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President Trump will eliminate Joe Biden’s disastrous electric vehicle tax credit that raised the prices of EVs.
Reuters reported:
President-elect Donald Trump’s transition team is planning to kill the $7,500 consumer tax credit for electric-vehicle purchases as part of broader tax-reform legislation, two sources with direct knowledge of the matter told Reuters.
Ending the tax credit could have grave implications for an already stalling U.S. EV transition. And yet representatives of Tesla – by far the nation’s largest EV seller – have told a Trump-transition committee they support ending the subsidy, said the two sources, who spoke on condition of anonymity.
Recall that Joe Biden’s “Inflation Reduction Act” – which was really the Green New Deal – gave a tax credit up to $7,5000 for people who purchased new electric vehicles through 2032.
Under Biden’s plan, if you bought an electric vehicle averaging $62,893, you might have been eligible for a tax credit of up to $7,500 until the year 2032.
$62,893 is the average price of vehicles sold only through dealerships and does not account for direct-to-consumer sales of more expensive electric vehicles. This number also accounts for all-electric vehicle transactions, both new and used.
The Biden Regime and the Democrats in Congress wasted billions of dollars on the electric vehicle scam.
In 2021, the Democrat-controlled Congress gave Joe Biden $7.5 billion to install electric vehicle chargers all over the country and only 7 or 8 EV charging stations have been built. It’s a total scam.
According to 2021 analysis from the New York Times, $1.2 trillion of the ‘Infrastructure’ bill would be spent over 8 years and $550 billion will go to roads, bridges, rail lines, electric vehicles, water systems and other programs.
Electric vehicles are unpopular, expensive and bad for the environment but the Biden Regime is going into overdrive to force car companies to produce more EVs while they crack down on gas-powered vehicle tailpipe emissions.
The post President Trump to Immediately Eliminate Joe Biden’s Disastrous Electric Vehicle Tax Credit appeared first on Energy News Beat.
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