By Capt Joseph R. John, January 14, 2023
 

In 1958, Robert Welch, tried to warn America of “The Plan” that Marxists, Communists, and Socialists initiated to change the United States from a US Constitutional Republic into a Marxist/Socialist State.  He was repeatedly attacked by the left of center liberal media establishment as an “extreme right-winger.” 

Robert Welch, was warning Americans about what Communists would do to take down the US Constitutional Republic.  It happens to be what the Biden/Obama administration and Socialist Democrats have been doing over the last two years, to undercut the US Constitutional Republic, which includes substantially increasing taxes by $318.7 Billion on January 1, 2023.  Those new taxes will continue to slow down and destabilize the US Economy that is already in a recession. 

The new $318.7 Billion tax increases was passed by the Inflation Reduction Act.  The increases are explained in detail in the below listed article. The Inflation Reduction Act was passed in August 2022 with only the votes of 50 Socialist Democrat Senators, no Republican Senators voted for the Inflation Reduction Act.  It took Vice President Kamala Harris to cast the tie-breaking vote to pass the massive new increase in taxes. 

Social Democrats Passed $318.7 Billion in New Taxes Damaging American Taxpayers as Follows:

1. $65 Billion Natural Gas Taxes—Which Will Increase Household Energy Bills.

2. $12 Billion Crude Oil Taxes—Which Will Increase Household Heating Costs.

3. $1.2 Billion Coal Taxes—Which Will Increase Household Energy Bills.

4. $74 Billion Stock Taxes—Which Will Hit American’s Nest Eggs (401ks, IRAs, and Pension Plans).

5. $225 Billion Corporate Income Tax Hikes---Corporations Never Pay Increases In Taxes, They Pass New Taxes On To Consumers.

Socialist Democrats have been denying that their policies, over the last two years, have created inflation, destabilized the US Economy, and have created the recession.  In keeping with “The Plan”, by passing the Inflation Reduction Act during a recession, Socialist Democrats have massively increased US Taxes on the average American Taxpayer by $318.7 Billion, have continued to increase inflation, severely decreased the income of the average American Taxpayer, and are continuing to destabilize the US Economy. 

Copyright by Capt Joseph R. John.  All Rights Reserved.  The material can only be posted on another Web site or distributed on the Internet by giving full credit to the author.  It may not be published, broadcast, or rewritten without the permission from the author.   
____________________________________________________________________________________________________________________________________________________ 
 

FINANCE / GOVERNMENT WATCH

List of Biden Tax Hikes Hitting Americans on Jan. 1st

Mike Palicz

January 4, 2023    

On Jan. 1, 2023 the following Democrat tax hikes will take effect:

$6.5 Billion Natural Gas Tax Which Will Increase Household Energy Bills       

Think your household energy bills are high now? Just wait until the three major energy taxes in the Inflation Reduction Act hit your wallet. The first is a regressive tax on American oil and gas development. 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.

$12 Billion Crude Oil Tax Which Will Increase Household Costs

Democrats are imposing a 16.4 cents-per-barrel tax on crude oil and imported petroleum products that will be passed on to consumers in the form of higher gas prices.

The tax hike violates President Biden’s tax pledge to any American making less than $400,000 per year.

As noted above, Biden administration officials have repeatedly admitted taxes that raise consumer energy prices are in violation of President Biden’s $400,000 tax pledge.

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.

The non-partisan Joint Committee on Taxation (JCT) estimates the provision will raise $12 billion in taxes.

$1.2 Billion Coal Tax Which Will Increase Household Energy Bills

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 estimates that this will raise $1.2 billion in taxes that will be passed on to consumers in the form of higher electricity bills.

$74 Billion Stock Tax Which Will Hit Your Nest Egg — 401(k)s, IRAs and Pension Plans

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.

Union retirement plans will also be hit.

The tax will put U.S. employers at a competitive disadvantage with China, which does not have such a tax.

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.

In 2017, corporate-sponsored funds made up $4.45 trillion in market value; union-sponsored funds accounted for $409 billion; and public-sponsored funds, which benefit teachers and police officers, added up to $4.25 trillion.

When companies perform stock buybacks, these investors are the ones who benefit. A tax on buybacks could dissuade companies from conducting this action and negatively impact retirement savings.

American companies will face significant compliance costs — a boon to expensive white-shoe law firms — the burden of which will be passed on to working households.

$225 Billion Corporate Income Tax Hike Which Will Be Passed on to Households

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.

Preliminary cost estimates from the Congressional Budget Office found the provision would increase taxes by more than $225 billion.

According to JCT’s analysis, 49.7 percent of the tax would be borne by the manufacturing industry at a time when manufacturers are already struggling with supply-chain disruptions.

Tax Foundation also warned that current supply chain issues could be worsened by the book tax’s disproportionate burden on key industries. The report concluded that “the coal industry faces the heaviest burden of the book minimum tax, facing a net tax hike of 7.2 percent of its pretax book income, followed by automobile and truck manufacturing, which faces a 5.1 percent tax hike.” 

Reprinted with Permission from - Americans For Tax Reform by – Mike Palicz