Aug 07 2022
Fischer Provision Would Stop Wealthy from Utilizing Wasteful EV Tax Credits
WASHINGTON, D.C. – U.S. Senator Deb Fischer (R-Neb.) today moved to address unfair and wasteful electric vehicle tax credits within Senate Democrats’ multibillion-dollar tax and spending bill.
“Democrats always talk about the importance of making the rich pay their fair share, yet their reckless tax and spending bill gives the rich another tax break. Their bill expands electric vehicle tax credits for the wealthy. No wonder so many Americans see Washington as out of touch.
“My amendment would at least restrict the usage of these tax credits so taxpayer funds aren’t being wasted on the rich and their luxury vehicles,” said Sen. Fischer.
The Schumer-Manchin bill includes two separate tax credits for electric vehicle purchases; one for those buying new EVs, and one for buying used EVs. Sen. Fischer’s amendment would ensure Americans cannot use these tax credits for new vehicles that cost $42,000 or more. The amendment also limits access to new vehicle EV tax credits by lowering the maximum income levels that qualify. This would ensure taxpayer dollars aren’t going towards wealthy Americans’ purchasing of luxury vehicles.
Overall, the Schumer -Manchin bill will:
- Create no measurable reduction on inflation
- Disproportionally hurt manufacturers
- Spend $369 billion on Green New Deal subsidies
You watch Sen. Fischer’s floor speech on the bill earlier this week here.
# # #