Working Families Tax Cuts Power Affordable American Energy

Working Families Tax Cuts Power Affordable American Energy

Washington, D.C.-Thanks to the America-first energy policies in the Working Families Tax Cuts advanced by U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho), Americans are benefitting from commonsense, pro-growth reforms that end market-distorting "Green New Deal" subsidies, unleash domestic energy production and lower consumer costs. By promoting domestically produced biofuels and nuclear energy, as well as imposing foreign entity restrictions, the law is helping the industry reduce its reliance on Chinese supply chains and provide cheaper, more abundant power to Idaho households, farmers and businesses.

"Idaho and the nation require stable, inexpensive sources of energy to power daily life," said Crapo. "By encouraging reliable power sources, these policies form an important part of Republicans' broader agenda of supporting economic growth and making life more affordable for the average American."

Key wins:

• Ends market distorting "Green New Deal" subsidies that favor expensive and unreliable energy sources.
• Strengthens domestic biofuel production, enabling U.S. farmers to compete with cheap overseas imports.
• Creates a new 10 percent bonus credit for nuclear facilities in communities with historic nuclear energy workforces.
• Imposes new foreign entity restrictions on Biden-era clean energy tax credits to keep taxpayer dollars from flowing to China and other adversaries.

What they are saying:

"The [Working Families Tax Cuts] mark a new era for American energy production. Instead of picking winners and losers and empowering "green" activists to stop projects they don't like, responsible producers will have an opportunity to compete fairly to provide the energy that will undergird real energy security and revive American industrial might." - America First Policy Institute

"The bill allows us to continue down the path to achieve the Administration's ambitious goals for deploying new, cutting-edge nuclear technologies that will meet the growing demand for more reliable energy." - Nuclear Energy Institute President and CEO Maria Korsnick

Click HERE to see how the Working Families Tax Cuts make investments in American energy.

Click HERE to learn more about the Finance Committee provisions in the Working Families Tax Cuts.