American Taxpayers Will ‘Fund Lucrative Tax Credits’ Worth $136 Billion For Biden’s Electric Car Agenda

The Biden administration’s tax credits for electric vehicles (EV) could end up costing taxpayers four times more than earlier estimates, with multiple manufacturers set to collect billions in such credits over upcoming years.
Among the many tax rebates in the Inflation Reduction Act (IRA) passed last year, one is specifically aimed at electric battery manufacturing. For each kilowatt-hour of U.S.-manufactured cell, a company will get tax credits worth $35. This is expected to cut down battery production costs in the country by a third.
An estimate made by the Congressional Budget Office (CBO) in August last year foresaw tax revenues lost from these tax credits amounting to $30.6 billion over a period of 10 years, with the figure including credits for solar and wind manufacturing as well….}