Should you be expected to subsidize electric vehicles? ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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End Biden’s Green New Deal
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Hello John,
Do families earning $300,000 need the taxpayer’s help to buy a new $80,000
car? Or would that money be better used to help cut taxes for everyone?
I think I know your answer.
This story begins with the most misnamed piece of legislation in history — Joe
Biden’s“Inflation Reduction Act.” Not only did the IRA not reduce inflation,
but it more likely contributed to thehighest inflation we experienced in 40
years.
If you recall, a central feature of the IRA was Joe Biden’s “Green New Deal,”
which uses taxpayer subsidies to push special interest alternative energy
projects.
It’s a strategy doomed to fail.
Why?
Because the government is lousy at picking winners in the marketplace — and we
have a long track record to prove it.
Remember the Solyndra disaster under Barack Obama? That little solar-panel
boondoggle cost taxpayers more than $500 million before going belly up. And
there are plenty of other examples, too — Abound Solar, Fisker Automotive, A123
Systems, etc. You can bet the IRA will add substantially to that string of
failures.
How much will the IRA cost hardworking Americans? The Congressional Budget
Office initially estimated the 10-year cost to taxpayers at $370 billion.
However, a subsequent analysis by Goldman Sachs found the cost will be — are
you ready for it? — $1.2 trillion.
Why such a sharp increase? Because the green energy subsidies in the law are
uncapped — there is no limit to what the government could spend on these
subsidies.
Which brings us to the current reconciliation process to renew the Trump tax
cuts of 2017. As we’ve written, Congress is looking for savings in other parts
of the budget to help cover the cost of renewing the tax cuts.
One way to do that would be to eliminate some of these taxpayer subsidies and
handouts for Biden’s Green New Deal.
Also, since Democrats used reconciliation to create the subsidies (without a
single Republican’s vote), Republicans could use reconciliation to get rid of
them — and they should (check out this new ad by Americans for Prosperity
making the case <[link removed]>).
Let’s look at one example. A major taxpayer subsidy in the IRA is the $7,500
tax credit for purchasing an electric vehicle. Who qualifies? Any family with
an income of less than $300,000.
What kind of cars qualify? Since the full tax subsidy is available on electric
cars up to $80,000, some sweet rides, including the Acura ZDX, Cadillac Lyriq,
Tesla Cybertruck, and Ford F-150 Lightning.
Here’s the bottom line: This single provision will cost us $180 billion over
10 years. So, I will ask you again, do those earning $300,000 need the
taxpayer’s help to buy a new $80,000 car? Or would that money be better used to
finance tax cuts for everyone?
It’s time for Congress to end the IRA’s taxpayer subsidies once and for all
and use those savings to renew the Trump tax cuts.Tell Congress — not a penny
more for Biden’s Green New Deal.
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Contact your lawmakers
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Best,
Joe Eule
Americans for Prosperity
Americans for Prosperity believes freedom and opportunity are the keys to
unleashing prosperity for all. We are a community of millions of concerned
citizens advocating for solutions based on proven principles to tackle the
country's most critical challenges.
Americans for Prosperity
4201 Wilson Blvd, Suite 1000
Arlington, VA 22203
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