by James Gordon at Daily Mail
- The Inflation Reduction Act includes three major energy taxes that are expected to increase household energy bills
- One is a regressive tax on American oil and gas development, estimated to increase taxes by $6.5 billion
- Democrats are proposing a 16.4 cents-per-barrel tax on crude oil likely to be passed on to consumers in the form of higher gas prices
- It would shred President Biden’s promise not to raise taxes for Americans making less than $400,000 per year
- US inflation is 7.1% for 12 months to November 2022 after rising 7.7% previously
Democrats claimed the Inflation Reduction Act would help ordinary Americans, but new analysis suggests people making less than $400,000 a year could end up paying $20 billion of the new tax revenue it brings in.
President Joe Biden signed the act into law in August, injecting $473 billion of new spending on climate and healthcare, yet there are strong concerns it will do little to reduce inflation.
In fact, middle class Americans will pay new taxes – directly contradicting Biden’s promise to not raise penalties on people earning under $400,000.
Republicans have continued to criticize the bill, claiming it will lead to taxes on ordinary Americans and will do little to help reduce soaring costs.
The bill includes $430 billion in spending,…
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