WASHINGTON, D.C. – Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement ahead of Saturday’s three-year anniversary of the Democrats’ Inflation Act becoming law:
“The Inflation Act showed Democrats’ true priorities when they controlled the entire federal government: shower the wealthy and well-connected with tax breaks and expect working families to foot the bill. Under Democrat economic policies, rich Americans got a $7,500 tax break for luxury EVs while big banks, billion-dollar companies, and China made off with billions in taxpayer subsidies. In total, the subsidies stuffed inside the IRA could have cost taxpayers hundreds of billions. Meanwhile, middle-class families and small businesses were under threat of new audits and harassment by an army of IRS agents.
“President Trump and Republicans in Congress did the exact opposite with The One, Big, Beautiful Bill. We stood up for the working class and replaced the IRA’s bad tax policies that prioritized the wealthy with good tax policies that benefit workers, families, small businesses, manufacturers, and farmers. The One, Big, Beautiful Bill cuts $500 billion of Green New Deal subsidies and ends America’s energy dependence on Chinese supply chains. Instead, families are spared a looming $1,700 tax hike and will get an average $600 tax cut beyond what they pay today. Wasting taxpayer money on Chinese green energy projects never passed the smell test. Thankfully, The One, Big, Beautiful Bill ends the Democrats’ welfare for the wealthy and puts working men and women back at the top of the priority list.”
The One, Big, Beautiful Bill Ends Democrats’ Green Welfare
- Immediately eliminates tax credits for luxury electric vehicles.
- Repeals $500 billion of Green New Deal subsidies and ends America’s energy dependence on Chinese supply chains.
- Ends China’s ability to claim green energy tax incentives with new FEOC restrictions, eliminating tax subsidies for projects containing Chinese ownership or Chinese inputs.
- Ends tax preferences for green virtue signaling on luxury autos and home improvements.
- Redirects any remaining energy subsidies towards baseload supporting technologies.
- Immediately terminates government subsidies for green home improvement projects and rooftop solar.
- Ends taxpayer subsidies for new green luxury home developers.
- Ends the Democrats’ permanent tax credits for wind and solar, garners immediate savings as investments dry up and credits transition out.
- Ensures that American advanced manufacturing supply chains are not subject to the control of the Chinese Communist Party.
- Ensures American farmers are not crowded out by Chinese cooking oil and other foreign imports in liquid fuel production markets by eliminating foreign feedstocks from credit eligibility.