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{Obamacar 2022] How Dems' spending bill hammers Americans with billions in new taxes
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Leroy N. Soetoro
Aug 9, 2022, 2:49:13 PM8/9/22
to
https://nypost.com/2022/08/08/dems-spending-bill-hammers-americans-with-
billions-in-new-taxes/
Tax experts are still trying to work out exactly what the so-called
Inflation Reduction Act — a 755-page patchwork of giveaways, carveouts,
and subsidies which purports to ease inflation by reducing the deficit and
hiking taxes — will cost average Americans.
However, they agree on one thing: It’s likely to be a lot.
“Everyone is facing slightly less after-tax income in the long run,”
Garrett Watson, a senior policy analyst and modeling manager at the Tax
Foundation, told The Post.
The biggest reason for the confusion: The bill has yet to be scored in its
entirety by the Congressional Budget Office — the nonpartisan agency that
typically gives each piece of legislation a price tag before it is voted
on. But the Inflation Reduction Act, a slimmed-down iteration of President
Biden’s earlier multi-trillion-dollar Build Back Better proposal, came
together so quickly it has yet to be fully analyzed.
“This is the world’s largest last-minute term paper,” James Lucier,
managing director at Washington-based policy research firm Capital Alpha,
told The Post Monday. “No one knows if the numbers add up and a lot of
people aren’t even sure what’s in it anymore.”
“We’re still updating our modeling with how the bill has changed over the
last few days,” Watson agreed. “The fact that there are so many last-
minute changes to amendments makes it hard to keep track, for tax experts
and everyday Americans.”
Tax experts are still trying to work out exactly what the so-called
Inflation Reduction Act — a 755-page patchwork of giveaways, carveouts,
and subsidies which purports to ease inflation by reducing the deficit and
hiking taxes — will cost average Americans.
While the CBO is still crunching the numbers on the $740 billion energy
and health care spending bill, they have made one thing clear: The
legislation will have a “negligible” effect on inflation — the very
problem it supposedly tackles — in at least 2022 and 2023.
“The real damage here is through this incredibly haphazard legislation:
Passing massive bills without the usual quality control process, without
committee hearings, without any of the things that really create quality
legislation that can last a long time,” Lucier added.
While Americans wait to see just how badly the bill — which the House is
expected to pass and send to President Biden sometime Friday — will beat
up their wallets, Americans for Tax Reform has compiled a list of the
biggest costs to families based on a combination of data from the CBO and
Congress’ Joint Committee on Taxation.
They include:
A $6.5 billion regressive tax on American energy companies that will be
passed on to families in the form of higher energy costs — and could hike
the average household’s natural gas bill by 17%.
A 16.4 cent-per-barrel tax on imported crude oil and petroleum products
that will be passed on to families looking to fill up their car with
gasoline — amounting to a $12 billion tax on purchasers of oil or gas
products.
An increased tax rate on mined coal, which is supposed to bring in an
extra $1.2 billion, and will also raise the cost of families’ energy
bills. The levy on subsurface-mined coal will jump from 50 cents per ton
to $1.10 per ton. Surface-mined coal will be taxed at 55 cents per ton
instead of 25 cents per ton.
A new 15% tax on corporations reporting at least $1 billion in profits to
shareholders, known as “book value.” Democrats say it will raise an
estimated $313 billion, but critics say the tax will also be passed on to
Americans in the form of higher prices, less hiring, and wage cuts.
The $124 billion stock buyback tax, which will likely mean 401(k)s, IRAs
and pensions shrink for most Americans — given retirement accounts make up
nearly 37% of the $22.8 trillion stock market.
$80 billion thrown at the IRS to help the agency collect under-reported
income is supposed to return $124 billion to the federal government, but
will end up targeting small business owners. Between 78% and 90% of the
estimated additional $200 billion the IRS will collect will come from
Americans making less than $200,000 annually, according to the Joint
Committee on Taxation.
A 95% excise tax on drugmakers that could cost more than $1 trillion over
the next decade by decreasing the development and introduction of new
drugs.
$52 billion that will be raised as part of a tax increase on businesses
not subject to the corporate income tax, which will hurt mid-sized and
family companies.
Even though legislation can be thrown together quickly, the reverberations
of these tax hikes are expected to be felt for a while, with Watson even
predicting full implementation of the law would take “a couple of years.”
“For instance this minimum book tax will require a lot of regulation to
apply it to corporations that have question about every nook and cranny of
the law,” Watson said. “This is far from over.”
“We can’t afford to go through a process like this again,” Lucier added.
“A mess like this damages the reputation of Congress as a legislative
body. This is not the way the system is supposed to work.”
Comments:
ata777
19 hours ago
Americans voted for Democrats. And now they will get what they richly
deserve--good and hard. And we haven't even seen the home heating bills
coming this winter.
S.A. Van Vleck
17 hours ago
Mail-in ballots not backed up by any IDs voted for Democrats. That's not
the same as Americans voted for Democrats.
--
"LOCKDOWN", left-wing COVID fearmongering. 95% of COVID infections
recover with no after effects.
No collusion - Special Counsel Robert Swan Mueller III, March 2019.
Officially made Nancy Pelosi a two-time impeachment loser.
Donald J. Trump, cheated out of a second term by fraudulent "mail-in"
ballots. Report voter fraud: sf.n...@mail.house.gov
Thank you for cleaning up the disaster of the 2008-2017 Obama / Biden
fiasco, President Trump.
Under Barack Obama's leadership, the United States of America became the
The World According To Garp. Obama sold out heterosexuals for Hollywood
queer liberal democrat donors.
President Trump boosted the economy, reduced illegal invasions, appointed
dozens of judges and three SCOTUS justices.
billions-in-new-taxes/
Tax experts are still trying to work out exactly what the so-called
Inflation Reduction Act — a 755-page patchwork of giveaways, carveouts,
and subsidies which purports to ease inflation by reducing the deficit and
hiking taxes — will cost average Americans.
However, they agree on one thing: It’s likely to be a lot.
“Everyone is facing slightly less after-tax income in the long run,”
Garrett Watson, a senior policy analyst and modeling manager at the Tax
Foundation, told The Post.
The biggest reason for the confusion: The bill has yet to be scored in its
entirety by the Congressional Budget Office — the nonpartisan agency that
typically gives each piece of legislation a price tag before it is voted
on. But the Inflation Reduction Act, a slimmed-down iteration of President
Biden’s earlier multi-trillion-dollar Build Back Better proposal, came
together so quickly it has yet to be fully analyzed.
“This is the world’s largest last-minute term paper,” James Lucier,
managing director at Washington-based policy research firm Capital Alpha,
told The Post Monday. “No one knows if the numbers add up and a lot of
people aren’t even sure what’s in it anymore.”
“We’re still updating our modeling with how the bill has changed over the
last few days,” Watson agreed. “The fact that there are so many last-
minute changes to amendments makes it hard to keep track, for tax experts
and everyday Americans.”
Tax experts are still trying to work out exactly what the so-called
Inflation Reduction Act — a 755-page patchwork of giveaways, carveouts,
and subsidies which purports to ease inflation by reducing the deficit and
hiking taxes — will cost average Americans.
While the CBO is still crunching the numbers on the $740 billion energy
and health care spending bill, they have made one thing clear: The
legislation will have a “negligible” effect on inflation — the very
problem it supposedly tackles — in at least 2022 and 2023.
“The real damage here is through this incredibly haphazard legislation:
Passing massive bills without the usual quality control process, without
committee hearings, without any of the things that really create quality
legislation that can last a long time,” Lucier added.
While Americans wait to see just how badly the bill — which the House is
expected to pass and send to President Biden sometime Friday — will beat
up their wallets, Americans for Tax Reform has compiled a list of the
biggest costs to families based on a combination of data from the CBO and
Congress’ Joint Committee on Taxation.
They include:
A $6.5 billion regressive tax on American energy companies that will be
passed on to families in the form of higher energy costs — and could hike
the average household’s natural gas bill by 17%.
A 16.4 cent-per-barrel tax on imported crude oil and petroleum products
that will be passed on to families looking to fill up their car with
gasoline — amounting to a $12 billion tax on purchasers of oil or gas
products.
An increased tax rate on mined coal, which is supposed to bring in an
extra $1.2 billion, and will also raise the cost of families’ energy
bills. The levy on subsurface-mined coal will jump from 50 cents per ton
to $1.10 per ton. Surface-mined coal will be taxed at 55 cents per ton
instead of 25 cents per ton.
A new 15% tax on corporations reporting at least $1 billion in profits to
shareholders, known as “book value.” Democrats say it will raise an
estimated $313 billion, but critics say the tax will also be passed on to
Americans in the form of higher prices, less hiring, and wage cuts.
The $124 billion stock buyback tax, which will likely mean 401(k)s, IRAs
and pensions shrink for most Americans — given retirement accounts make up
nearly 37% of the $22.8 trillion stock market.
$80 billion thrown at the IRS to help the agency collect under-reported
income is supposed to return $124 billion to the federal government, but
will end up targeting small business owners. Between 78% and 90% of the
estimated additional $200 billion the IRS will collect will come from
Americans making less than $200,000 annually, according to the Joint
Committee on Taxation.
A 95% excise tax on drugmakers that could cost more than $1 trillion over
the next decade by decreasing the development and introduction of new
drugs.
$52 billion that will be raised as part of a tax increase on businesses
not subject to the corporate income tax, which will hurt mid-sized and
family companies.
Even though legislation can be thrown together quickly, the reverberations
of these tax hikes are expected to be felt for a while, with Watson even
predicting full implementation of the law would take “a couple of years.”
“For instance this minimum book tax will require a lot of regulation to
apply it to corporations that have question about every nook and cranny of
the law,” Watson said. “This is far from over.”
“We can’t afford to go through a process like this again,” Lucier added.
“A mess like this damages the reputation of Congress as a legislative
body. This is not the way the system is supposed to work.”
Comments:
ata777
19 hours ago
Americans voted for Democrats. And now they will get what they richly
deserve--good and hard. And we haven't even seen the home heating bills
coming this winter.
S.A. Van Vleck
17 hours ago
Mail-in ballots not backed up by any IDs voted for Democrats. That's not
the same as Americans voted for Democrats.
--
"LOCKDOWN", left-wing COVID fearmongering. 95% of COVID infections
recover with no after effects.
No collusion - Special Counsel Robert Swan Mueller III, March 2019.
Officially made Nancy Pelosi a two-time impeachment loser.
Donald J. Trump, cheated out of a second term by fraudulent "mail-in"
ballots. Report voter fraud: sf.n...@mail.house.gov
Thank you for cleaning up the disaster of the 2008-2017 Obama / Biden
fiasco, President Trump.
Under Barack Obama's leadership, the United States of America became the
The World According To Garp. Obama sold out heterosexuals for Hollywood
queer liberal democrat donors.
President Trump boosted the economy, reduced illegal invasions, appointed
dozens of judges and three SCOTUS justices.
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