WASHINGTON, D.C. — Congressman Jason Smith (R-MO-8) U.S. Senator John Barrasso (R-WY) introduced legislation to end the federal electric vehicle tax credit. A news release from Smith’s office says the legislation will save billions in taxpayer funds.
Smith says the electric vehicle tax credit is nothing more than a subsidy for the wealthy that sticks working class families with the bill.
The Manhattan Institute estimates that ending the electric vehicle tax credit would save roughly twenty billion dollars in taxpayer funds over the next decade. According to a Congressional Research Service report, 78% of electric vehicle (EV) credits are claimed by filers with an adjusted gross income of $100,000 or more, and those filers receive an even higher proportion (83%) of the amount of credits claimed.