Chairman Arrington on Anniversary of the Democrats' ‘Deficit Production Act’
Total Cost of Democrats' Green Corporate Welfare Is Exploding
Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement on the anniversary of the Inflation Reduction Act:
“Happy anniversary to the wealthy EV owners, green energy corporations with over $1 billion in profit, and the Chinese who are making tens of billions from supplying critical minerals to the U.S.--compliments of the hard-working, taxpaying Americans who can’t even afford gas or groceries for their families."
Background: The IRA's green energy tax giveaways are expected to cost hundreds of billions more than originally advertised, adding to our national debt and putting our country at risk of a fiscal crisis.
- The nonpartisan Joint Committee on Taxation estimates that the special interest tax breaks in the law will cost at least $650 billion--a 240 percent increase from its original estimate of the law's costs.
- Democrats' electric vehicle tax credit handout to the wealthy alone is set to cost $101 billion--up from JCT's original estimate of $14 billion.
- The electric vehicle battery production credits will are estimated to cost taxpayers over $196 billion--a 542 percent increase from the original sticker price.
It's clear, the IRA will add hundreds of billions of to our national debt. We must sound the alarm on this Administration's reckless spending if we want to reverse the curse and save our country from a sovereign debt crisis.