4 sources·Politics

Trump's Transition Team Plans to Eliminate $7,500 EV Tax Credit, Sparking Controversy

President-elect Trump's team is considering eliminating electric vehicle tax credits, a move supported by Tesla, which could impact competitors more than Tesla itself.

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Updated: Nov 14th, 2024, 5:50 PM ET

Summary

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President-elect Donald Trump’s transition team is planning to eliminate the $7,500 consumer tax credit for electric vehicles as part of a broader tax-reform initiative. This move, while potentially diminishing demand for EVs overall, is reportedly favored by Tesla representatives, including CEO Elon Musk, who argue that it could advantage Tesla by harming its competitors more severely. The plan, discussed by an energy-policy transition team, may face challenges due to existing clean-energy policies gaining momentum under President Biden's Inflation Reduction Act. The move is perceived as an easy consensus for a Republican-controlled Congress aiming for tax reform.

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