Economy & Business, Government, Politics

These Biden Tax Hikes Just Took Effect

There’s no better way to ring in a new year than with your taxes going up. (Said literally no one ever). Yet that’s exactly the fate awaiting millions of Americans, because a number of tax increases passed by President Biden just took effect on January 1.

Here are 3 big tax hikes taking effect, as originally identified by Mike Palicz of Americans for Tax Reform (ATR).

A 16.4 cent tax on oil imports:

Americans have struggled with sky-high gas prices under this administration. Apparently, the president thinks the way to improve this situation is to… tax oil imports? Yes, seriously. The so-called “Inflation Reduction Act,” passed by Democrats in August 2022, includes a 16.4 cent per barrel tax on oil imports. There are also new taxes on coal and natural gas taking effect.

It’s just basic economics that at least some of these costs will be passed on to consumers and result in higher gas prices. Thanks, Joe! Read more…

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