Rep. Greg Steube on Sunday called attention to how China is exploiting both the Biden administration and the U.S. tax code to injure everyday Americans economically.
In this case, it’s China’s push for alleged green energy — which President Joe Biden’s own energy secretary has said is a model for the U.S. to follow.
“Billions of our tax dollars are flowing to big banks, corporations, and the Chinese Communist Party,” Steube said in a message to constituents on Sunday.
“China is exploiting loopholes in the Democrats’ Green New Deal tax handouts and we must hold China accountable for their trade coercion.”
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The Sarasota Republican included a link to a House Ways and Means Committee hearing last week, when Republicans on the panel heard testimony about the effects of Biden’s green-energy policies as driven by the Inflation Reduction Act of last year.
During the hearing, Steube noted how Biden had reversed former President Donald Trump’s energy policies that made America energy independent and instead pursued green energy initiatives, including wind and solar power and electric vehicles.
One outcome was gas prices shooting up as high as $5 more per gallon.
Steube also cited a Goldman Sachs report that said green-energy tax subsidies in the Inflation Reduction Act will cost taxpayers $1.2 trillion, more than tripling Democratic estimates when the law was passed.
Steube said the Democrats made a “huge underestimate.”
The law’s green-energy tax credits “will cost tens to hundreds of billions more” than congressional budget analysts predicted.
That was for subsidizing efforts across the board by the green energy industry, including electric cars, green energy manufacturing, renewable energy products, energy efficiency, hydrogen, biofuels and carbon capturing.
“Biden’s disastrous climate policies and his environmental, social, and governance (ESG) standards are crippling the United States economy,” said Steube.
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One hearing witness, Daniel Turner, executive director of a group called Power The Future, took apart the administration’s talking point about Big Oil not tapping into the alleged 9,000 already-approved drilling leases.
He noted that the administration’s recent approval of a drilling project in northern Alaska was one of these 9,000, and evidence that the federal government still had authority over the process that the administration was not exercising.
“There are hundreds and hundreds of other companies waiting just to produce oil and gas,” he said, “and instead the Biden administration makes deals with Venezuela, we make deals with OPEC, the president himself goes to Saudi Arabia to ask for oil.”
“I just want to know why the American oil and gas workers have to suffer while we look to other countries, some of them hostile, for our energy needs.”
Stuebe then raised the issue of the threat to America’s national security by allowing China access to green-energy tax credits.
Drew Horn, CEO of an organization called GreenMet, which focuses on secure access to rare earth metals, replied, “Anytime we allow Chinese-subsidized or -owned entities into the United States, we have to assume they are not only stealing [intellectual property], they are collecting intelligence and they are finding ways to use every piece of our system against us.”
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