When Congress passed the Inflation Reduction Act (IRA), it was told the new energy tax credits would cost about $270 billion over a decade. Revised official estimates put the cost at multiple times that amount. But congressional scorekeepers may still be getting the long-term cost of the IRA energy subsidies wrong. Recent Cato research quantifies the IRA’s fiscal time bomb, showing how its unchecked expansion of government spending with no clear end date could cost almost $5 trillion by 2050.
Join us for lunch and learn how the IRA’s calamitous environmental and fiscal effects present a rare opportunity for Congress to use these partisan subsidies to fund permanent, pro-growth tax reform in the upcoming reconciliation package.
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