US military leaders wade into fight over tax breaks for critical minerals

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The story "US military leaders wade into fight over tax breaks for critical minerals" was covered 18 hours ago by Financial Times, a news publisher based in United States.

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Financial Times 18h ago

US military leaders wade into fight over tax breaks for critical minerals - Financial Times

Quick Summary:

The lobbying follows concerns raised by the Department of Defense this year over China’s “disruption to critical US supply chains” by restricting exports of rare earths and the equipment used to process them.

Some Republican members of Congress have called on party colleagues to “fully repeal” the act, saying it could cost taxpayers $1tn over a decade and prop up renewable energy sources while displacing fossil fuels.

The gathering fight is underscoring the unusual political alliances around the Biden-era Inflation Reduction Act, which provided lucrative incentives for green energy and critical minerals projects.