Rep. Jason Smith: Inflation Reduction Act Includes ‘$27 Billion for a Climate Slush Fund for the EPA’ – 3 Times Its Annual Funding

The $740 billion Inflation Reduction Act, which was passed by Congress last week, includes a $27 billion climate slush fund for the Environmental Protection Agency (EPA), which is three times as much as what the EPA gets a year in funding, Rep. Jason Smith (R-Mo.) said on Sunday.

“There’s hundreds of millions of dollars to pay big, woke corporations to make their buildings green. That does zero for the supply chain crisis. There’s $27 billion for a climate slush fund for the EPA. That is three times the amount of what EPA has a year in funding. That does zero to lower interest rates,” he told Fox News’s “Sunday Morning Futures.”

“It provides $7.5 billion for tax credit for electric vehicles, and people who make up to $300,000 a year qualify, but it also pays those wealthy people $1.3 billion in tax credit to sell their used electric vehicles. The waste goes on and on. It’s a disaster,” the congressman said.

Smith called the bill “a disaster for everyday Americans who are suffering and struggling to just put food on their table and clothes on their backs.”

“This bill will only make inflation increase and will prolong the inflation crisis that we’re in. We’re currently at an inflation of 13.7% since Joe Biden’s taken the oath of office. This bill will spend over $745 billion. It will add taxes and budget offsets of $599 billion, and who benefits from this? Wealthy Americans and the big corporations, and who will pay for this?” he asked. – READ MORE