Miller Questions Treasury Secretary Janet Yellen on Energy Tax Credit Guidelines and Raising Taxes

Washington, D.C. - Today,Congresswoman Carol Miller (R-WV) questioned Department of Treasury Secretary Janet Yellen in a Ways and Means Committee hearing on Energy Tax Credit guidance that sends U.S. tax dollars to Chinese entities and why the Biden Administration wants to raise taxes on everyday Americans.

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Congresswoman Miller began by expressing her concerns over how the Biden's Administration's actions continue to create a devastating effect on the U.S. taxpayer system.

"I am deeply concerned about many of the actions that the Treasury Department and President Biden's Administration are taking. Unfortunately, every American is feeling the constant pinch of inflation, higher interest rates, and lower purchasing power. Despite this, the Treasury and the IRS are only trying to make our constituent's lives worse, instead of better. The Treasury Department has issued weak Foreign Entity of Concern definitions that fail to protect American tax dollars from flowing to Chinese companies. Guidance coming from the Treasury Department on energy tax incentives are blocking traditional energy communities from participating in the future energy economy. The Biden Administration has shockingly announced its plan to raise taxes by over seven trillion dollars next year," said Congresswoman Miller.

"I am deeply concerned about our domestic industries' reliance on Chinese technologies and investments. As the recently appointed Chairwoman of the Supply Chains Tax Team, I look forward to working with my colleagues to improve upon the broken IRA's energy credits, protecting a competitive corporate rate, and ensuring the United States is the best place to invest, as it was under President Trump's historic tax cuts. I have introduced two bills, the Protecting American Advanced Manufacturing Act and the End Chinese Dominance of Electric Vehicles Act, to improve the Foreign Entity of Concern definitions for the 45X and the 30D tax credits respectively. The current agreements establish a dangerous precedent that will take the U.S. decades to reverse, by creating a future where our automotive and other industries are heavily reliant on foreign technologies. Without immediate passage of both of my bills, Chinese entities will receive billions of American tax dollars every single year. Secretary Yellen, yes or no, does the Biden Administration support taxpayer dollars funding Chinese entities?" askedCongresswoman Miller.

"When it comes to electric vehicles, the IRA, which obviously the Administration supports, has foreign entity of concern restrictions coming into effect this year and next, which will almost prevent entirely, participation of Chinese firms in producing components, minerals, or processing going into batteries," responded Secretary Yellen.

"That's not a yes or no," said Congresswoman Miller.

"It's a very significant restriction that will protect our supply chain. With respect to 45X, that's a credit that Congress directed to go to any company that undertakes certain advanced manufacturing in the United States,"responded Secretary Yellen.

"By allowing these Chinese companies to maintain control of the technologies, the intellectual property, and the supply chains all while receiving American taxpayer subsidies, how will this encourage U.S. companies to develop the technologies to become less dependent on our adversaries? It doesn't. Does the Biden Administration share any of my concern that China is using various IRA credits to deepen its influence on our domestic manufacturing industries?" asked Congresswoman Miller.

"The United States is doing everything we can in Treasury in implementing the IRA to strengthen our supply chains and make them less vulnerable to China," responded Secretary Yellen.

"I continue to be skeptical of the environmental and economic benefits behind your decision-making and I do urge swift passage of my bills to further protect U.S. manufacturing,"said Congresswoman Miller.

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