Quote from Savings Beagle on January 1, 2023, 3:22 pm

Legislative initiatives typically wait for a specific date - the beginning of a new fiscal year, or in this case, a new calendar year - to take effect.

There were a number of tax increases that were included in bills that were passed at the federal level last year, the primary one being the Inflation Reduction Act (which was the most absurd name considering the bill did nothing of the sort).

Most of the tax increases were/are targeted at businesses, with many of them focusing on energy-related industries. 

It's always interesting to see tax increases levied on businesses, and the legislators who passed those tax increases not acknowledging that, ultimately, it's American consumers who will end up paying those increased taxes.  Rarely will a business just eat the cost of increased taxes.  Instead, it will increase the price of its products or services to cover the added expense.

This recent post linked below by Tyler Durden/Zero Hedge lists a few of the tax hikes that go into effect this New Year's Day.

Here's a List of Biden Tax Hikes Which Take Effect Jan. 1

Again, few of the increases will directly affect your finances like an increased income or sales tax would.  But, indirectly, expect to pay more in the coming months, especially for energy-related costs.  And if you remember from previous posts of mine,  the prices of everything are affected by increased energy costs.  Like we haven't experienced enough increased pricing as it is!