Tax credit in Biden’s landmark local weather regulation disproportionately get advantages well-off

Tax credit in Biden’s landmark local weather regulation disproportionately get advantages well-off

Analysis of Inflation Reduction Act suggests working-class Americans missing out on renewable energy transition

The Inflation Reduction Act (IRA), passed exactly two years ago, was pitched as a policy that puts the “middle class first”. But the spending bill’s residential tax credits have so far disproportionately benefited wealthy families, new data indicates.

That’s a major challenge for the efforts to decarbonize the US economy in time to avert the worst consequences of the climate crisis.

Continue reading…