Tax Cuts Aren’t Worth Throwing Away a Livable Future
Any savings from derailing the clean-energy transition would be swamped quickly by its costs.
Credits from the Inflation Reduction Act flow mostly to Republican voters.
Photographer: Tim Boyle/Bloomberg
Trashing the environment to pay for tax cuts is the fiscal-policy equivalent of having a violent loan shark spot you funds for an unaffordable Fifth Avenue shopping spree: It might feel good in the moment but will cost you dearly in the long run.
To help pay for President Donald Trump’s plans for a $4 trillion tax cut, the House Ways and Means and Energy and Commerce committees this week offered proposals to save hundreds of billions of dollars in government spending by derailing the clean-energy transition in the US, including essentially repealing large parts of the Inflation Reduction Act, the biggest climate law in US history.