When the midterm elections roll around in November, the overall results may serve as something of a referendum on what kind of job voters thing the Democratic-controlled Congress and President Joe Biden have been doing over the past two years.
If voters like the fact that numerous, massive tax increases have been passed by Democrats, then go ahead and support the liberal candidates on ballots. But we believe conservative voters will show their displeasure with Democrats via their votes.
The Americans for Tax Reform recently published a list of the increases approved by both the U.S. Senate and House as part of Democrats’ tax-and-spend spree. At best, it’s eye-opening. At worst, a cause of major frustration and concern.
Here are some highlights:
$6.5 billion natural gas tax that will increase household energy bills.
The bill imposes a regressive tax on American oil and gas development. This tax hike violates President Biden’s tax pledge to not impose tax increases on any American making less than $400,000 per year. Biden administration officials have acknowledged that taxes raising consumer energy prices are in violation of President Biden’s $400,000 tax pledge.
$1.2 billion coal tax.
The bill would more than double 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. The increase will be passed on to consumers in the form of higher electricity bills.
$222 billion corporate income tax hike.
Democrats have 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.
$74 billion stock tax that will hit Americans’ retirement savings.
When Americans choose to sell shares of stock back to a company, Democrats will impose a new federal excise tax that 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.
$52 billion income tax hike on mid-sized and family businesses.
Democrats are including a tax hike on pass-through businesses with declared losses. This provision widens the net of taxable income. Preliminary cost estimates from the Joint Committee on Taxation show the provision will increase taxes by $52 billion. There are others, of course, that could be listed, but we believe these are enough to send a clear message to voters in November.
Read More: Democrat-controlled Congress, President Biden keep hitting Americans with tax increases | Commentary