Republicans need a landslide victory --- a two-thirds majority in the House and the Senate --- to reverse and replace the climate-heavy Inflation Reduction Act.
A shift in the makeup of Congress in Tuesday’s U.S. midterm elections would mostly involve tougher roadblocks and possible delays for future green energy and climate-change legislation, not a wholesale reversal of tax-friendly incentives targeting home solar, electric vehicles and other consumer-focused policy just passed in the Inflation Reduction Act.
What’s more, the IRA targeted EV shoppers ready to make the switch with a sweetened $7,500 tax break on select new models , and a $4,000 break on used options. The law also singled out manufacturers transitioning from fossil-fuel CL00 reliance toward alternative means to power their business. President Biden signed the legislation, which included drug-pricing and more, into law in August. Most taxpayers haven’t had a chance to use it until they file 2022’s return.
The spending bill tended to promote climate-change action through tax breaks, a method that in theory most Americans voting Republican tend to favor. Political reality dictates that once a major bill such as the IRA is passed, and the longer it is in effect, the less likely it is to be overturned.
Read: In midterm elections, voters in Massachusetts and California will decide whether millionaires should pay more tax
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