At the signing ceremony for the "Inflation Reduction Act," President Biden claimed, "I'm keeping my campaign commitment. No one - let me emphasize - no one earning less than $400,000 a year will pay a penny more in federal taxes." In reality, Congress' Joint Committee on Taxation estimates the law will slightly increase average federal taxes on every income group. It does this by enacting hidden taxes that don't appear on purchase receipts, paychecks, or tax returns but are borne by individuals via lower wages, higher prices, and lower profits. U.S. households pay an average of $7,200 in hidden federal taxes per year, and the law adds to this tab via taxes on corporations, crude oil, methane, offshore drilling, and more. As explained by the Congressional Budget Office, "the ultimate cost of a tax or fee is not necessarily borne by the entity that writes the check to the government."