Last week, the Biden administration narrowly passed the $740 billion “Inflation Reduction Act” into law. You may have been led to believe that the bill was intended to fight inflation (primarily because it’s literally called the Inflation Reduction Act) but in reality, it’s a trojan horse for the typical, left-wing agenda.
One of the main aspects of the act is $369 billion of dollars that will be spent tackling climate change. Included in this is a tax credit for consumers to purchase electric vehicles. The federal government is offering select consumers up to $7,500 in discounts to buy an electric car.
The funny thing is, around the same time that this tax credit was proposed, both Ford and General Motors announced that they were raising the prices of their electric vehicles. By how much, you’re wondering? Well, in a total coincidence of course, the vehicle manufacturers raised their prices by about $7,500… the same amount as the tax credit.
Ford announced that their price hike will cost consumers anywhere from $6,800 to $8,500 more than last year. Likewise, GM is charging $6,250 more for their electric Hummer. These price hikes effectively cancel out the tax credit that consumers can receive from the federal government.
In the White House’s defense, the prices of these electric cars were likely to rise regardless of the newly-imposed tax credit; the electric vehicle market is growing and prices have been rising each year. With rampant inflation causing most consumer goods prices to rise as well, it’s no surprise that these automotive companies are raising prices on their electric vehicles. But again, the rampant inflation causing price increases is a direct result of this administration’s failed economic policies.
humanevents.com/2022/08/26/a-new-biden-tax-credit-just-jacked-up-the-price-of-electric-vehicles/