Katie Tubb and Rachel Greszler write in The Daily Signal on how proposed electric vehicle tax credits benefit unions and wealthy individuals, not the environment.
- Electric vehicle tax credits are paid for by middle and lower class taxpayers and overwhelmingly favor wealthy consumers who can already afford an EV.
- Some of the tax credits proposed would increase government oversight and regulations, driving up costs on taxpayers and stifling investments in innovation.
- Instead of relying on subsidies that distort market values, we should look to free markets and the innovation of the private sector to lower costs for consumers.
“Of the estimated $7.5 billion in electric vehicle credits to be claimed between 2018 and 2022, corporations will take about half. Of the other half claimed by individual Americans, 78% will go to people making over $100,000 per year.”
Read the full article here.
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