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 that the law will increase 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 $7,000 in hidden federal taxes per year, and the law adds to this tab via taxes on corporations, crude oil, methane, offshore drilling, and more. Per 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." The very name of the "Inflation Reduction Act" and nearly everything Democrats have said about it is objectively false.