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Is the Elite Vehicles Act a Threat to Affordable Electric Cars in the US?

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There are Senate and presidential elections in the U.S. this year. As confirmed by Trump’s presidency, candidates incite the emotions of specific regional voters with catchy phrases. This time, the Detroit News reported that the Republican Party is introducing the Elite Vehicles Act, which significantly eliminates benefits equivalent to inflation reduction. Senator John Barrasso, a Republican from Wyoming, proposed the bill. According to a news outlet, Wyoming is rich in oil reserves, and Barrasso received $526,425 in campaign contributions from the oil and gas industry in the latest Senate election.

Politicians from oil-producing states, which drove America’s economic development ahead of the industrial Rust Belt in the north and the Sun Belt in the south, where new industries are concentrated, reflect their political interests.

The American IRA provides a $7,500 subsidy and is limited to 200,000 units per manufacturer. Initially, it was a post-billing method, but various measures are being considered to increase demand, such as changing to a prepayment method at the beginning of this year. Methods have been established to eliminate the limit and improve accessibility to tax deductions by using tax deductions in advance at the time of sale. This means that low-income buyers are eligible for tax deductions and can receive them immediately without waiting for a tax return.

As a result, many automakers and battery companies are building factories in the U.S., and President Biden’s reshoring policy is receiving positive evaluations. Since President Biden began promoting electric vehicles, $210 billion has been invested in new or expanded factory projects, expected to create 250,000 jobs in electric cars.

The Elite Vehicles Act, named after the Republican Party’s elite fossil fuel donors, aims to profit at the expense of everyone else.

Therefore, if the tax deduction withdrawal takes place, critics argue that Americans cannot purchase electric vehicles at a lower price and suffer more from the pollution of industries that bribe Barrasso.

The U.S. faces another dimension of political issues and criticism of strengthening protectionist trade. Many experts strongly oppose the bill, accusing John Barrasso of lying. The bill has not yet been formally proposed.

globalautonews
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Comments2

  • this article made no sense.

  • poorly written article, journalism should be better than this.

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