Impact of 2017 Tax Cuts on Green New Deal
The recent permanence of the 2017 tax cuts may lead to the decline of the “Green New Deal,” according to Energy Secretary Chris Wright during his conversation with FOX business host Stuart Varney on Friday.
Early Thursday morning, the House of Representatives passed a budget resolution with a narrow margin of 215-214-1. This legislation not only implements measures proposed by President Donald Trump, including the elimination of taxes on overtime pay, but also solidifies the 2017 tax cuts indefinitely. Varney inquired whether this would mean an end to spending aimed at addressing climate change initiated during the Biden administration.
“Would a significant bill effectively terminate the Green New Deal for good?” Varney posed to Wright.
Wright responded affirmatively, saying, “Yes. Wind subsidies have been around for over 30 years, and solar subsidies for more than 20. It’s time to put a stop to that. These government funds didn’t lead to reduced electricity costs; in fact, they made things more expensive. It’s time to end these subsidies because technology should compete in the marketplace.”
The Green New Deal was introduced by New York Democrat Alexandria Ocasio-Cortez shortly after her first election victory in 2018 against long-time incumbent Joe Crowley. The initiative is aimed at tackling climate change and promoting equity among vulnerable communities.
Following this, various economic and energy experts have critiqued the actions of then-President Joe Biden, which they argued negatively impacted fossil fuel production costs. The Biden administration canceled offshore lease sales in May 2022 and rescinded permits for the Keystone XL pipeline in January 2021, while also introducing new regulations for land drilling of oil and natural gas.
Furthermore, the administration has suggested new regulations targeting natural gas appliances, claiming that gas stoves contribute to a notable percentage of asthma cases in children.
Since taking office on January 20, Trump has sought to reverse several regulations from the Biden administration.
