It must be nice being Kansas City Chiefs tight end Travis Kelce. Not only is he now a three-time Super Bowl winner who is dating a beautiful pop star billionaire, but now you, the taxpayer, are picking up part of the tab for his Hollywood debut.
And of course, you can thank President Joe Biden.
When Democrats wrote the inaptly titled Inflation Reduction Act, they not only included billions in tax credits for green energy projects, but they also made them “transferable.” Here is how that works.
Let’s say Mike is a big investor in green energy projects. Under the Inflation Reduction Act, the tax credits for these green energy projects are so generous that the value of the credits exceeds what Mike owes in federal income taxes. But other wealthy investors or corporations still have tax liability from other sources of income.
The Inflation Reduction Act allows Mike to sell these tax credits to whomever he wants, and then the buyers can use the credits to reduce their tax liability. So Exxon Mobil might owe the federal government $5 billion in taxes, but it could pay Bob $4 billion for $5 billion in tax credits, thus ending up with zero tax liability.
And this is big business. In 2022 alone, more than $9 billion changed hands thanks to transferable tax credits created by the Inflation Reduction Act.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Now it is unclear whether or not Kelce himself is a big investor in green energy products, but according to Variety, the co-founder of the production company that is producing his first movie is. Kelce is serving as an executive producer for an independent movie titled My Dead Friend Zoe starring Natalie Morales, Ed Harris, and Morgan Freeman. The film is reportedly financed almost entirely by the Inflation Reduction Act tax credits sold by investor Mike Field.
Time will tell if Kelce’s Hollywood career will be as successful as his football one. But the next time you hear Biden or some other Democrat complain about how wealthy corporations and investors don’t pay their fair share of taxes, remember that it was Biden and the Democrats who made shirking those tax bills so easy.
