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  • 2 days ago
The Senate is advancing a sweeping GOP tax and spending bill backed by Trump that would dismantle the 2022 climate law, phase out clean energy tax credits, and impose new taxes on wind and solar projects. According to the Associated Press, the proposal goes beyond previous Senate drafts, ending renewable energy incentives faster and adding supply chain restrictions. It boosts production of fossil fuels and introduces a tax credit for metallurgical coal. Critics warn the bill would raise electricity bills, halt hundreds of clean energy projects, and jeopardize jobs and rural investment. Supporters argue that the tax-cut bill delivers historic savings by ending green energy spending and increasing investments in fossil fuels and nuclear power, thereby improving energy reliability and affordability.
Transcript
00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The Senate is advancing a sweeping GOP tax and spending bill backed by President Trump
00:07that would dismantle the 2022 climate law, phase out clean energy tax credits,
00:12and impose new taxes on wind and solar projects.
00:14According to the Associated Press, the proposal goes beyond previous Senate drafts,
00:18ending renewable energy incentives faster, and adding supply chain restrictions.
00:22It boosts production of fossil fuels and reduces the tax credit for metallurgical coal.
00:26Critics warned the bill would raise electricity bills on hundreds of clean energy products
00:31and jeopardize jobs and rural investment.
00:33The supporters argue that the tax cut bill delivers historic savings by ending green energy spending
00:38and increasing investments in fossil fuels and nuclear power,
00:41thereby improving energy reliability and affordability.
00:44For all things money, visit Benzinga.com.

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