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Inflation Reduction Act exposes US taxpayers to ‘potentially unlimited liability,’ Cato Institute argues

Summary by Semafor
The NewsThe Biden administration’s Inflation Reduction Act energy subsidies could cost US taxpayers some $4.7 trillion by 2050 and should immediately be repealed, the Cato Institute argued in a new analysis.The libertarian think tank has long criticized the IRA as a fiscally reckless example of “crony capitalism” that is lining the pockets of well-connected energy companies at the expense of ordinary Americans.A growing number of House Republica…

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Inflation Reduction Act exposes US taxpayers to ‘potentially unlimited liability,’ Cato Institute argues

The NewsThe Biden administration’s Inflation Reduction Act energy subsidies could cost US taxpayers some $4.7 trillion by 2050 and should immediately be repealed, the Cato Institute argued in a new analysis.The libertarian think tank has long criticized the IRA as a fiscally reckless example of “crony capitalism” that is lining the pockets of well-connected energy companies at the expense of ordinary Americans.A growing number of House Republica…

·New York, United States
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Climate DepotClimate Depot
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New Analysis: Inflation Reduction Act’s Energy Tax Credits Could Cost Taxpayers $4.7 Trillion by 2050

A new policy analysis from the Cato Institute’s Travis Fisher, director of energy and environmental policy studies, and Joshua Loucks, research associate in energy and tax policy, reveals that energy tax credits in the Inflation Reduction Act (IRA) could saddle taxpayers with a staggering $4.7 trillion bill by 2050. Fisher and Loucks argue that lawmakers should repeal the IRA, […]

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taxpayer.nettaxpayer.net

Billion Dollar Boon for Taxpayers with New 45Q Repeal Act of 2025 - Taxpayers for Common Sense

Representatives Perry (R-PA) and Khanna (D-CA) have introduced the 45Q Repeal Act of 2025, legislation to eliminate Section 45Q of the Internal Revenue Code—the Carbon Oxide Sequestration Credit. This tax credit functions as a production subsidy for carbon capture and storage (CCS), awarding funds for every ton of carbon produced and captured. Repealing it would save American taxpayers an estimated $36.2 billion from FY2024-FY2033 and end the si…

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Semafor broke the news in New York, United States on Tuesday, March 11, 2025.
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