The Shocking Truth About Biden’s Green Tax Breaks
The Inflation Reduction Act’s green tax breaks, touted by President Biden as a way to combat climate change, are turning out to be a massive burden on America’s fiscal future. The original sticker price of $271 billion over the next decade is just the tip of the iceberg. New analyses by Goldman Sachs and the Brookings Institution reveal the true cost to be north of $1 trillion and $780 billion, respectively.
What’s Driving the Cost?
The bulk of the cost comes from tax credits for electric vehicles and advanced manufacturing, two industries favored by wealthy Democrats and politically connected executives. The projected cost of the EV credit alone has exploded from $14 billion to almost $393 billion, an increase of 2,700%. The advanced manufacturing credit has skyrocketed from $31 billion to $193 billion, a jump of 522%. These numbers blow up the absurd claim that the IRA will have a net negative impact on our federal deficit over the next 10 years, even with the law’s massive new tax hikes.
Financial institutions are the biggest gainers from the green subsidies, taking home three times as much in benefits as any other sector. It’s hard to believe that the subsidies will end up doing much good for the climate, either. The reality is that the green tax breaks are a huge gift to the fat cats the Democrats supposedly despise, rolled up in green posturing, at the expense of the American people.
The Bottom Line
Even if the IRA were to work as originally promised, it would have only a trivial effect on inflation, lowering it by a third of a percentage point, 10 years from now. This news comes after Biden has already added $5.6 trillion to our public debt, while the budget proposal he dropped in March would drive national debt to a crushing $51 trillion by 2033. It’s time for the American people to wake up and realize they’ve been conned by the green tax breaks.
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