Well, it didn’t take long for the illegitimate president to continue the destruction of the American economy. In fact, Dementia Joe released three ridiculous tax hikes which will cripple the economy, and make sure all of us will have less money in our pockets.
Here are 3 big tax hikes taking effect, as originally identified by Mike Palicz of Americans for Tax Reform (ATR).
A 16.4 cent tax on oil imports
Americans have struggled with sky-high gas prices under this administration. Apparently, the president thinks the way to improve this situation is to… tax oil imports? Yes, seriously. The so-called “Inflation Reduction Act,” passed by Democrats in August 2022, includes a 16.4 cent per barrel tax on oil imports. There are also new taxes on coal and natural gas taking effect.
When I had to drive to Texas to pick up Kyle in 2020, the gas prices in Tennessee were 1.87 a gallon. With this tax hike, $5-plus per gallon will be a blessing, and some states will be looking at $7 per gallon.
A $74B tax on stock buybacks that will hurt your retirement savings
As ATR explains, “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.”
My Deferred Comp plan was skyrocketing when Trump was in office. Since this jackass was “elected,” I’ve lost so much money that I’ll probably have to work until I’m in my eighties. Not a joke.
A $225 billion tax hike that will hurt workers
The Biden administration’s new 15% “minimum tax” on corporations is now in effect, thanks again to the so-called “Inflation Reduction Act.” While it’s meant to squeeze money out of corporate bigwigs, economists have long acknowledged the reality that much of the burden of the corporate tax is borne by workers and consumers. As a result, the Tax Foundation warns that this new tax will destroy 27,000 jobs, lower wages, and shrink economic growth.
It always amazes me how people think the businesses will pay this, when they always pass the taxes on to their consumers. The rich get richer, and the poor get poorer.
We’re looking at some very hard times for the next two years – or God forbid, the next six years. Our “president” is doing his level best to destroy the economy, ruin our savings, and decimate the job market. And he couldn’t care less.