An excise tax hike on household items that was buried in President Joe Biden's $1 trillion infrastructure package last year went into effect on July 1, according to the Internal Revenue Service (IRS).
A roughly $13 billion tax increase on 42 chemicals, metallic elements and critical minerals was included in Biden's Infrastructure Investment and Jobs Act. Common household items like rubber, soap, concrete, plastics, lightbulbs and electronics will be impacted.
Superfund chemical excise taxes were previously in place between 1987 and 1995, 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.