Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Trump dishes on Milley clash over leaving military...
TikToker knocks Harris’ ‘weird’ take on never released...
‘Who wouldn’t want it?’: Netanyahu open to receiving...
Supreme Court lets Trump’s ‘wrecking ball’ federal job...
Biden’s strange use of teleprompter in donor’s home...
Tariff case pits Cato Institute against Trump over...
GREGG JARRETT: CIA report makes it clear Trump...
State Department investigating Rubio AI impersonator who contacted...
DOJ lands legal victory as federal judge allows...
Senate Republican moves to give US an edge...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Politics

SCOOP: 38 GOP lawmakers say not repealing Biden’s green agenda in Trump tax bill is ‘hypocrisy’

by admin May 1, 2025
May 1, 2025
SCOOP: 38 GOP lawmakers say not repealing Biden’s green agenda in Trump tax bill is ‘hypocrisy’

The House GOP’s standoff over the former Biden administration’s green energy subsides is colliding with Republicans’ plans for a massive bill advancing President Donald Trump’s agenda.

Thirty-eight House Republicans are writing to Ways & Means Chairman Jason Smith, R-Mo., the chamber’s top tax writer, urging a full repeal of the Inflation Reduction Act (IRA) in the coming budget reconciliation bill.

‘We are deeply concerned that President Trump’s commitment to restoring American energy dominance and ending what he calls the ‘green new scam’ is being undermined by parochial interests and short-sighted political calculations,’ the lawmakers wrote.

They argued the IRA subsidies would cost American taxpayers roughly $1 trillion over the next decade.

‘The IRA contains eight major energy subsidies, each of which burdens taxpayers, inflates energy costs, and threatens the reliability of our power grid. Each of these subsidies props up unreliable energy sources while displacing dependable, proven energy like coal and natural gas,’ the letter said.

The lawmakers then took direct aim at fellow Republicans who are pushing for some of the credits to remain intact.

‘Republicans ran—and won—on a promise to completely dismantle the IRA and end the left’s green welfare agenda. The first chapter of our 2024 platform reaffirms our commitment to ‘terminating the Socialist Green New Deal.’ Despite our previously unified stance, some Members of our conference now feel compelled to defend wind and biofuel credits, advocate for carbon capture and hydrogen subsidies, or protect solar and electric vehicle giveaways,’ the letter said. ‘Keeping even one of these subsidies opens the door to retaining all eight.’

‘How do we retain some of these credits and not operate in hypocrisy? The longstanding Republican position has been to allow the market to determine energy production. If every faction continues to defend their favored subsidies, we risk preserving the entire IRA because no clearly defined principle will dictate what is kept and what is culled.’

Republicans are working on a massive piece of legislation advancing Trump’s agenda on taxes, border security, national defense and energy, while also raising the debt limit.

The budget reconciliation process allows them to do that by lowering the Senate’s threshold for passage from 60 votes to 51, thereby allowing the party controlling Congress and the White House to pass sweeping legislation while sidelining the opposition, in this case Democrats.

Conservative fiscal hawks successfully got House GOP leaders to agree that the trillions of dollars of new spending in the bill – primarily for Trump’s tax policies – must be offset by at least $1.5 trillion in federal funding cuts.

Former President Joe Biden’s IRA subsidies have been a significant flash point in that fight.

In March, 21 House Republicans signed a letter urging their colleagues to preserve the green energy tax credit.

‘Countless American companies are utilizing sector-wide energy tax credits – many of which have enjoyed broad support in Congress – to make major investments in domestic energy production and infrastructure for traditional and renewable energy sources alike,’ they wrote.

That letter pointed out that investments have already been made in American entities with the understanding that those subsidies would have a 10-year window.

‘These timelines have been relied upon when it comes to capital allocation, planning, and project commitments, all of which would be jeopardized by premature credit phase outs or additional restrictive mechanisms such as limiting transferability,’ it said.

They argued that changing that now could lead to rising energy costs for American families.

The anti-IRA Republicans, however, said in their letter that the U.S.’ growing green energy sector was the product of government handouts rather than genuine sustainable growth.

‘Leaving IRA subsidies intact will actively undermine America’s return to energy dominance and national security,’ they said. ‘They are the result of government subsidies that distort the U.S. energy sector, displace reliable coal and natural gas and the domestic jobs they produce, and put the stability and independence of our electric grid in jeopardy.’

Meanwhile, House GOP leaders like House Speaker Mike Johnson, R-La., have made clear they have issues with the wider bill, but share concerns about ending measures in use under the current administration and risking political blowback in GOP districts that have seen investments by entities that have benefited from the subsidies.

Fox News Digital reached out to the Ways & Means Committee for comment but did not hear back by press time.

This post appeared first on FOX NEWS

previous post
Can Trump Fire Fed Chair Jerome Powell? Inside the White House vs. Fed Showdown
next post
Ice cream from Trump and a ‘comically tiny office’: Inside Elon Musk’s wild 3 months getting DOGE rolling

You may also like

MIKE POMPEO: New Orleans terror a reminder Team...

January 4, 2025

Mitch McConnell announces his new posts for the...

November 22, 2024

Top Trump ally predicts Senate will blow past...

June 19, 2025

Federal judge blocks Trump dismantling of US Institute...

May 20, 2025

Turkey’s invasion threats should be taken ‘very seriously’:...

August 11, 2024

VP Harris may continue Biden’s torch of championing...

July 30, 2024

Red state sheriff credits Trump’s border policies for...

March 5, 2025

Ice cream from Trump and a ‘comically tiny...

May 1, 2025

Sen. Joe Manchin calls on Biden to step...

July 21, 2024

GREG GUTFELD: Kamala Harris may be the least...

October 24, 2024

Recent Posts

  • Trump dishes on Milley clash over leaving military equipment in Afghanistan: ‘I knew he was an idiot’
  • TikToker knocks Harris’ ‘weird’ take on never released interview: ‘Not good’
  • ‘Who wouldn’t want it?’: Netanyahu open to receiving stealth bombers, bunker-busters from US
  • Supreme Court lets Trump’s ‘wrecking ball’ federal job cuts proceed while legal fight continues
  • Biden’s strange use of teleprompter in donor’s home infuriated supporters, dashed expectations

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (818)
    • Investing (2,487)
    • Politics (3,085)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.