Jason Smith: “We have heard a lot of comments just recently about tax provisions that helped the wealthy, the well- off, and the…”

“We have heard a lot of comments just recently about tax provisions that helped the wealthy, the well- off, and the well-connected. Let's point out the Democrats' tax policies that we are ripping out from the roots are helping the wealthy, the well-off, and the well-connected. Mr. Speaker, I include in the Record analyses from the Joint Committee on Taxation, showing that big corporations with more than $1 billion in sales receive over 90 percent of all special interest electricity subsidies, and that financial institutions receive three times more benefits from these tax credits than any other industry where the wealthy, the well-off, and the well-connected benefit. Congress of the United States Joint Committee on Taxation, Washington, DC, March 31, 2023. From: Robert Harvey. Subject: Distribution Data. This memorandum is in response to your request of March 28, 2023, for data on the distribution of claims for certain energy credits by the gross receipts of the taxpayer. Below we report the tentative claims for credit under Code section 45, the credit for electricity produced from certain renewable resources, and the tentative claims for credit under section 48, the energy investment credit, by C corporations for the 2019 tax year and 2020 tax year. The amounts reported are the tentative claims for credit before any limitation that the taxpayer might face and before any audit adjustment that might occur.…”