Tax Breaks for Clean Energy: How the Rich Get Ahead While Low-Income Households Get Left Behind

Tax Breaks for Clean Energy Favor the Wealthy, Study Finds

A New Approach Needed to Make Clean Energy More Accessible and Effective

According to WashingTonExaminer, The government‘s plan to help the environment by giving tax breaks for clean energy has not worked well. The breaks have mostly gone to rich Americans. A new study found that the top 20% of earners got 60% of the $47 billion in tax breaks from 2006 to 2021. This is especially true for electric cars, where the top 5% of earners got half of the breaks.

The study says that just giving tax breaks isn’t enough to make people switch to clean energy. We need to make clean energy more expensive for Americans who pollute and make it cheaper for people who use it. Economists think a carbon tax or cap-and-trade system would be better, but some politicians disagree.

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Tax Breaks for Clean Energy: How the Rich Get Ahead While Low-Income Households Get Left Behind (PHOTO: GOOGLE)

Tax Breaks for Clean Energy Leave Low-Income Households Behind, Study Reveals

The study also points out that it doesn’t count households that don’t file taxes, which is about 18% of all households. And it doesn’t show how much companies that sell clean energy products get from the tax breaks. This means we need a better way to help the environment and make sure everyone benefits.

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