Trump Is Right — Subsidies for Electric Cars, Renewable Energy Must End
Investor’s Business Daily cited CEI’s coalition letter opposing extension of electric vehicle tax credits.
In a study for the Manhattan Institute’s Economics 21 blog, economist Jonathan Lesser of Continental Resources, using government data on the expected number of new electric vehicles, found that “the net reduction in carbon dioxide emissions between 2018 and 2050 would be only about one-half of 1 percent of total forecast U.S. energy-related carbon emissions.”
“Such a small change,” Lesser concluded, “will have no impact whatsoever on climate.”
Moreover, the billions of dollars of subsidies and credits don’t go to all Americans, but mainly to high-income ones, since electric cars are still highly expensive on average. As the Competitive Enterprise Institute explains, “79% of EV (electric vehicle) tax credits were claimed by households with an adjusted gross income of more than $100,000 a year.”
So Americans are subsidizing toys for the rich that aren’t necessarily either as economic or clean as advertised.