Waste of the Day: The Rich Get Richer Under Biden’s Tax Credits
This story originally was published by Real Clear Wire
By Jeremy Portnoy
Real Clear Wire
Topline: President Joe Biden’s Inflation Reduction Act expanded a tax credit program meant to incentivize homeowners to buy solar panels and other green technologies, but most of the tax breaks are going to families that can already afford the renovations.
The top 25 percent richest households in the U.S. got two-thirds of the tax credits, amounting to $5.5 billion. The bottom 25 percent got only $32 million, according to Politico’s E&E News.
Key facts: Economists told E&E News that solar panels help wealthy families save money on their electric bills, and they would likely purchase them even without the tax credits.
