Inflation Reduction Act A Bold Raid on American Taxpayers
[Editor’s Note: The Inflation Reduction Act delivered by Biden, Pelosi, Schumer and Manchin is pure corporatist highway robber; green grifting on an absolutely grand scale.]
Today, President Biden is returning to the White House to sign the Inflation Reduction Act, a spending package that Democrats pushed through Congress using the budget reconciliation process. The bill will cost an estimated $437 billion, with $369 billion allocated for investments in what Democrats are calling “energy security and climate change.”
The bill is full of incentives for renewable energy technologies, chief among an extension of wind and solar tax credits significantly increasing subsidies for them, provided additional criteria are met during construction. It also offers new tax credits for domestic manufacturing of solar panels and wind turbine parts as well as energy storage projects sited separately from renewable generation facilities. Wind and solar projects will get an extension on tax credits for production and investment, as would stand-alone energy storage projects.
AEA President Thomas Pyle issued the following statement:
AEA Director of Policy and Federal Affairs Kenny Stein issued the following statement:
- The Machin/Schumer Inflation Reduction Act of 22 Will Inflate Fossil Energy Costs for Americans
- Renewables Get Huge Tax Incentives in Manchin/Schumer Inflation Bill
- Biofuel Provisions in the Manchin/Schumer Inflation Bill
- Machin/Schumer Bill Does Not Reduce Inflation and Hurts Coal States
- Senator Manchin Thinks He Has a Deal on Pipeline Permitting Reform
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