Think your bills are high now? All the tax hikes hitting Americans on January 1 revealed: Electricity costs to soar and even your nest egg is not safe

  • Democrats claimed Inflation Reduction Act would help ordinary Americans
  • But new analysis suggests it shreds President Biden's promise not to raise taxes for Americans making less than $400,000 per year
  • The Inflation Reduction Act includes three major energy taxes that are expected to increase household energy bills
  • One is a regressive tax on American oil and gas development, estimated to increase taxes by $6.5 billion
  • Democrats are proposing a 16.4 cents-per-barrel tax on crude oil, likely to be passed on to consumers in the form of higher gas prices
  • US inflation is 7.1% for 12 months to November 2022 after rising 7.7% previously