As reported exclusively by Frontpage Magazine, Americans can expect to see their chances of an IRS audit increase fourfold under the Biden-Manchin ‘Inflation Increase Act’. The massive upsurge in IRS enforcement was justified as a way to pay for the massive spending in the bill. Much of that spending consists of green pork for Democrat donors and special interests.
The media had spent the past month persuading Americans that they will see economic benefits from the green pork, but once the bill was passed through lies and dirty tricks, we know that it offers as much as $350 billion in loans, subsidies and guarantees to green companies.
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Overseeing the Department of Energy’s loan program is Jigar Shah: the founder of SunEdison.
SunEdison was one of the biggest of Obama’s subsidized green energy bankruptcies, receiving $1.5 billion in government grants and subsidies. While Solyndra’s bankruptcy, after receiving a $535 million loan from the Obama administration, is infamous, there were quite a few disasters.
The $350 billion that the ‘Inflation Increase Act’ is playing with will be far worse.
While Americans have little to cheer about a government program handing out money to its allies and donors, not to mention Tesla owners and the Bay Area elite, Bill Gates is happy.
“Everybody wants to be part of this,” Carmichael Roberts, the head of Bill Gates’s green energy investment fund, gushed. “The calls that I’m getting now — tremendous, already.”
Gates was described as having personally lobbied Senator Manchin and Schumer in “anticipation of a rare moment in which significant federal dollars might be secured for the clean-energy transition.” Billions of those dollars, ripped out of the hands of truck drivers, veterans and small businessmen, will have been “secured” for Gates and his ventures.
A wave of middle class IRS tax audits will be unleashed to pay for those “federal dollars”.
“I bet you there’s somewhere between 300 to 1,000 companies that will exist now because of this bill that would not have existed,” Gates’ venture fund boss boasted.
The question is how many of those will the Gates fund be invested in?
Breakthrough Energy Ventures, a fund backed by Bill Gates, announced earlier that it raised over $2 billion to invest in green companies and that it plans to raise that to $15 billion. It currently has a public portfolio of 70 companies, many of which have government connections.
Ventures led a $20 million investment round into Blue Frontier which had obtained the rights to technology developed at the Department of Energy’s National Renewable Energy Laboratory. Sustaera, which claims to remove carbon dioxide, received seed R&D funding from the Department of Energy followed by a $10 million round of financing from Ventures. Quidnet describes the DOE as “among the public and private investors in Quidnet Energy’s innovative energy storage system” and Bill Gates led a $10 million round of investment in the company.
As a Bloomberg article described, “This is no hypothetical for Gates. His investments through Breakthrough Energy, the Gates organization that does climate work, has sunk at least tens of millions into green cement startups such as Ecocem, Chement and Brimstone. None have yet reached commercial scale. He saw the bankruptcy filing of a battery startup he backed, Aquion, that might have had a fighting chance if energy-storage tax credits were available.”
Now most Americans will be forced to back these disastrous green startups and lose their shirts.
But when Bill Gates and his allied billionaires speak, politicians obey and Americans suffer.
Ventures is part of the larger Breakthrough Energy group which also includes Breakthrough Energy Action. The action arm spent over $1 million lobbying on green energy last year.
The firm which saw the most Action lobbying cash was KDCR Partners which that year had hired Patrick Hayes. Hayes was Senator Joe Manchin’s outgoing chief of staff and his former legislative director. Bill Gates’ Action lists Hayes as one of its lobbyists.
Forget Silicon Valley. Where else can you invest a few hundred thousand in lobbying cash and come away with a few hundred billion in subsidies while the middle class pays for it?
The board members and investors of Breakthrough Energy Ventures include Bill Gates, Amazon founder Jeff Bezos, Michael Bloomberg, Virgin’s Richard Branson, Facebook billionaire Dustin Moskowitz, Walmart heir Ben Walton, LinkedIn co-founder Reid Hoffman, along with Chinese Communist tycoon Jack Ma of Alibaba and Saudi Arabia’s Prince Alwaleed bin Talal.
One of the things that many of the investors and board members have in common is that they, hopefully with the exception of the Chinese Communist billionaire, Branson, and the Saudi prince, are Democrat donors. Moskowitz has spent tens of millions on Democrats in presidential elections, Reid Hoffman has been spending $100 million, Bloomberg spent $100 million in an effort to help Biden win three states, while the Gates Foundation poured $70 million into the dark money machine of the Democrats alongside Moskowitz and George Soros.
The formal lobbying of Breakthrough Energy Action may just be a way of conveying the will of its megadonor bosses whose wallets are capable of making and breaking the Democrats.
It’s no secret that Bill Gates played a key role in getting the ‘Inflation Increase Act’ passed.
Bloomberg, the eponymous publication owned by his fellow Breakthrough Energy board member, credited Gates with lobbying Manchin and pressuring Schumer to cut a deal.
The Microsoft founder was described as having “tapped into a relationship with Manchin that he’d cultivated for at least three years”.
“My dialogue with Joe has been going on for quite a while,” the billionaire, whose marriage allegedly broke up over his ties to Jeffrey Epstein, bragged. “Almost everyone on the energy committee came over and spent a few hours with me over dinner.”
What followed was a story in which one of the richest men in the world convinced elected officials to ignore their constituencies and spend a fortune on green pork. The ‘Inflation Increase Act’ proved once again that in Washington D.C., voters don’t matter, only power brokers do.
Given a choice between obeying his voters or Bill Gates, Senator Manchin picked him.
“You know, people say Joe likes coal or something like that,” Gates said. “That’s really not fair. Joe wanted a climate bill.”
Or at least Bill Gates did. And so he got one.
“I will say that it’s one of the happier moments of my climate work,” Bill Gates said of the passage of the ‘Inflation Increase Act’.
Happiness for Bill Gates and his allies means misery, poverty and IRS audits for the country.