‘Giveaway to the rich’: Dems reject means-test for electric vehicle tax credits
By Haris Alic
House Democrats blocked an attempt by Republicans to means-test the electric vehicle tax credits in President Biden’s $3.5 trillion social welfare and climate change package, drawing criticism that the subsidies will only benefit the wealthy.
In a late-night hearing of the House Energy and Commerce Committee, Democrats killed an amendment by Rep. Larry Bucshon that would have prohibited individuals making more than $100,000 a year from qualifying for tax credits or subsidies for electric vehicles or charging stations. The amendment would also have prevented the federal government from subsidizing purchases larger than $40,000.
. . .
In arguing for the amendment, Mr. Bucshon noted that studies found that wealthy individuals already disproportionately use electric vehicle tax credits. A 2018 report by the Pacific Research Institute determined that nearly 80% of electric vehicle plug-in tax credits went to households with an adjusted gross income greater than $100,000 per year.
. . .