Climate change-related tax credits in the Inflation Reduction Act could cost the nation's taxpayers up to $1.2 trillion, according to a new report.
Various reports place the cost far higher than the original estimates from the Biden administration.
Green tax credits in Biden’s signature Inflation Reduction Act could cost US $1.2 trillion https://t.co/65Hx3TOP6D pic.twitter.com/GtJeFBNS7v
— New York Post (@nypost) May 4, 2023
"In March, Goldman Sachs reported the legislation will eventually cost three times the initial estimate: $1.2 trillion," the New York Post reported.
"Meanwhile, a draft analysis from the Brookings Institution argued the price tag for the climate provisions will hit $1.2 trillion by 2040 and $780 billion in the next decade," it continued.
Manchin Ups The Ante In Feud With Biden Admin, Threatens To Repeal Inflation Reduction Act
— ✨🪐Jackie Coco💫 (@JackieC49305942) April 26, 2023
Democratic Sen. Joe Manchin has threatened to help repeal the act over the misleading information.
"They broke their word to the American public… This legislation was balanced. In the next ten years, we are going to have enough fossil fuel to run our country and to help our allies around the world. We will also be investing in new technology for the future. Now, the Biden Administration has disregarded this completely. This was about energy security and we have not heard a word about energy security out of their mouths since it was passed. It's all about the environment," Manchin stated.
"Let me be very clear. If the Administration does not honor what they said they would do, and continue to liberalize what we are supposed to invest in over the next ten years, I will do everything in my power to prevent that from happening. And if they don't change, then I would vote to repeal my own bill," he added.
Manchin's words were also shared on Fox News' "Hannity," offering his strongest opposition yet to Biden's actions.
The change may not be easy, however. Because the bill was previously passed, it will take a new law or provision passed in Congress to replace the current spending.
With the Senate still under the left's control, it will take more than Manchin to put a stop to Biden's reckless spending.