GOP Slams Total Cost of Energy Credits, Companies Receiving Them

Republicans slammed the recipients of the Inflation Reduction Act’s energy tax credits at a Wednesday hearing, saying large corporations are raking in most of the benefits.

The cost of the credits—and who they’re going to—dominated the GOP criticism at a Ways and Means hearing. The rhetoric marked a shift for Republicans, who traditionally favor cutting taxes for businesses but are increasingly focused on anti-China policies.

While some members expressed concern over financial institutions’ potential benefit from the credits, others questioned whether corporations taking the credits are tied to China.

“These special interest tax breaks in the Inflation Reduction Act overwhelmingly ...