List of Biden Tax Hikes Hitting Americans on Jan. 1

$6.5 Billion Natural Gas Tax Which Will Increase Household Energy Bills

— A letter to Congress from the American Gas Association warned that the methane tax would amount to a17% increaseon an average family’s natural gas bill.

$12 Billion Crude Oil Tax Which Will Increase Household Costs

—Democrats are imposing a 16.4 cents-per-barrel tax on crude oil and imported petroleum products that will be passed on to consumers in the form of higher gas prices.

$1.2 Billion Coal Tax Which Will Increase Household Energy Bills

—Under the Democrat proposal, 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.

JCT estimates that this will raise $1.2 billion in taxes that will be passed on to consumers in the form of higher electricity bills.

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

—When Americans choose to sell shares of stock back to a company, Democrats will impose a new federal excise tax which will reduce the value of household nest eggs. Raising taxes and restricting stock buybacks harms the retirement savings of any individual with a 401(k), IRA or pension plan.

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

—The cost of this tax increase will be borne by working families in the form of higher prices, fewer jobs, and lower wages.

https://www.atr.org/list-of-biden-tax-hikes-hitting-americans-on-jan-1/