Tuesday, January 31, 2023
Tuesday, January 31, 2023

    Think your bills are high now? All the tax hikes hitting Americans on January 1 revealed: Electricity costs to soar and even your nest egg is not safe

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    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, Your Content has learned.

    Democrats claimed Inflation Reduction Act would help ordinary Americans.

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    But new analysis suggests it shreds President Biden’s promise not to raise taxes for Americans making less than $400,000 per year.

    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.

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    US inflation is 7.1% for 12 months to November 2022 after rising 7.7% previously,‘according to FLIPBOARD.

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