New Year, New Taxes: Three Key Changes to Know About

Taxing the Globe: The Carbon Border Adjustment Mechanism (CBAM) Takes Effect

According to sj-r, As a new year begins, it’s time to think about taxes. On July 1, three new taxes will start. We’ll explain what they are and how they might affect you.

First, there’s a new tax on goods that come from other countries. This tax is called the Carbon Border Adjustment Mechanism (CBAM). It’s meant to help the environment by making companies in other countries follow the same rules as American companies. This might make imported things like clothes and electronics cost a bit more.

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Funding Infrastructure: A New Bank Tax to Fix America’s Roads and Bridges

Second, there’s a new tax on big banks. This tax is part of the Infrastructure Investment and Jobs Act (IIJA). The money from this tax will be used to fix roads, bridges, and public transportation. You might see a small fee on some financial services like checking accounts or credit card transactions.

These new taxes will affect people differently. Some might not notice a change, while others might see a slight increase in costs. It’s good to be aware of these changes so you can plan ahead.

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