House Tax Measure Would Gut Manufacturing Boom
WASHINGTON, D.C. — The House Committee on Ways and Means released its bill text for its massive package delivering tax cuts for billionaires. It would gut the clean energy and electric vehicle tax incentives, putting hundreds of billions of dollars of planned investments into doubt.
Since the Inflation Reduction Act became law in 2022, businesses and individuals have invested more than $634 billion in everything from establishing new battery plants to installing home heat pumps. Repealing these tax credits would cost households $26 billion more on their electricity and fuel bills by 2030—and nearly double that by 2035. It would mean a 7 percent hike in electricity bills.
The following is a statement from Jackie Wong, senior vice president for climate and energy at NRDC (Natural Resources Defense Council):
“This measure would deal a devastating blow to the companies and workers across the country that are hard at work building the economy of the future. By gutting clean energy and electric vehicles incentives, it would throw into doubt billions of dollars of investments from Georgia to Michigan to Utah.
“It would mean higher costs for drivers and consumers, as they pay more to fuel their cars and heat their homes. And it’s yet another swipe at the American investment climate, undermining the business plans of hundreds of companies.
“This measure would hike energy bills, not lower them; cut domestic energy production, not increase it; and put workers out of jobs, not spur American manufacturing.”
“Congressional leaders should listen to their constituents, toss this plan, and work to maintain the tax measures that are helping build the economy of the future—one that will create good, domestic jobs while also lowering consumers’ energy costs and cutting the pollution that’s endangering the climate.”
NRDC (Natural Resources Defense Council) is an international nonprofit environmental organization with more than 3 million members and online activists. Established in 1970, NRDC uses science, policy, law and people power to confront the climate crisis, protect public health and safeguard nature. NRDC has offices in New York City, Washington, D.C., Los Angeles, San Francisco, Chicago, Beijing and Delhi (an office of NRDC India Pvt. Ltd).