Dear Editor:
The U.S. Congress passed the “Inflation Reduction Act of 2022” last Friday, (President Biden’s signature was pending as of this letter’s submission date.)
State Delegate Tommy Wright showcases his displeasure with the national Democratic Party and this legislation in the Amelia Monitor (Aug. 11, 2022). But this legislation serves us all. It helps protect the world around us, promotes clean transportation, reduces medical costs, and promotes a more balanced tax profile for corporate America.
Every day, we see more consequences of a warming planet caused by extreme greenhouse gas emissions. This includes more frequent forest fires (especially out West), excessive flooding (especially in Buchanan County, Va.), higher humidity, more stresses on wildlife, more melting icebergs, higher sea levels, and more stressful hot weather every day. This legislation will be one of our most significant steps to address climate change.
Car emissions are one of the most significant ways we emit carbon into the atmosphere. To mitigate this problem, the Inflation Reduction Act offers a $7,500 point-of-sale credit for the purchase of new, clean electric vehicles and a $4,000 credit for used electric vehicles.
Del. Wright notes that this is a bonus for cars that sell for $67,000, but to qualify for this credit, new electric vehicle cars must not sell for more than $55,000. (According to the “Kelley Blue Book,” the average 2022 price for a new car is $47,148.) Also, the vehicle must be made in America, and its battery system must meet domestic criteria.
This legislation also incentivizes climate-smart farming practices like planting cover crops, conserving grasslands, protecting water sources, and conserving woodlands.
After all, maintaining healthy trees offer the easiest and most cost-effective way to remove excess carbon from the atmosphere. According to the American Forest Foundation, this legislation will guard our forests, protect wildlife, and secure carbon sequestration capacity.
The Inflation Reduction Act will also establish a 15 percent minimum corporate income tax that will make companies like ExxonMobil and Amazon pay their fair share. It also poses a corporate fee for excess methane emissions – a key greenhouse gas.
“Democrats are getting things done,” said Democratic Senate Majority Leader Chuck Schumer. Instead of just passing huge tax breaks for the one percent, like the previous administration did, Democrats are passing legislation to lower prescription drug costs (like insulin), lower the price of appliances, increase energy efficiency, and make clean energy tools – like solar panels – more affordable for the homeowner. And the Inflation Reduction Act is the most significant measure we have taken to safeguard the World around us. It will work for all of us, regardless of party affiliation.
Regards,
Stuart V. Price
Vice-chair, Amelia
County Democratic
Committee
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