Commentary By Mario Aniles | AZ Mirror
Filing taxes is stressful even in the best of situations. It’s especially stressful for many this year, thanks to President Donald Trump’s proposed cuts of tax credits that helped many Americans save billions of dollars in the past few years.
As a bilingual Certified Public Accountant and financial adviser in Phoenix, I’ve helped numerous clients take advantage of clean energy tax credits and rebates. I’ve seen firsthand the impact of climate-related price increases on residents already struggling with climate-influenced costs, including rising insurance rates, increased cooling costs and growing inflation.
In 2022, the Inflation Reduction Act created or enhanced more than 20 clean energy-related tax credits. If left untouched by Trump, this legislation is projected to lower electricity rates by up to 9% by 2030. The plan includes both tax credits that reduce Americans’ tax burdens and rebates, which discount the price of many of the same products and services also eligible for tax credits.
More than 3 million families have already saved more than $8.4 billion thanks to energy upgrades and will save $38 billion on electricity bills by 2030 — if we stay on track. But if Trump kills clean energy investments, Americans will pay more.
For example, take electric vehicle (EV) tax credits. The Inflation Reduction Act includes multiple investments to support the growth of the electric vehicle industry and help consumers, including a tax credit of up to $7,500 for the purchase of qualified new EVs, and a tax credit of up to $4,000 for the purchase of certain used EVs.
EV tax credits directly support American workers by driving the production of electric vehicles and their components in the United States, creating high-quality jobs that remain at home. The U.S. has seen double-digit growth of EV sales year over year, bolstering the manufacturing sectors and ensuring long-term job stability for auto workers and suppliers. Arizona is quickly becoming a leader in EV and EV battery manufacturing.
