Robin Hood in reverse? Democrats plan $12,500 tax credits for pricey electric car purchases

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House Republicans are arguing against a Democratic proposal to increase the $7,500 taxpayer-funded credit for electric car purchases to as much as $12,500, arguing that it would disproportionately help wealthy Americans who can afford to buy pricey electric vehicles.Democrats on the House Ways and Means Committee have proposed increasing the credit as part of their party’s filibuster-proof $3.5 trillion budget reconciliation bill, which includes new social programs and billions for electric vehicle infrastructure.
Electric cars “can cost anywhere from 10 percent to over 40 percent more than a similar gasoline-only model,” a Consumer Reports analysis found last year (although the study argued that estimated savings on things like fuel and repairs offset the higher purchase prices over time).
In 2020, electric cars accounted for only 2% of new passenger vehicle sales.

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