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US Economy

Rep. Mike Kelly Profits from Act He Voted Against

TL/DR - Congressman Mike Kelly, who opposed President Biden's climate change legislation, used solar credits from the bill for his car dealership. His auto dealership received a $315,000 grant from the US Department of Agriculture to install a solar array, which will save his company over $23,000 per year. Despite his initial opposition, Kelly's…
US Economy

Republicans’ bill may give China EV industry advantage

TL/DR - Republicans have introduced a bill known as the Inflation Reduction Act, which aims to eliminate the US EV tax credit, potentially hindering US progression in electric vehicle (EV) manufacturing. The Inflation Reduction Act provided hundreds of billions of dollars for climate spending, including tax credits for EVs, and the removal of a…
US Economy

Inflation Act Provides Tax Credits, Rebates for Energy Upgrades

TL/DR - The Inflation Reduction Act, passed by the Senate on August 7, allocates approximately $370 billion for energy and climate programs and offers tax credits and rebates for homeowners making energy-efficient upgrades. Under the act, $9 billion has been set aside for energy rebates, with homeowners able to save on projects such as converting…
US Economy

Does the Inflation Reduction Act Influence Audit Likelihood?

TL/DR - The Inflation Reduction Act, if passed, would provide the IRS with nearly $80 billion, $45.6 billion of which would be allocated for "tax enforcement activities". A $80 billion investment in the IRS over a decade could pave the way for the hiring of approximately 87,000 new employees by 2031 according to a May 2021 report by the Treasury…