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Elon Musk Warns Joe Biden’s New Insane EVs Tax Law, Warning Tesla stock!
CNBC Television
Joe Biden
Tesla Owners Online
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Elon Musk Warns Joe Biden’s New Insane EVs Tax Law, Warning Tesla stock!
”The fact is that my message to Congress is this: This is the strongest bill you can pass to lower inflation, cut the deficit, reduce health care costs, tackle the climate crises, and promote energy security…So, pass it. Pass it for the American people. Pass it for America.” President Joe Biden detailed some of the bill’s provisions, highlighting tax credits for Americans’ energy-efficient appliances and electric vehicles.
The measure would invest $369 billion into energy and climate change programs to reduce carbon emissions by 40% by 2030.
Federal tax credits for electric and hydrogen-fueled vehicles will be set at $7,500 for new cars and $4,000 for used ones.
However, the tax credit is controversial because it is now more targeted toward lower-priced EVs and those people under a certain income threshold. According to the draft of the bill, the total EV credit only applies to these vehicles: Vans, SUVs, and pickup trucks costing less than $80,000. Others, meaning sedans and coupes, cost less than $55,000.
The limits that may have seemed become more absurd because inflation and supply-chain disruptions have already pushed average EV prices beyond the range.
Tesla recently had to raise the prices on all its EVs frequently.
So how many Tesla models are eligible for this tax credit?
Most Teslas are now significantly more expensive than they were at the beginning of last year. Tesla Model Y is already the world’s best-selling electric car. Its continued sales success is especially remarkable when considering how expensive it is. The Model Y’s dual-motor AWD Long Range trim starts at a base price of $62,990 and can jump to $83,990 with all the fixings.
Most Tesla customers prefer souped-up versions, prices of which could exceed the proposed limits.
The average transaction price of a new electric car was $66,997 in June, soaring almost 14% from a year earlier. The average transaction price of a new electric vehicle was $66,997 in June, soaring nearly 14% from a year earlier,
Elon Musk Warns Joe Biden’s New Insane EVs Tax Law, Warning Tesla stock!
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