Taxpayer subsidies for electric vehicles only help the wealthy

Published February 18, 2020 6:52pm ET



Electric vehicles have been popping up in driveways, parking lots, and roads across the country for the past decade or so. Proponents of the electric vehicle revolution are wondering what’s taking the rest of us so long to follow suit.

The reality is that the rest of us are already doing a lot to support the adoption of electric vehicles. For example, taxpayers fund the federal electric vehicle tax credit program, which grants up to $7,500 for qualifying purchases. States such as Colorado offer an additional state income tax credit of $4,000, and New Jersey just passed legislation for a new $5,000 state rebate in addition to an existing sales-tax exemption for electric vehicle buyers. The nation’s teachers, nurses, and factory workers are all paying higher taxes for a program that generously benefits those who buy electric vehicles.

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