Thanks to Joe Biden’s misleadingly named Inflation Reduction Act, Americans will be socked with billions in new taxes.
The act, signed into law by Joe Biden in August, will inflict $473 billion in needless, wasteful new spending by Congress on woke nonsense including climate change initiatives, abortion, the radical gay agenda, and left-wing, anti-American education policies among other wasteful policies.
But, in direct contradiction to his promises, millions of Americans will find their taxes skyrocketing, even though he said that would not happen.
Per the Daily Mail:
$6.5 billion natural gas tax which will increase household energy bills
The Inflation Reduction Act includes three major energy taxes that actually likely to increase household energy bills.
One of these taxes is a regressive tax on American oil and gas development, which is estimated to increase taxes by $6.5 billion.
The tax hike goes against President Biden’s promise not to raise taxes for Americans making less than $400,000 per year.
According to the American Gas Association, this methane tax alone could result in a 17 percent increase on the average family’s natural gas bill.
The law will raises the costs of energy and will also sap America’s retirement accounts with new taxes on 401Ks, IRAs, and pensions. There is also a massive income tax hike.
All of this will make life harder for Americans.
But that doesn’t include the reams of new regulations that will destroy the trucking industry, farming, and a myriad of other industries, all sending costs skyrocketing.
Biden is truly destroying this country.Commentary