Fossil fuel advocate Alex Epstein delivered a hard-hitting briefing to nearly all Senate Republicans on Wednesday, emphasizing that the Inflation Reduction Act's "toxic subsidies" for the green energy industry—totaling billions—must be "terminated."
"Today I got the opportunity to speak to almost all Republican Senators about the IRA subsidies at their Wednesday lunch," Epstein wrote on X late Thursday.
He said, "The discussion was private, so I won't tell you what the Senators said. But you better believe I told them the subsidies are toxic and need to be terminated!"
Sen. Mike Lee, R-Utah, commented on Epstein's post by saying, "I was there. As always, Alex Epstein was full of deep and helpful insights."
Epstein's slide titled "How the Senate can save hundreds of billions of dollars—and our grid—by truly terminating IRA subsidies," explained to lawmakers how to save up to $1 trillion and boost grid reliability by fully terminating IRA green-energy subsidies and sealing major loopholes.
Here's a breakdown:
The Senate can save hundreds of billions of dollars—and our grid—by
terminating all IRA subsidies during Trump's presidency and closing the IRA's worst loopholes.
The current Senate proposal is weak on savings and bad for the grid, but it can largely be fixed with some simple coding changes.
Key points
Republicans were right to run on "terminating" IRA subsidies, because these subsidies are destroying our grid, increasing the cost of energy, and increasing our debt.
The only way to truly "terminate" IRA subsidies as promised is to end eligibility during Trump's term using a strict "placed in service" deadline.
Contrary to lobbyist lies, a strict eligibility deadline does not affect completed or near-completed projects.
While the House at least terminated new solar/wind subsidies using a 2028 "placed in service" deadline, Senate Finance's proposal extends them indefinitely.
If the Senate applies the end-of-2028 eligibility limit to all projects and closes loopholes, it can terminate savings and save hundreds of billions in the process.
These loopholes are worth another $160 billion by closing the IRA's most egregious loopholes, which send extravagant subsidies to solar/wind/battery companies.
The latest hearing by the Subcommittee on Delivering on Government Efficiency focused on how the Biden-Harris regime used the IRA to divert taxpayer funds into its ideological woke green agenda.
Terminating IRA subsidies would effectively defund the climate-industrial complex that leveraged 'climate crisis' propaganda to orchestrate a massive heist on the U.S. Treasury.
Loading...