It has been one year since President Joe Biden and Washington Democrats passed their signature Inflation Reduction Act (IRA) – a massive transfer of tax dollars from working families to the wealthy, big banks, billion-dollar companies, and the Chinese Communist Party. While the rich and well-connected continue to reap its benefits, working-class families are paying the price for that law. What farmers, ranchers, workers and Main Street businesses need right now is relief. Unfortunately, that’s something the IRA – and Washington Democrats – will never provide.
The so-called “green” special interest tax breaks Washington Democrats included in the IRA are now estimated by the Joint Committee on Taxation (JCT) to cost over $650 billion – that’s 240% higher than originally projected. What’s equally alarming is that JCT has confirmed that 90% of these tax credits will go to corporations with sales of a billion dollars or more. But that was Washington Democrats’ plan all along; They rewrote the rules of these credits to make them more easily transferred to the wealthy. It’s just yet another example of how out of touch Washington Democrats are with the American people.
Americans are rightly concerned that, under Biden, America has become more dependent on foreign nations for everything from food and energy to critical minerals and medicine. Unsurprisingly, the Biden administration’s implementation of IRA tax credits fails to secure our supply chains for critical minerals and sends taxpayer dollars to adversarial nations like China. For example, the electric vehicle credit will not only cost 7 times as much as Washington Democrats originally claimed, but will also reduce the amount of critical mineral and battery components that can be sourced and made in America. In other words, the IRA will only further increase our dependence on China and other nations that aren’t our friends.
