The Inflation Reduction Act is a HUGE win for the climate and the American people. Some of the key provisions include: For the auto industry - The new bill would eliminate the current tax credit cap on purchasing an electric vehicle and extend the tax credit until 2032; used cars would also qualify for a credit of up to $4,000. This overall promotes the shift from fossil fuel based engines to battery/electric vehicles. For the energy industry - the bill would provide billions of dollars in rebates for Americans who buy energy efficient and electric appliances as well as tax credits for companies that build new sources of emissions-free electricity, such as wind turbines and solar panels. The package also sets aside $60 billion to encourage clean energy manufacturing in the United States. The bill also requires businesses to pay a financial penalty per metric ton for methane emissions that exceed federal limits starting in 2024. For low-income communities - the bill would invest over
Greetings, Soon, this part of the Staunton Democrats blog will be filled with details about Democrat led achievements such as the recent Inflation Reduction Act. We will try to focus on local accomplishments as well as state and national. Democrats are generally humble people and think more about the world as a whole rather than just themselves. Thus, we are generally very bad at tooting our own horn when we do something good. We have numerous things to accomplish but our record is pretty spectacular ! Stay tuned.