Trump Set To Kill Nearly 800,000 Jobs By Wiping Out Clean Energy Tax Credits

The House Republican tax cut bill contains an economic time bomb that will lead to wiping out 790,000 jobs by eliminating clean energy tax credits.

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There are many bad elements to the Republican extension of tax cuts for the rich. The plan is to sort of, but not really, pay for the tax cuts by cutting healthcare for millions, food assistance for the hungriest Americans, and harming veterans.

One of the areas that hasn’t been discussed enough is that this legislation also kills jobs, especially in the clean energy sector.

Senate Democratic Leader Chuck Schumer has released some data on how much damage the clean energy portion of the Republican tax cuts for the rich will cause:

Study after study shows that the GOP plan to raise taxes on energy will raise costs for families and small businesses. One conservative study from the Clean Energy Buyers Association showed that small businesses in America will see a 10% increase in electricity prices next year, a cost that’s likely to be passed straight onto consumers. With the average small business spending $1,760 on electricity in 2023, according to the Department of Energy, the Republican plan will spell disaster for main street businesses and families across the country.

If the GOP plan to raise taxes on clean energy goes through and American projects are halted, experts fear it could help American adversaries like China solidify dominance in low-cost, clean energy manufacturing. This would make the United States more reliant on other countries for cheap energy, reduce American production of energy technology like solar panels, batteries, and electric vehicles, and disrupt American supply chains while sending American jobs overseas.

What’s at stake for our Country:

• More than $800 Billion in investment at risk: Since the IRA passed, companies have committed billions to building clean energy and clean manufacturing in America, including in batteries, solar, and other advanced technologies

• 790,000 jobs on the line: These jobs are supported by clean energy tax credits and grant programs that the GOP now seeks to repeal.

• Higher energy bills: Repealing the IRA would increase electricity costs and drive up everyday costs for American families and businesses, costing them hundreds of dollars more every year while also reducing access to home efficiency upgrades and energy-saving technologies.

• Reduced U.S. energy independence: The tax credits under threat are central to building a domestic supply chain for batteries, solar, and clean power — all of which reduce dependence on foreign energy.

Hakeem Jeffries said on Thursday that Democrats will do everything in their power to stop this bill, but Democrats also need the American people to pressure Republican Senators to kill some of the worst portions of the House-passed legislation.

The House-passed bill will kill jobs, raise energy prices, and make China stronger.

Speaker Mike Johnson is spreading lies and falsehoods, including fantasies of economic growth, that decades of studies have revealed are unfounded. The tax cuts don’t cause economic growth, and tax cuts for the rich don’t trickle down.

The Republican passed House bill is a disaster. It will kill the sort of good jobs that Joe Biden and Democrats worked to create.

The special interest servicing Republican bill needs to be exposed, as the American people must reject this failed legislation.

What do you think about what Trump and the GOP intend to do to clean energy? Let’s talk about it in the comments below.