By David Wojick, Ph.D. ~
A funny thing happened on the way to the Senate. It is all about the so-called Inflation Reduction Act (IRA), which really should be named the Inflation Act. Only Democrats can believe that raising taxes reduces inflation.
The Democrats writing the IRA decided that since tax credit subsidies do a good job of promoting renewables and electric vehicles, they should do more. They should promote things like union wages, mining and manufacturing, which have nothing to do with climate.
Think of it as social engineering squared. In the vernacular this is called “mission creep”. A program designed to do one thing tries to do something very different, often unsuccessfully.
In the process the tax credit rules have become very complex. The funny thing is that these complexities may actually stifle the growth of renewables and EVs.
Let’s just look at renewables and wages. The IRA…
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