![Biden's green energy tax breaks hurt America and help China](https://static.foxnews.com/foxnews.com/content/uploads/2023/04/Biden-wind.jpeg)
Biden's green energy tax breaks hurt America and help China
Fox News
Republicans warned that the IRA would provide ever-ballooning subsidies, antagonize allies and, ironically, reward the very industries that are reliant on China.
One consequence is the cost, which keeps rocketing upward by hundreds of billions of dollars. Cost estimates for the IRA’s energy tax incentives have increased markedly since the enactment of the law. Penn Wharton’s Budget Model originally estimated the climate and energy provisions in the IRA would cost nearly $385 billion. After new implementation details emerged, Penn Wharton revised the model, estimating the climate and energy provisions would actually cost upward of $1 trillion.
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