Paul Horvath Profile picture
Jul 30 7 tweets 4 min read
🧵While it’s popular these days for Republicans to bash the #Manchin-Schumer proposal, look closer and there are things that pro-energy conservatives should like in the deal. Specifically:
1. #Drilling: significant increases in onshore and offshore drilling.

2. #Renewables: wind and solar subsidies/tax credits are contingent upon the granting of drilling permits (protecting against a Biden Admin "bait & switch").

3. #Nuclear: funding for nuclear investments.
4. #Carbon: funding & rules for carbon capture—allowing firms to keep current power plants open longer—giving the US a longer runway to reach its "energy transition" goals.

5. #Batteries: requires high levels of local material in production—curbing incentives to build in China.
6. #EVs: limits EV subsidies to automobile prices below $55k so that the government isn't subsidizing the rich.

7. Permits: a provision for future regulatory and permitting reform for #energy projects going forward.
8. While I am rarely (if ever) in favor of #tax increases (especially as the country is entering a recession), I like that the deal stays away from raising:

The personal tax rate
The corporate tax rate
The capital gains tax rate
9. It also does NOT reverse the SALT limits on deductibility that were a part of the Tax Cuts and Jobs Reform Act of ‘17. Although this may kill the bill in the House, it is still good policy.
Look, any bill that stops the Biden Administration’s "war on fossil fuels", lowers the #deficit (a key anti-inflationary measure), increases nuclear, and increases American #energy independence needs to be taken seriously. Period.…

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