The federal tax credit for electric vehicles, originally aimed at boosting the EV market, has become an example of government overreach, primarily benefiting wealthy individuals.
Congress should end the electric vehicle tax credit as it creates economic inequity, costing taxpayers significantly while mostly benefiting high-income individuals.
Studies reveal that in 2021, taxpayers with AGI over $100,000 received 84% of the electric vehicle tax credit, highlighting its role as a tax cut for the rich.
With rising budget deficits and estimated EV credit costs potentially exceeding $112 billion in lost revenue, the unfair advantage favors high-income individuals over the majority.
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