House Passes Stealth Tax on Natural Gas
Due to Biden’s War on Energy, the cost of heating your home this winter was already set to skyrocket. High energy prices combined with profligate government spending have already produced the highest inflation in 39 years. But things are never so bad that Democrats can’t make them worse. Under Nancy Pelosi’s control, the House just passed a stealth tax on clean-burning natural gas.
From the Wall Street Journal:
The bill slaps an escalating tax on methane emissions by oil and gas producers that will reach $1,500 per ton by 2025. The fee is meant to be President Biden’s contribution to the recent Glasgow vow to reduce global methane emissions 30% by 2030. The tax is estimated to raise $8 billion over 10 years.
That $8 billion will be promptly flushed down the toilet by flinging it away in foreign aid, paying people not to work, and rewarding campaign donors after laundering the cash through green energy boondoggles of the type Obama made infamous.
Producers will naturally pass the cost of the tax along to customers. Some 180 million Americans use natural gas to heat homes and run appliances, while some 5.5 million businesses use it to run their workplaces and manufacturing facilities.
That means prices go up for everybody, yet again.
Even without this new tax, the Energy Information Administration (EIA) is warning that about half of U.S. households that primarily heat with natural gas will pay 30% more this winter than they did a year ago—50% more if this winter is cold. The American Gas Association estimates the methane tax could add another 17% to an average customer’s bill.
The little people have to make sacrifices so that Biden and his Climate Czar John Kerry can impress their globalist peers with their pious devotion to the Cult of Global Warming.
As for the posturing by elitist Democrats who pretend to champion the average worker,
This is also a regressive tax that hurts low-income families without a financial cushion. The Department of Energy notes the average energy burden for low-income families is three times higher than for more affluent households. A 2015 EIA survey found that some 25 million households reported scrimping on food and medicine to pay for higher energy costs.
Zillionaires like Biden, Kerry, and Pelosi are literally taking food out of American mouths so as to preen on the global stage in front of their fellow frauds. Estimated impact on the supposedly problematic climate: absolutely none.
So much for Biden’s pledge not to raise taxes on anyone earning less than $400,000. That was a lie from the beginning, as the inflation created by excessive government spending is a regressive tax on everyone who holds so much as a penny of US currency.
The stealth tax is bad enough to begin with; however,
Once the tax is in place, it will be easy to raise over time, further squeezing producers. The Administration is also planning to issue new methane regulations. The combination would make oil and gas producers the first industries subject to federal taxes and regulation for a greenhouse gas. Industry groups are warning this tax could also result in the loss of tens of thousands of jobs.
This is not a bug but a feature. Fewer jobs = more government dependency = more votes for Democrats.
If America’s worst enemy were to impose this on us, it would be an act of war — and Democrats are America’s worst enemy.
On a tip from Varla.
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