On Thursday, U.S. Treasury Secretary Janet Yellen reportedly stated that eliminating the clean energy tax credits provided by the Inflation Reduction Act (IRA) "would be a historic mistake."
She cautioned that efforts to reverse President Joe Biden's administration's clean energy tax credits would increase families' costs and threaten new investments in U.S. manufacturing that are generating jobs, reported Reuters.
Yellen said the rollback could give China, which is investing in green energy industries, an advantage.
Yellen highlighted that families nationwide had already claimed $8.4 billion in energy tax credits, which will help reduce their long-term energy bills.
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She added, "Rolling them back could raise costs for working families at a moment when it's imperative that we continue to take action to lower prices,"
"It could jeopardize the significant investments in manufacturing we're seeing here and across the country, along with the jobs that come with them, many of which don't require a college degree."
Earlier, Trump proposed reallocating funds from environmental projects to infrastructure projects such as roads, bridges, and dams, dismissing what he referred to as a "Green New Scam."
This week, Donald Trump pledged to cut American energy costs by half or more, a promise that experts scrutinize due to the intricacies of global and regional energy markets.
On the other hand, Vice President Kamala Harris introduced a 28% tax on long-term capital gains for households earning $1 million or more annually, softening Biden's previously proposed rates ahead of the 2024 presidential election.
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Yesterday, Bank of America Corporation (NYSE:BAC) reportedly planned to invest $205 million in exchange for tax credits from an ethanol producer, Harvestone Low Carbon Partners, that captures carbon at a plant in North Dakota.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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