The Secret Weapon of the New Climate Bill? Tax Credits
29th July 2022
The Inflation Reduction Act would provide billions for Americans to modernize their homes. It’s a way to encourage mass climate action.
No, it doesn’t. What it does is say to a certain class of American taxpayers ‘Of the money that we would ordinarily confiscate from you this time of year, we’ll refrain from doing so if you’ll agree to spend it on certain politically-favored boondoggles.’ Does that mean that the government will therefore not spend the money that it otherwise would be taking from you? By no means! They’ll still spend as furiously as they can; they’ll just borrow it or steal it from people that it doesn’t like (‘the rich’).