No doubt many D.C. politicians and their leftist media allies view the non-profit policy analysts at Americans for Tax Reform as a pariahs, always popping up to protest the vampiric government feast. But to many of us who are forced to pay for that ever-growing beast, Grover Norquist and his team are spiritual and ideological inheritors of the patriots who won the American Revolution. And now, as 2023 begins, they have conveniently sounded their latest alarm, covering five of the key tax poisons that King Biden and his royalesque D.C. courtesans are increasing – just for us.
Mike Palicz reports on them, and begins with an increase that will SLAM millions of innocent Americans: a $6.5 billion natural gas tax, stuffed into the absurdly-titled “Inflation Reduction Act” and perpetrated ostensibly to curb “methane” emissions:
“The tax will drive up the cost of household energy bills. The Congressional Budget Office estimates the natural gas tax will increase taxes by $6.5 billion.
The tax hike violates President Biden’s tax pledge to any American making less than $400,000 per year. Biden administration officials have repeatedly admitted taxes that raise consumer energy prices are in violation of President Biden’s $400,000 tax pledge.
A letter to Congress from the American Gas Association warned that the methane tax would amount to a 17% increase on an average family’s natural gas bill. Democrats have included a tax in the bill despite retail prices for energy surpassing multi-year highs in the United States.”
But, of course, the Biden Climate Cult ritualistically will repeat their unfounded mantra that “methane” is contributing to a “globe-burning” dystopia, so we’d better just understand that this is for our own good.
Second on the Palicz list is one that might be called, “If You Thought Politicians ALREADY Were making Gas Expensive, Just Wait ‘Til the New Hikes Arrive.” And they are arriving now, in the form of Democrats and RINOS imposing a 16.4 cents-per-barrel tax on crude oil and imported petroleum products.
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As Palicz observes, the tax will be passed on to consumers in the form of higher gas prices, and, no surprise: “Biden administration officials have repeatedly admitted taxes that raise consumer energy prices are in violation of President Biden’s $400,000 tax pledge.”
And he adds:
“As if it weren’t bad enough, Democrats have pegged their oil tax increase to inflation. As inflation increases, so will the level of tax.”
Third, we get to enjoy a $1.2 billion coal tax increase that will push electricity bills even higher.
“The tax hike more than doubles the current excise taxes on coal production. 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 (the legislative branch Joint Committee on Taxation) estimates that this will raise $1.2 billion in taxes that will be passed on to consumers in the form of higher electricity bills.”
And fourth? Enjoy the vampires biting into your retirement and freedom to engage in stock trades.
Palicz writes that the new year will see the feds impose a $74 billion stock tax “which will hit your nest egg – 401(k)s, and pension plans.”
And he amplifies:
“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…
… Stock buybacks help grow retirement accounts. Raising taxes and restricting buybacks would harm the 58 percent of Americans who own stock and more than 60 million workers invested in a 401(k). An additional 14.83 million Americans are invested in 529 education savings accounts.
Retirement accounts hold the largest share of corporate stocks, accounting for roughly 37 percent of the outstanding $22.8 trillion in U.S. corporate stock, according to the Tax Foundation.”
Don’t worry, surely the constitutionally insulting Ponzi Scheme of Social Security will be your refuge and oasis of financial security.
And, fifth? A $225 billion corporate income tax hike, most of which will be passed on to consumers.
“Democrats imposed a 15 percent corporate alternative minimum tax on the financial statement income of American businesses reporting $1 billion in profits for the past three years. These American companies employ millions of Americans.
The cost of this tax increase will be borne by working families in the form of higher prices, fewer jobs, and lower wages.
A Tax Foundation report from last December found a 15 percent book tax would reduce GDP by 0.1 percent and kill 27,000 jobs.”
But remember, it’s for OUR good!
Just as it was in the Colonial Era, the politicians and their cronies know much better than we do how to spend what we earn. They are the “blessed,” the “enlightened,” and their intent to steal our cash and steer our energy use towards inefficient and unreliable solar and wind, towards inefficient, expensive, and unreliable electric vehicles, and their desire to surveil us, control our currency even more, and to claim they are “reducing inflation” even as they pump up federal spending by nearly $2 TRILLION, spending that is debt-based and will require MORE money-printing, not less? Again -- for our good.
And we don’t get to decide any of this individually, as free people.
Welcome to 2023...the same as it ever was.
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