| Hello John, Do families earning $300,000 need the taxpayer’s help to buy a new $80,000 car? Or would that money be better used to help cut taxes for everyone? I think I know your answer. This story begins with the most misnamed piece of legislation in history — Joe Biden’s “Inflation Reduction Act.” Not only did the IRA not reduce inflation, but it more likely contributed to the highest inflation we experienced in 40 years. If you recall, a central feature of the IRA was Joe Biden’s “Green New Deal,” which uses taxpayer subsidies to push special interest alternative energy projects. It’s a strategy doomed to fail. Why? Because the government is lousy at picking winners in the marketplace — and we have a long track record to prove it. Remember the Solyndra disaster under Barack Obama? That little solar-panel boondoggle cost taxpayers more than $500 million before going belly up. And there are plenty of other examples, too — Abound Solar, Fisker Automotive, A123 Systems, etc. You can bet the IRA will add substantially to that string of failures. How much will the IRA cost hardworking Americans? The Congressional Budget Office initially estimated the 10-year cost to taxpayers at $370 billion. However, a subsequent analysis by Goldman Sachs found the cost will be — are you ready for it? — $1.2 trillion. Why such a sharp increase? Because the green energy subsidies in the law are uncapped — there is no limit to what the government could spend on these subsidies. Which brings us to the current reconciliation process to renew the Trump tax cuts of 2017. As we’ve written, Congress is looking for savings in other parts of the budget to help cover the cost of renewing the tax cuts. One way to do that would be to eliminate some of these taxpayer subsidies and handouts for Biden’s Green New Deal. Also, since Democrats used reconciliation to create the subsidies (without a single Republican’s vote), Republicans could use reconciliation to get rid of them — and they should (check out this new ad by Americans for Prosperity making the case). Let’s look at one example. A major taxpayer subsidy in the IRA is the $7,500 tax credit for purchasing an electric vehicle. Who qualifies? Any family with an income of less than $300,000. What kind of cars qualify? Since the full tax subsidy is available on electric cars up to $80,000, some sweet rides, including the Acura ZDX, Cadillac Lyriq, Tesla Cybertruck, and Ford F-150 Lightning. Here’s the bottom line: This single provision will cost us $180 billion over 10 years. So, I will ask you again, do those earning $300,000 need the taxpayer’s help to buy a new $80,000 car? Or would that money be better used to finance tax cuts for everyone? It’s time for Congress to end the IRA’s taxpayer subsidies once and for all and use those savings to renew the Trump tax cuts. Tell Congress — not a penny more for Biden’s Green New Deal. | 
