Trump’s Spending Plan Would Add Taxes, Kill Clean Energy Credits, Industry Warns Wind, Solar Face New Taxes

Senate Republicans introduced a sweeping domestic spending bill backed by Trump, according to CNBC. The bill would phase out key clean energy tax credits after 2027 and impose new taxes on wind and solar projects sourcing parts from China. Industry groups say the move could eliminate $450 billion in clean energy investments, jeopardize up to 2 million construction jobs, and lead to higher electricity prices. Shares of major renewable energy companies declined following news of the Senate bill. Tesla CEO Elon Musk criticized the Senate bill, calling it destructive, and warned that it would eliminate millions of jobs and harm future-focused industries while favoring outdated ones.