Washington, D.C. – Democrats have been struggling to explain how their so-called Inflation Reduction Act will actually reduce inflation. Why? Because it won’t, according to experts. So far, their spin is nothing but insulting to American families, especially because the ones being impacted the most by inflation are the ones living paycheck to paycheck.
On Sunday, Energy Secretary Jennifer Granholm was on CNN telling Americans the the bill will lower their costs because if they spend tens of thousands of dollars to upgrade their home appliances and install an electric vehicle charging station, they’ll get a tax credit.
Let’s take a closer look at this:
- The Dems’ latest tax-and-spend bill includes a tax credit of up to $7,500 for new electric vehicles (average cost: $66,000), but as it turns out, Ford and GM have increased the price of their EVs by roughly the same amount.
- The 30% tax credit for installing solar panels seems like a good deal, until you realize that the average cost for a solar array is around $15,000 – $25,000 before the tax credit.
- There is another 30% tax credit for installing energy-efficient appliances, but the cost to the homeowners could be well into the thousands of dollars.
These tax credits are nice if you can afford to spend tens of thousands of dollars on expensive appliances and a new luxury vehicle. However, for the millions of struggling Americans trying to just get by, this is an absolute insult.
The reality is that Maggie Hassan, Catherine Cortez Masto, Mark Kelly, Raphael Warnock, Patty Murray and Michael Bennet, Tim Ryan, and Val Demings had an opportunity to help struggling families all across the country, but instead they voted with D.C. Democrats to increase their constituents’ taxes and raise their costs.