'Waste of the Day: The Rich Get Richer Under Biden’s Tax Credits'

<https://www.thegatewaypundit.com/2024/09/waste-day-rich-get-richer-under-bidens-tax/>

'President Joe Biden’s Inflation Reduction Act expanded a tax credit
program meant to incentivize homeowners to buy solar panels and other
green technologies, but most of the tax breaks are going to families
that can already afford the renovations.

The top 25 percent richest households in the U.S. got two-thirds of the
tax credits, amounting to $5.5 billion. The bottom 25 percent got only
$32 million, according to Politico’s E&E News.'

'Key facts: Economists told E&E News that solar panels help wealthy
families save money on their electric bills, and they would likely
purchase them even without the tax credits.

The credits reduced federal income tax revenue by $8.4 billion last year
— $6 billion more than the Congressional Budget Office projected. $2
billion of the credits went to households with incomes above $200,000,
E&E News found.

Biden has extended the program through 2031, which the CBO predicts will
cost $34 billion — even as it cost $42 billion in the 16-year period
from 2006 to 2021.'

'Another Inflation Reduction Act program targeted more specifically
toward low-income families has not found any traction. It’s supposed to
give rebates for buying energy-efficient equipment, but only New York
and Wisconsin have started offering the rebates. Twenty-seven states
haven’t even applied for funding, E&E News reported.'

'Critical quote: “It’s a lot of money for relatively low emissions
reductions,” Brookings Institution economist Sanjay Patnaik told E&E
News. “It runs the risk of making climate policy less accepted by the
public because people will say, ‘This is running up a big bill and is
costing much more than expected.’”'

'University of California, Berkeley, energy economist Lucas Davis took a
differing stance, arguing that the federal government should take an
even stronger approach by directly taxing carbon emissions.

“I understand the political advantage of subsidies, but in terms of
changing behavior and economic efficiency, the tax approach has many
advantages,” Davis told E&E News. “When you tax carbon emissions
directly, people look for all kinds of ways to reduce carbon emissions …
Maybe I buy a bike or move closer to work or don’t take as many airline
flights.”

Summary: While Climate change is one of the greatest fiscal challenges
facing the government, that doesn’t give it permission to spend taxpayer
money on inefficient solutions.'

On 2024-09-21, John Smyth <smythlejon2@hotmail.com> wrote:
> 'Waste of the Day: The Rich Get Richer Under Biden’s Tax Credits'
>
><https://www.thegatewaypundit.com/2024/09/waste-day-rich-get-richer-under-bidens-tax/>
>
> 'President Joe Biden’s Inflation Reduction Act expanded a tax credit
> program meant to incentivize homeowners to buy solar panels and other
> green technologies, but most of the tax breaks are going to families
> that can already afford the renovations.
>
> The top 25 percent richest households in the U.S. got two-thirds of the
> tax credits, amounting to $5.5 billion. The bottom 25 percent got only
> $32 million, according to Politico’s E&E News.'
>
> 'Key facts: Economists told E&E News that solar panels help wealthy
> families save money on their electric bills, and they would likely
> purchase them even without the tax credits.
>
> The credits reduced federal income tax revenue by $8.4 billion last year
> — $6 billion more than the Congressional Budget Office projected. $2
> billion of the credits went to households with incomes above $200,000,
> E&E News found.
>
> Biden has extended the program through 2031, which the CBO predicts will
> cost $34 billion — even as it cost $42 billion in the 16-year period
> from 2006 to 2021.'
>
> 'Another Inflation Reduction Act program targeted more specifically
> toward low-income families has not found any traction. It’s supposed to
> give rebates for buying energy-efficient equipment, but only New York
> and Wisconsin have started offering the rebates. Twenty-seven states
> haven’t even applied for funding, E&E News reported.'
>
> 'Critical quote: “It’s a lot of money for relatively low emissions
> reductions,” Brookings Institution economist Sanjay Patnaik told E&E
> News. “It runs the risk of making climate policy less accepted by the
> public because people will say, ‘This is running up a big bill and is
> costing much more than expected.’”'
>
> 'University of California, Berkeley, energy economist Lucas Davis took a
> differing stance, arguing that the federal government should take an
> even stronger approach by directly taxing carbon emissions.
>
> “I understand the political advantage of subsidies, but in terms of
> changing behavior and economic efficiency, the tax approach has many
> advantages,” Davis told E&E News. “When you tax carbon emissions
> directly, people look for all kinds of ways to reduce carbon emissions …
> Maybe I buy a bike or move closer to work or don’t take as many airline
> flights.”
>
> Summary: While Climate change is one of the greatest fiscal challenges
> facing the government, that doesn’t give it permission to spend taxpayer
> money on inefficient solutions.'
>
Democrats have always been excellent at throwing money into boondoggles and thus wasting it.

--
pothead
Kamala Harris Word Salad Special Of The Day
Served Complete With Venn Diagram Dressing

John Smyth wrote:

> 'Waste of the Day: The Rich Get Richer Under Biden’s Tax Credits'
>
> <https://www.thegatewaypundit.com/2024/09/waste-day-rich-get-richer-under-bidens-tax/>
>
> 'President Joe Biden’s Inflation Reduction Act expanded a tax credit
> program meant to incentivize homeowners to buy solar panels and other
> green technologies, but most of the tax breaks are going to families
> that can already afford the renovations.
>

And the tax relief for corporate jets
and yachts only goes to people who don't
need any more tax relief.

Private Planes and Luxury Yachts
Aren’t Just Toys for the Ultrawealthy.
They’re Also Huge Tax Breaks.
April 5, 2023

https://www.propublica.org/article/private-jets-yachts-wealthy-tax-deductions-irs-files

pothead <pothead@snakebite.com> wrote in
news:vcmrch$1lhcp$1@dont-email.me:

> Democrats have always been excellent at throwing money into
> boondoggles and thus wasting it.

Indeed.

$11 Billion And Counting: Trump's Border
Wall Would Be The World's Most Costly
January 19, 2020

The pricetag for President Trump's border
wall has topped $11 billion � or nearly
$20 million a mile � to become the most
expensive wall of its kind anywhere in the
world.
https://tinyurl.com/sbex6wj