(NRSC News) – Democrats are liars and Joe Biden is the head liar-in-chief. They blatantly use legislation as get rich quick schemes to enrich themselves and their corporate allies. The rich get richer while the poor get poorer. That’s the true Democratic way despite their insistence they’re for the working class and against corporate greed.
After they’ve spent years trying to convince Americans that they’re going to be the ones to make wealthy individuals and corporations “pay their fair share,” their lies have been fully exposed by Joe Biden’s “Inflation Reduction Act.”
Tax credits to battery manufacturers in Biden’s signature legislation is going to end up costing more than four times as much as the Congressional Budget Office (CBO) initially anticipated, Axios reports.
These people are either grossly incompetent or they’re intentional in their miscalculations.
Axios explains that the Inflation Reduction Act provides a tax credit of $35 per kilowatt-hour for the production of batteries used in electric vehicles — roughly 35% of the cost to fabricate a cell using current methods — and initial estimates from the CBO put the cost of the program at roughly $30.6 billion over the next 10 years. However, after a large number of new battery investments totaling more than $73 billion in 2022 alone, analysts from Benchmark Mineral Intelligence are now expecting the program to cost at least $136 billion over the next 10 years, with each new investment driving the cost up further.
Nothing to see here, folks. The Daily Caller highlighted the outrageous financial benefits that are on the horizon for individual companies, saying they’re “poised to rake in billions, with Tesla expecting to earn $1 billion in battery tax credits in 2023 alone, and $17.5 billion between 2023 and 2026, according to Axios. Ford anticipates receiving $7 billion in breaks from 2023 to 2026 before spiking in 2027, while GM expects to earn $300 million in 2023.”
“We have already seen hundreds of billions of dollars in new private sector investments across clean energy industries, including batteries, electric vehicles and solar panels,” Michael Kikukawa, White House assistant press secretary, told Axios. “No one should be surprised that the historic Inflation Reduction Act will lead to an explosion in new [electric vehicle] plants that will showcase how American workers are the finest in the world.”
To its credit, the new law requires vehicles to be manufactured in the US to be eligible for the $7,500 consumer tax credit, causing frustration amongst US allies such as the European Union, Japan and South Korea. It’s also causing them to move jobs to America. In 2022, both Japan’s Honda and South Korea’s Hyundai announced plans for multibillion dollar electric vehicle manufacturing plants in the US.
While electric vehicle sales surged in 2022, recent price cuts on electric options from Ford and Tesla have caused some investors to question whether demand will continue to be robust in 2023.
The Inflation Reduction Act is enriching those at the top in big ways. How much of those gains are going to trickle down right into the pockets of Democratic legislators?
Copyright 2023. NRSCNews.org
The Inflation Reduction Act may benefit everyday Americans by providing a consumer tax credit for electric cars and creating more jobs. It could also generate increased tax revenue, though it is uncertain if the benefits will outweigh the costs.
I refuse to buy any product including EV’s which rely on child slaver, and upheaval of indigenous tribes, to procure the components. Until all required minerals are mined in USA by its citizens the consumer has to accept that they are engaging in slavery– children barefoot wearing rags digging with blunt shovels– and entire villages left without potable water as mega corporations remove all water to process the minerals, the water is not useable by anyone for anything once the minerals are extracted.
There is a ton of proof that rechargeable battery production both relies on slavery and environmental destruction. I refuse to support these industries.