Economy

ELECTRIC STEAL: Biden's Inflation Act Provides EV Tax Credits —So Manufacturers Just Raised Their Prices

posted by Hannity Staff - 8.15.22

Well, Joe —you’ve been outfoxed.

According to a report from The Daily Wire, President Biden’s Inflation Reduction Act is set to provide a $7,500 tax credit as an incentive to help Americans go green. Only one problem: Ford and GM just raised their EV prices by pretty much that exact amount.

From The Daily Wire:

Citing “significant material cost increases and other factors,” Ford’s announcement revealed price hikes between $6,000 and $8,500 for its electric vehicles. The F-150 Lightning Pro, for example, will sell for $46,974 — a $7,000 increase from the $39,947 charged for last year’s model. GM likewise increased the cost of its electric Hummer by $6,250 last month.

The price hikes are comparable to the $7,500 tax credits for new electric vehicles included in the $740 billion Inflation Reduction Act, which currently awaits President Joe Biden’s signature. The legislation earmarks a total of $369 billion to combat “the existential crisis of climate change,” according to remarks from Biden.

“It addresses the climate crisis and strengthens our energy security, creating jobs manufacturing solar panels, wind turbines, and electric vehicles in America with American workers,” Biden said of the bill. “It lowers families’ energy costs by hundreds of dollars each year.”

This certainly isn’t doing much to support the White House’s “just go buy an electric car” narrative.

Continue reading over at The Daily Wire:

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