Do you feel like you’re paying too much for your energy expenses at home now? You won’t know how bad it is until the Inflation Reduction Act’s three primary energy taxes begin taking a bite out of your bank account. Several tax increases were included in the Democratic Party’s Inflation Reduction Act enacted in 2022 and are due to go into effect on January 1, 2023.
On Tuesday, while August inflation remained uncomfortably high, President Biden stated that he was “celebrating” the passage of the Inflation Reduction Act, drawing criticism from politicians and conservatives. Biden attended a ceremony at the White House to celebrate the passing of the Inflation Reduction Act, and he was joined by congressional allies and legendary singer/songwriter James Taylor. The Inflation Reduction Act is Biden and congressional Democrats’ most ambitious effort to date to rein in rising prices before the November elections.