It’s hard to see New Year’s lights when President JoeBiden taxes the energy that fuels them, writes QuinHillyer.
this week, Biden and his fellow Democrats included the coal tax and numerous other new levies in legislation they passed this year, all of which take effect on Jan. 1. Many of the hikes will fall on energy, thus exacerbating inflationary pressures and making it more difficult for low-income earners to make it through a cold winter.
There’s a new tax on natural gas development, even though natural gas is a relatively clean-burning fuel. It could raise an average family’s natural gas prices by 17%. There’s a 16.4 cents-per-barrel tax on crude oil and imported petroleum products. The excise taxes on coal production will more than double.
Democrats think they will garner $74 billion for federal coffers through a new excise tax on ordinary people’s sales of stock back to the company that originally sold them. This surely will hurt union pension funds and 401 accounts, and it will drive up compliance costs for businesses as well. Then there’s a $225 billion hike in corporate income taxes that are likely to force either job layoffs or higher prices — or both — and hit particularly hard at manufacturing industries.
The tax hikes again show Biden to be deeply dishonest. They also show him to be economically idiotic. It’s hard to power the nation’s economic engine when one puts a wet blanket of taxes on the energy that makes the engine run.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden paid $4.1 million more in federal taxes than Trump over 6 yearsWhen Trump and Biden's federal tax returns from 2015 to 2020 are shared side by side, Biden paid $4.1 million more in taxes than Trump did.
Read more »
Wiz Khalifa Swears He's “Never Drinking Again” on 2022 Send Off Single“Just in time for New Years,” the rapper wrote before heading into the new year
Read more »
550 Million Years Ago – Researchers Shine New Light on Earth’s First Known Mass Extinction EventA new study reveals a significant loss of diversity during the Ediacaran Period, which lasted from 635 million to 540 million years ago. According to a new study conducted by Virginia Tech geobiologists, the cause of the first known mass extinction of animals was decreased global oxygen availabilit
Read more »
‘Good, bad or ugly, we are history’: New Year’s Day marks 100 years since Rosewood massacreSunday, Jan. 1, 2023, will mark 100 years since an angry, racist mob invaded and destroyed the town of Rosewood after a white woman falsely accused a Black man of assaulting her.
Read more »
Biden pardons 6 people ahead of new year for drug, murder convictionsThe recipients include a battered wife and an Air Force member who took ecstasy.
Read more »