Big Banks, Corporations Getting 90 Percent of Biden’s Green Energy Credits: Congressional Study

(L-R) Committee chairman Rep. Jason Smith (R-Mo.) speaks with ranking member Rep. Richard Neal (D-Mass.) during a House Ways and Means Committee hearing on Capitol Hill in Washington on March 10, 2023. The hearing focused on President Joe Biden's fiscal year 2024 budget plan. Drew Angerer/Getty Images

Most of the green energy tax benefits provided by President Joe Biden’s $750 billion Inflation Reduction Act (IRA) of 2022 are going into the coffers of big banks and billion-dollar corporations, according to House Ways and Means Committee Chairman Jason Smith (R-Mo.).

“While President Biden’s supercharged IRS is warming up to target working Americans, his administration is getting ready to spend those tax dollars to subsidize special interest green energy projects of billion-dollar companies,” Smith said in a statement based on a new congressional analysis issued by the Joint Committee on Taxation (JCT).