Tesla is worth $1 trillion and yet Joe Biden and Nancy Pelosi want to stuff more of the tax money you send to Washington straight into his back pocket.
Wall Street Journal (10/25/21) editorial: "Elon Musk struck gold again Monday when Tesla Inc., the electric-car maker he founded and runs as CEO, reached a stock market capitalization of $1.03 trillion. That’s a staggering business achievement, even discounting for today’s monetary-policy induced surge in asset prices...No one should begrudge Mr. Musk his commercial success, but one question comes to mind: Why does Tesla still need subsidies to make and consumers to buy electric cars? The House reconciliation bill would extend the existing $7,500 EV tax credit through 2031 and remove the 200,000 car per-manufacturer cap, which both GM and Tesla have hit. This is in addition to the many other government subsidies to produce batteries and the cars themselves. Tesla also benefits from the sale of regulatory credits to companies that don’t produce enough electric or hybrid cars to meet government mandates. Tesla’s 10-Q filing shows revenue of $1.15 billion from selling regulatory credits through Sept. 30 this year. A $1 trillion company doesn’t need government aid. If the Democrats follow through on their latest plan to impose a new wealth tax, the IRS will soon be pursuing Mr. Musk to turn over much of his wealth and any gain in his Tesla shares. We’d prefer to let him keep the gains of his entrepreneurial tenacity but give up the subsidies."
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"We need to change the focus of conversation, and here is where business leaders can take charge. Focus on a 21st century vision for electric power infrastructure, with abundant, cheap and clean electricity. Sell prosperity and thrivability as the motivations for this. Support innovation. Not greenwashing."
– Judith Curry,
Georgia Institute of Technology
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