Trump transition team plans to kill Biden's electric vehicle tax credit
Source: The Guardian
Donald Trumps 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 US EV transition. And yet representatives of Tesla by far the nations biggest EV maker have told a Trump-transition committee they support ending the subsidy, said the two sources, speaking on condition of anonymity.
Teslas CEO, Elon Musk, one of the president-elects biggest backers and the worlds richest person, said in July that killing the subsidy might slightly hurt Tesla sales but would be devastating to its US EV competitors, which include legacy automakers such as General Motors.
[.....]
Repealing the subsidy, a signature measure of US president Joe Bidens Inflation Reduction Act (IRA), is being discussed in meetings by an energy-policy transition team led by the billionaire oilman Harold Hamm, founder of Continental Resources, and the Republican North Dakota governor, Doug Burgum, the two sources said.
Read more: https://www.theguardian.com/us-news/2024/nov/15/trump-biden-ev-tax-credit
Irish_Dem
(57,309 posts)Sounds about right.
turbinetree
(25,267 posts)next up solar panels for homes..............and those tax breaks..............
jls4561
(1,519 posts)Global warming.
Ultimately killing more people.
Thats just an added bonus.
JoseBalow
(5,138 posts)So at least there is some silver lining
Aussie105
(6,254 posts)I don't see the logic in that at all.
Businesses in general hate changes in their operating conditions because they do long term planning.
I hate to wonder how businesses will react to the upcoming turmoil of the Trump incompetent administration changing fundamental parameters.
I'm guessing it will get messy.
Some will be favored and benefit, but most will suffer.
And that will flow on to the stock market.
I'm expecting turbulent times there.
Why should anyone care?
Well, most pension funds are invested heavily in the US stock market, as are many pension funds globally.
Then there will be price rises in stores from businesses that are desperately trying to stay afloat.
People crying out 'But I voted for Trump! Trump promised!' won't help any.
getagrip_already
(17,430 posts)Probably very nsrrowly targeted to plants in tx producing cars with 5 letter names starting with t.
Doodley
(10,360 posts)ZonkerHarris
(25,268 posts)FakeNoose
(35,657 posts)Dyedinthewoolliberal
(15,909 posts)The first thing Reagan did was get rid of the solar panels Carter had installed at the White House. They are so incredibly short sighted.
littlemissmartypants
(25,483 posts)To coin a phrase frequently used by the good ole boys.
markie
(22,920 posts)the program is good on many counts... encourages domestic production, eases carbon emissions, and it was still there when I bought my new EV last month (unfortunately I found I had to buy into Tesla app so I can use their chargers on longer trips)
cstanleytech
(26,993 posts)Another reason their trying to destroy the FBI and cut the government workers so as to block any criminal investigations at the Federal level.
Response to groundloop (Original post)
Chin music This message was self-deleted by its author.
Escurumbele
(3,612 posts)That would definitely hurt Tesla.
Bill Clinton was at some talk show a few years after his presidency, and he was very clear about people investing in alternative energies, he said that it would keep Saudis in check, they would loose their dominance which is only due to oil, while helping the planet, but the USA has not listened.