With inflation at a 40-year high and gas at an all-time high, Democrats are still pushing tax increases.
While Democrats have so far failed to pass President Biden’s trillion-dollar socialist tax-and-spend bill, they continue to push tax increases on the American people.
President Biden’s most recent budget includes 36 tax increases on American individuals and businesses totaling $2.5 trillion over the next decade, including 11 tax increases on American energy production at a time when Americans are paying record high prices at the gas pump.
Democrats are saying these tax increases are needed to get inflation under control.
Instead, these taxes will make inflation worse. Inflation is harming American families and businesses. Over the past year, inflation has increased by 8.3 percent, the fastest increase in nearly four decades. When Biden took office in January, annual inflation was at just 1.4 percent.
The price of key goods has increased dramatically under this administration. Gas prices have increased by 44 percent, while all energy costs have increased by 30 percent. Bacon has increased 16 percent, while furniture has increased by 15 percent.
But it could still get worse. Joe Biden’s socialist tax-and-spend bill would pour gasoline on the inflation fire.
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“Biden and the Democrats’ only answers are tax increases. With the worst inflation in 40 years, and the highest gas prices ever, they’re still calling for tax hikes.
Americans know tax increases on energy are passed on to them, and the economy is getting worse.
Democrat taxes will add diesel fuel to the runaway inflation fire. Their taxes on American companies will make it tougher for us to compete against adversaries like China.
Any tax hikes would be a disaster for America.”
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Voters overwhelmingly believe that the two energy taxes included in Democrats’ reconciliation bill will increase energy prices and home heating costs.
Democrats' multi-trillion dollar tax and spend bill includes a nearly $13 billion energy tax on crude oil, a tax hike that will be paid by consumers in the form of rising gasoline prices.
The Democrat multi-trillion dollar tax and spend bill includes an $8 billion energy tax on natural gas production according to projections from the Congressional Budget Office, a tax that will be paid by American households in the form of higher energy bills.
House Democrats are proposing a new energy tax as a means of financing their $3.5 trillion ($3,500,000,000,000) tax and spending spree, according to a fact sheet released by Democrats on the House Energy & Commerce Committee. The tax will automatically ratchet up each year at a rate of 5% above inflation.