{"id":83219,"date":"2022-07-08T23:22:32","date_gmt":"2022-07-09T04:22:32","guid":{"rendered":"https:\/\/milesfortis.com\/?p=83219"},"modified":"2022-07-08T23:23:12","modified_gmt":"2022-07-09T04:23:12","slug":"83219","status":"publish","type":"post","link":"https:\/\/milesfortis.com\/?p=83219","title":{"rendered":""},"content":{"rendered":"

A Biden Tax Hike Kicked in That Affects Everything From Soap to Lightbulbs<\/a><\/p>\n

An excise tax hike on household items that was buried in President Joe Biden\u2019s $1 trillion infrastructure package last year went into effect on July 1, according to the Internal Revenue Service (IRS).<\/p>\n

A roughly $13 billion tax increase on 42 chemicals, metallic elements and critical minerals\u00a0was\u00a0included in Biden\u2019s Infrastructure Investment and Jobs Act. Common household items like rubber, soap, concrete, plastics, lightbulbs and electronics will be impacted.<\/p>\n

Superfund chemical excise taxes were previously in place between 1987 and 1995,\u00a0according\u00a0to the IRS. The infrastructure package, which the White House called \u201ca once-in-a-generation investment,\u201d triggered the re-implementation of the taxes.<\/p>\n

Funds from the reinstated excise tax will be partially directed to the Superfund Trust Fund, which is administered through the Environmental Protection Agency (EPA)\u00a0and\u00a0responsible for \u201ccleaning up some of the nation\u2019s most contaminated land and responding to environmental emergencies, oil spills and natural disasters.\u201d<\/p>\n

The tax impacts Americans who import, produce or manufacture qualified chemicals,\u00a0Bloomberg Law\u00a0reported. Importers, producers and manufacturers will pay between $0.48 and $9.47 per ton in tax on chemicals, the outlet reported.<\/p>\n

Republicans have been critical of the Biden administration for imposing the taxes amid soaring inflation and supply chain crises. Inflation reached 8.6% in May from a year prior,\u00a0which\u00a0is the fastest increase in 40 years.<\/p>\n

\u201cThe fake infrastructure bill was drafted to raise taxes on and kill jobs in Louisiana specifically,\u201d Louisiana Sen. John Kennedy said last year upon introducing a\u00a0bill\u00a0with other Republicans to eliminate the Superfund taxes. \u201cIts Superfund Tax will increase taxes on our petrochemical industry by $1.3 billion, and that\u2019s going to endanger good jobs at a time when inflation is already ravaging Louisiana families.\u201d<\/p>\n

The White House did not immediately respond to a request for comment, nor did the EPA. The IRS declined a request for comment.<\/p>\n","protected":false},"excerpt":{"rendered":"

A Biden Tax Hike Kicked in That Affects Everything From Soap to Lightbulbs An excise tax hike on household items that was buried in President Joe Biden\u2019s $1 trillion infrastructure package last year went into effect on July 1, according to the Internal Revenue Service (IRS). A roughly $13 billion tax increase on 42 chemicals, … Continue reading “”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[50],"tags":[],"class_list":["post-83219","post","type-post","status-publish","format-standard","hentry","category-goobermint"],"_links":{"self":[{"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/posts\/83219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/milesfortis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=83219"}],"version-history":[{"count":2,"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/posts\/83219\/revisions"}],"predecessor-version":[{"id":83221,"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/posts\/83219\/revisions\/83221"}],"wp:attachment":[{"href":"https:\/\/milesfortis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=83219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/milesfortis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=83219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/milesfortis.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=83219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}