President Biden has rolled out a major tax proposal that offers cash tax incentives to an offshore wind sector that’s been swamped by inflation caused by his administration.
Biden has proposed more cash incentives to offshore wind companies affected by inflation through investment tax credits paid for by taxpayers.
The tax credits could go as high as 70 percent as they now include submarine cables, onshore cables, and high-voltage electric substations. In most cases, these new definitions are actually more than the costs of the wind turbines.
The offshore wind tax relief proposal will increase inflation even higher.
Inflation is a “hidden tax,” on taxpayers while increasing the government’s spending power to allow tax breaks to offshore wind.
Increasing tax breaks for offshore wind is more bad news for taxpayers
- Offshore wind gets a break while taxpayers go on the back burner again and again