President Joe Biden’s $1 trillion infrastructure package from last year went into effect on July 1. According to the Internal Revenue Service (IRS), an excise tax hike on household items was buried in that package that will cost American families.
A roughly $13 billion tax increase on 42 chemicals, metallic elements and critical minerals was included in Biden’s Infrastructure Investment and Jobs Act. And this will impact household items like rubber, soap, concrete, plastics, lightbulbs and electronics.
Superfund Chemical excise taxes are not new. There were previously in place between 1987 and 1985, according to the IRS. The infrastructure package, which the White House called “a once-in-a-generation investment,” triggered the re-implementation of the taxes.
Funds from the reinstated excise tax will be partially directed to the Superfund Trust Fund, which is administered through the Environmental Protection Agency (EPA) and responsible for “cleaning up some of the nation’s most contaminated land and responding to environmental emergencies, oil spills and natural disasters.”
Bloomberg Law reported the tax impacts Americans who import, produce or manufacture qualified chemicals. Importers, producers and manufacturers will pay between $.048 and $9.47 per ton in tax on chemicals, the outlet reported.
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, which is the fastest increase in 40 years.
Senator John Kenedy (R-LA) said last year upon introducing a bill with other Republicans to eliminate the Superfund taxes, “The fake infrastructure bill was drafted to raise taxes on and kill jobs in Louisiana specifically. Its Superfund Tax will increase taxes on our petrochemical industry by $1.3 billion, and that’s going to endanger good jobs at a time when inflation is already ravaging Louisiana families.”
The White House and the EPA did not immediately respond to a request for comment. The IRS declined a request for comment.
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