Bad news if you drive an EV: This is how Donald Trump’s ‘big, beautiful bill’ could affect your taxes
Donald Trump’s ‘Big Beautiful Bill’ is set to push the US back years when it comes to electric vehicle sales.
There are more fish in the sea, dear. He was clearly only using you for his personal gain...
It turns out that Donald J Trump — despite taking us on a tour of the rosebushes of the White House before coming across a Tesla, being handed a script, and selling us all electric vehicles — doesn’t actually care about them, the environment, technology, or Elon Musk.
The President of the United States took us through the prices and horsepower of various Tesler models in — believe it or not — a disingenuous sales pitch for his ex-best-friend-forever, Mr Musk.
Now, the so-called Big Beautiful Bill — his new bestie — has been passed, cutting tax incentives for potential EV buyers and putting the United States behind in the race to dominate the market.
Despite the fact that buyers have until September 30 to qualify for the federal tax credits on electric vehicles before they are sent into the void, expert advice asks a simple question: What’s the point anymore?
Before the bill came into being, new EVs came with a $7,500 federal tax credit, and used EVs included up to $4,000, effectively bridging the gap between electric and petrol. They are cheaper to run than gas-powered cars, but the initial price hike was a turn-off for many.
Those incentives were originally designed to help make the vehicles more appealing to prospective buyers simply by making them more affordable; at present, to buy a new electric vehicle it is around $9,000 more expensive than a gas guzzler, or $2,000 if you’re buying used.
However, it’s not all doom and gloom. Electric vehicles are the investors’ choice, as in the long run they are significantly more efficient to drive compared to their coal-powered ancestors. “Quickly you’ll end up paying less than a gas car because it costs much less to fuel, and it needs almost nothing for maintenance,” Senior Policy Director Ingrid Malmgren of the nonprofit advocacy group Plug In America told CBS.
CNBC also offers hope, writing that despite a higher price tag, EVs “may be a better financial deal for consumers over the long haul”, given the fact that all of maintenance, repair and fuel costs ‘tend to be lower than those for gas cars."
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