https://www.wnd.com/2022/09/dems-climate-bill-will-let-companies-cut-taxes-without-emissions-reductions/

(Unsplash)

WND is now on Trump’s Truth Social! Follow us @WNDNews

By Jack McEvoy
Daily Caller News Foundation

The Democrats’ enormous climate spending bill will allow corporations to buy green energy tax credits and write off a portion of the taxes they owe, even if they aren’t doing anything to reduce emissions.

TRENDING: I don’t get no respect – do you?

President Joe Biden and Congressional Democrats in August passed a $369 billion climate spending package into law which will increase the amount of green energy tax credits and allow them to be bought by corporations and transferred between entities. Starting in 2023, the bill, dubbed the “Inflation Reduction Act,” will let large businesses purchase green tax credits even if are not actively investing in green energy.

Corporations will be able to purchase the transferable tax credits and receive substantial economic benefits without contributing to green energy initiatives. Since the bill makes green tax credits so widely available, energy developers could sell the credits at a discount, meaning that corporations could substantially and instantly increase their profits by purchasing the credits, according to The Wall Street Journal.

“They can basically purchase the tax credits, advance their ESG goals and get certain economics from the credits without taking any construction or operational risk of the project,” Hagai Zaifman, a partner at Sidley Austin LLP in New York who helps structure renewable-energy deals, told the WSJ.

Democrats allowed green tax credits to be traded to incentivize financiers and companies to invest in renewable energy projects to quickly phase out fossil fuels and fulfill their aggressive climate agenda, the WSJ reported. However, green energy companies often don’t generate enough profit and tax liability to make use of the tax credits they receive, so the bill allows tax credits to be purchased by other companies to maintain incentives, according to the WSJ.

Should corporations get tax credits if they aren’t reducing emissions?

0% (0 Votes)

0% (0 Votes)

Democrats expressed their desire to raise taxes on big businesses in August after a Joint Committee on Taxation analysis found that 100 to 125 corporations paid an average tax rate of 1.1% on their profits in 2019. President Joe Biden also stated that he wanted to increase taxes on large corporations that have often evaded paying taxes during his first State of the Union address in March.

The White House and Democratic Senate Majority Leader Charles Schumer did not immediately respond to the Daily Caller News Foundation’s request for comment.

This story originally was published by the Daily Caller News Foundation.

Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact [email protected]

IMPORTANT NOTE: How is it possible that the greatest and freest nation in world history has so rapidly come under the control of serially lying, deranged, power-mad sociopaths – leaders with nothing but contempt for America, for its history, its Constitution, its Judeo-Christian culture and its people? Orwell’s “1984” points directly to the answer: The elites are changing America’s language itself, so that people’s words – and therefore, their very thoughts – inevitably come under the control of the ruling class. It’s a way of bending reality in real time, so that what is illusion appears to be true, while what is real and true appears to be lies, misinformation, “hate speech,” “conspiracy theories” and “extremism.” This extraordinarily powerful but little-understood weapon of war employed 24/7 by the Marxist left is completely explained, exposed and exploded in the August issue of WND’s acclaimed monthly Whistleblower agazine, NEWSPEAK 2022: How tyrants and lunatics are enslaving Americans by redefining everything.


SUPPORT TRUTHFUL JOURNALISM. MAKE A DONATION TO THE NONPROFIT WND NEWS CENTER. THANK YOU!

You Might Like
Learn more about RevenueStripe...