reduction Act would help the average American, the above regressive tax will cost us average Americans an additional $20 billion dollars in new taxes.
On top of that Biden added even more to the act by adding $473 billion more dollars in spending for climate care and healthcare which will do nothing to reduce inflation but instead like the increased taxes on oil and gas, will add even more weight on the shoulders of the average American family. This in turn is a complete contradiction of Biden’s promise that we’d have no extra tax burdens put upon us!
Here are few other things thrown into the mix in the so-called Inflation Reduction Act:
- $12 billion more tax on crude oil which will increase overall household costs due to the fact crude oil is used in the production of over 9,000 non-energy common household products.
- $1.2 billion coal tax which will affect household energy prices.
- $74 billion tax on stocks which will affect your 401 K’s, IRAs and various pension plans.
- $12 billion more in corporate taxes which will be handed down to the consumer through higher prices and increase overall household costs.
This bill also includes $430 billion in undisclosed spending and a 10 year plan to take $737 billion more from the American people to increase the revenue of the government itself.
It also includes $369 billion for climate provisions to cut carbon emissions by 40% and also adds $64 billion more for extensions for the so-called “Affordable Care Act”!
There is also a new methane gas tax which the American Gas Association claims will result in a 17% increase on the average family’s natural gas bills, on top of all the other increases mentioned earlier!
And the crude oil tax is set up in a way that it goes with the flow of inflation so that every time inflation rises so will the crude oil tax!
The increase in corporate tax will not only increase the price of products but it will also mean fewer jobs and lower wages will be a result as well as people will be laid off and others will be asked to take cuts in pay. It is also estimated that these types of tax increases could also put another burden on the issues we already are experiencing with the supply chain.
To top it all off, just three days before Christmas, the Senate with the blessings of McConnel himself passed a $1.7 trillion omnibus bill, which of course is going to be added to all the above pain that the Inflation Reduction Act will be placing on our shoulders. This omnibus bill includes the following:
- $858 billion in military spending but not for protecting our own borders of course, instead it’s filled with nothing but wokery and endless spending to protect others borders but not our own.
- $772.5 billion on non-defense discretionary spending (whatever the hell that means).
- $45 billion more aide to Ukraine to protect their border while millions of people still flood over our border!
The Dems claim this will help keep the government open through September and is intended to benefit the American people. Please, look over the list again and ask yourself how any of these taxes or spending is going to benefit you!
It’s only Jan. 3rd and we’ve already seen the pain that’s headed our way and it’s only the tip of the iceberg!
Happy New Year!
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