Yellen warns North Carolina of job losses from Biden tax cuts repeal
- Janet Yellen warned North Carolina voters about potential job losses if tax incentives from the Inflation Reduction Act are repealed.
- She noted that over 90,000 households in the state have benefited from clean energy credits, which are crucial for economic growth.
- Yellen concluded that eliminating these incentives would be a historic mistake, jeopardizing jobs and investments in manufacturing.
Treasury Secretary Janet Yellen addressed voters in North Carolina, emphasizing the potential job losses if Republicans repeal tax incentives from the Inflation Reduction Act. She highlighted that these incentives have significantly benefited the state, with over 90,000 households claiming substantial credits for clean energy and energy efficiency. Yellen warned that rolling back these incentives could increase costs for families and jeopardize ongoing investments in manufacturing, which are crucial for job creation, especially for those without college degrees. Yellen's remarks come amid a contentious political climate, as North Carolina is a key battleground state in the upcoming elections. The state previously supported Donald Trump in the 2020 presidential election, making it a focal point for both parties. The Treasury Secretary's comments reflect concerns that eliminating these tax credits could hinder economic growth and give an advantage to foreign competitors, particularly China, which is also investing heavily in clean energy. Some Republicans have expressed reservations about repealing these incentives, arguing that it could undermine existing investments and lead to wasted taxpayer dollars. A group of 18 House Republicans has urged their leadership to reconsider the repeal, emphasizing the importance of maintaining support for ongoing projects. In contrast, other Republican voices criticize the incentives as unnecessary handouts to corporations. The debate continues as the political landscape evolves, with the implications of these tax incentives remaining a critical issue for North Carolina's economy and the broader national context.