Category: Inflation Reduction Act of 2022

Big Banks, Corporations Getting 90 Percent of Biden’s Green Energy Credits: Congressional Study

Most of the green energy tax benefits provided by President Joe Biden’s $750 billion Inflation Reduction Act (IRA) of 2022 are going into the coffers of big banks and billion-dollar corporations, according to House Ways and Means Committee Chairman Jason Smith (R-Mo.). “While President Biden’s supercharged IRS is warming up to target working Americans, his…


IRS to Spend $80 Billion to Increase Staffing, Upgrade Technology: Deputy Treasury Secretary

The IRS will spend $80 billion over the next 10 years to increase staffing and upgrade technology in an effort to make the agency easier to deal with and fairer for all taxpayers. “The IRS is committed to continuing to make investments so that you can deal with the IRS in an easier way going…


As Demand Rises, US Nuclear Power Industry Seeks to Shore Up Uranium Supply Chains

The Biden administration’s commitment to transitioning from fossil fuels to renewable “green” energies such as electric, nuclear, solar, and wind over the next decade have fostered cart-before-horse disruptions and disconnects across an array of industries. For instance, initiatives adopted over the last four years when Democrats ruled both chambers in Congress in the Bipartisan Infrastructure…


IRS Report Fails to Provide Key Details, Republican Lawmakers Say

House Ways and Means Committee Chairman Jason Smith (R-Mo.) has criticized the IRS for failing to provide essential information in its much-anticipated report released on April 6. The tax agency unveiled its strategic operating plan in the report, disclosing how it plans to use the $80 billion in new funding provided by the Democrats’ Inflation…


Manchin Calls Biden Admin’s Electric Vehicle Tax Credit Plan a ‘Pathetic Excuse’

Sen. Joe Manchin (D-W.Va.) said a new Biden administration ruling on electric vehicle tax credits provisions in the 2022 Inflation Reduction Act (IRA) was a significant deviation from what he believed was the intent of the law when he voted for it last summer. A provision of the Inflation Reduction Act allowed for up to…


Manchin Threatens to Sue Biden Admin If It Alters Electric Vehicle Credit System

Sen. Joe Manchin (D-W.Va.) is threatening to sue President Joe Biden’s administration if the Treasury Department moves to expand the electric vehicle tax credit system beyond the limits he agreed to when he agreed to support Biden’s Inflation Reduction Act (IRA) legislation last year. On Wednesday, Manchin published an op-ed in the Wall Street Journal,…


Loose Regulations Could Triple Biden’s Green Energy Agenda Costs to $1.2 Trillion: Analysts

The cost of President Joe Biden’s green energy agenda could rise to $1.2 trillion, more than triple the original projection, if not accompanied by conservative implementation guidelines, financial analysts say. The Inflation Reduction Act of 2022 offers large tax and investment credits for the purchase of electric vehicles, home solar panels, heat pumps, energy-efficient home…


27 Drugs Will Be Cheaper for Medicare Recipients From April

Some beneficiaries of Medicare could start paying less for 27 prescription drugs from next month as their prices have exceeded the rate of inflation. “Today, the Department of Health and Human Services [HHS], through the Centers for Medicare & Medicaid Services (CMS), announced 27 prescription drugs for which Part B beneficiary coinsurances may be lower…


Biden May Give European Automakers US Tax Credit for Battery, Critical Mineral Production

The United States and the European Union will negotiate a revised trade agreement that could allow European manufacturers to receive U.S. tax credits for producing critical minerals such as lithium and nickel for electric car batteries. Following a March 10 meeting at the White House between President Joe Biden and European Commission President Ursula von…


Senate, House Republicans Challenge Biden Admin to Reveal Funding Plan for $3 Billion Drug Rx Price-Fixing Effort

Two GOP House committee chairmen and the top Senate Finance Committee Republican are challenging President Joe Biden to make public the spending plan for an obscure $3 billion prescription drug price-fixing fund established by the Inflation Reduction Act of 2022. “Unfortunately, the so-called Inflation Reduction Act enacted last year has doubled down on the recent…