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Members of Congress on both sides of the aisle have long recognized the need to reform our energy tax laws. But rather than work on stakeholder-informed, bipartisan energy tax policies that would support a technology-neutral approach, Democrats pursued a partisan path through their misnamed Inflation Reduction Act (IRA).
Republicans warned that the IRA would take us down a dangerous, fiscally irresponsible path to provide ever-ballooning subsidies, antagonize allies and, ironically, reward the very industries that are reliant on China. Unfortunately, what we warned of has come to pass, leaving Americans to deal with the fallout of these predicted consequences:
Soaring Costs:
One consequence is the cost, which keeps rocketing upward by hundreds of billions of dollars. Cost estimates for the IRA’s energy tax incentives have increased markedly since the enactment of the law. Penn Wharton’s Budget Model originally estimated the climate and energy provisions in the IRA would cost nearly $385 billion. After new implementation details emerged, Penn Wharton revised the model, estimating the climate and energy provisions would actually cost upward of $1 trillion.
Penn Wharton’s Budget Model originally estimated the climate and energy provisions in the IRA would cost nearly $385 billion. Revisions show it would actually cost upward of $1 trillion. (Drew Angerer/Getty Images | John Moore/Getty Images)
Spending on clean cars and trucks alone is now estimated to cost $393 billion over 10 years–more than the original estimate for the entirety of the IRA’s energy and climate-related provisions.
BIDEN’S RADICAL GREEN ENERGY POLICIES STRAIN OUR ELECTRIC GRIDS. HERE’S HOW BAD IT WILL GET IF THEY CONTINUE
Inflation Driver, Not Reducer:
While many have focused on the fact the IRA is not forecasted to actually reduce inflation (indeed, Federal Reserve data on stubbornly-high electricity and fuel prices validate these…
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