Monday, January 30, 2023

5 Ways The Inflation Reduction Act Is Raising Your Bills

 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.

Democrats have included a tax in the bill despite retail prices for energy surpassing multi-year highs in the United States.

By penalizing American energy development, this tax will raise electricity and heating bills for many families.

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.

More than doubling the tax on coal while raising taxes on oil and gas development and importing all at the same time? That's a deliberate declaration of war on the entire energy industry.

As we've seen, it's virtually guaranteed that we'll be paying higher prices, thanks to inflation and these misguided tax hikes, for the rest of this year at least.

https://www.birchgold.com/news/inflation-reduction-bills/

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