Americans for Tax Reform (ATR) reports that in addition to the new $6.5 billion natural gas tax that will increase household energy bills, a $12 billion crude oil tax and a $1.2 billion coal tax went into effect January 1st.
The taxes are called for in the Inflation Reduction Act that Biden and Democrats approved in 2022. While liberals maintain that taxpayers will benefit from the additional costs, ATR President Grover Norquist contends they will not help Americans.
"One comment that Biden made was that he would never raise any tax on people who earned less than $400,000," Norquist recalls. "If you drive a car, if you heat your house, if you have air conditioning, you are going to have a tax increase."
ATR is also concerned about a $225 billion corporate income tax hike, as well as the $74 billion stock tax that Norquist warns will hit nest eggs hard.
"The stock tax that Biden endorsed and the Democrats all voted for will be a tax on stock," he notes. "Many years ago, that meant the Kennedy kids. Today, 60% of American adults own shares of stock in a 401k or an IRA."
The ATR president asserts that the costs of all of the Inflation Reduction Act's tax increases will be borne by working families in the form of higher prices, fewer jobs, lower wages, and supply-chain disruptions.