Trump's 'Big, Beautiful Bill' would kill tax incentive that's powered EV sales. What to know
In an effort to reduce emissions produced by gas-powered vehicles, the federal government began to offer Americans an electric vehicle tax credit of up to $7,500 during the Obama administration. This made pricey electric vehicles more affordable and accessible to average American drivers. Among Trump's and House Republicans' 'Big, Beautiful Bill' proposals is a measure to kill the tax credit over the next few years.
Section 112002 on page 30 of the One Big, Beautiful Bill document is titled "Termination of clean vehicle credit." The credit was originally set to expire December 21, 2032. A provision in the bill "accelerates the expiration to December 31, 2025." Americans would lose the ability to claim the EV tax credit in 2026.
The bill also targets EV and hybrid vehicle owners, under a proposal from the House Transportation and Infrastructure Committee that calls for annual fees, according to MarketWatch. Electric vehicle owners could be charged $250 annually and hybrid owners could be charged $100 annually if the bill is passed. So, why the attack on electric vehicles and what does this mean for car buyers?
The President has been taking aim at EVs for years and openly expressed his disdain for former President Biden's mandate demanding automakers electrify a large percentage of their portfolios by 2030. Trump has said that Biden's , electric vehicle mandate would cause 40% of all U.S. auto jobs to disappear, a statement which FactCheck.org, a non-profit research website, found no evidence to back up.
President Trump is not an electric vehicle advocate, despite his proximity to Tesla CEO and Senior Advisor Elon Musk. Instead, the President is a huge supporter of the oil and gas industry. His pledge to "drill, baby, drill" was one of the major talking points during his campaign trail.
If the 'Big, Beautiful Bill' eventually gets passed it could be the end of an era for American car buyers who strategically used the tax credit to purchase vehicles. The tax credit made popular electric vehicles like the Tesla Model Y affordable for many drivers. Eliminating it could severely impact EV sales across the industry.
If EVs are suddenly less affordable, they could become less desirable to many consumers. The Chevrolet Equinox EV is $26,100 with the tax incentive. Remove the incentive and its starting price is $33,600 before taxes and additional fees.
The Ford F-150 Lightning electric pickup truck starts at $55,495 before taxes and fees with the EV tax credit. Without the incentive, its price is $62,995. The existence of the tax credit is a huge selling-point for many popular EVs. The passage of the bill as is would mean electric vehicles are about to get much more expensive.
This article originally appeared on USA TODAY: Trump's Big, Beautiful Bill plans end to electric vehicle tax credit
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
8 minutes ago
- Yahoo
7 things I learned after my house fire, according to an insurance expert
When disaster strikes, a little inside information can make a big difference. The sweet scent of cinnamon rolls baking in the oven, a steaming cup of coffee in hand, and holiday carols softly playing in the background is how Christmas mornings usually look in my household. But last year, our quiet Christmas morning quickly turned into chaos with smoke hanging in the air, sirens blaring, and dozens of firefighters racing from room to room. As an insurance writer, I've spent the past decade covering the ins and outs of homeowners insurance, helping consumers understand their policies so they can make more informed decisions about protecting their homes. I'm well-versed in the steps to take when filing a claim, coverage details, and the questions to ask. But when disaster came knocking at my door, it hit completely differently. While I expected challenges along the way, the claim and restoration process brought more curveballs than I could have ever imagined. To help you avoid some of the stress, delays, and unexpected costs I faced, here's what I learned from my house fire insurance claim. This embedded content is not available in your region. Learn more: Homeowners insurance: What it covers and how much you'll pay No. 1: Trust your gut I've always lived by the motto, 'It's better to be safe than sorry.' So when I caught a faint smell of smoke in my bathroom, I knew something was off. My husband wanted to let it go because there was no visible smoke or fire, but I went with my gut and called 911. Within minutes, six local fire departments arrived at my home with axes, pick poles, and hoses in hand. It only took a few minutes to locate the source of the fire before they started ripping down my walls, ceiling, and even my beloved shower tile. Once the demolition began, I contacted my insurance agent and started the claim process. Learn more: How much homeowners insurance do I need? No. 2: Check your lightbulbs To my surprise, they identified the cause as a small can light above my linen closet. Over the years, the wiring had become brittle, whether due to incorrect wattage, faulty wiring, or a defective bulb, and eventually began sparking and spreading into the insulation. Learn more: How can a lightbulb start a fire? After the fire was extinguished and everyone was out of harm's way, the fire captain explained that if I had waited even an hour or two to call, the fire would have engulfed my entire home. Trusting my instincts saved our home and our pup from what could have been complete devastation. Every year, the Electrical Safety Foundation International (ESFI) estimates that 51,000 home fires result from electrical issues, causing around $1.3 billion in property damage. So if you have even the slightest gut feeling something isn't right, make the call, even if you're second-guessing yourself. Up Next Up Next No. 3: Document and save everything, if you can The fire department managed to save most of the debris, including the charred wood above the cabinet, but somehow the actual light fixture got tossed out. Even though this doesn't sound like a big deal, it was. If we had saved the light, or even just a piece, it could have helped the engineer who inspected my home pinpoint exactly why it caught fire. That could have helped us spot any other electrical problems in the house and prevent another fire. Because the light was lost in the shuffle, I hired my electrician to inspect most of the electrical work throughout my house and replace every canned light with LEDs. Home insurance policies usually only cover costs they consider 'necessary for the covered repairs,' and what's considered 'necessary' is typically up to your insurer's interpretation. Therefore, if they decide something isn't essential, they may not cover it. This means you'll be left picking up the tab for extra inspections or repair work. That's why, if the cause of your fire is unknown, do your best to save (and document) everything that may be relevant to solving the mystery. This could include lightbulbs, wiring, or other items that could serve as evidence and even help provide more support for your claim. Learn more: How much is homeowners insurance? A guide to lowering costs. No. 4: Have a reputable repair crew on speed dial When the unexpected happens, the last thing you want is to scramble for help while you're still in shock. Fortunately, my insurance agent referred me to a reputable restoration company, and I already had a list of trusted professionals to contact for repairs. After working with him for two decades, I trusted his recommendations. That said, even if your insurer gives you referrals, you're not required to use them, and in some cases, their recommendations may not be the best fit for your situation. If you don't have these contacts handy, you may find yourself wondering who to trust. In moments of crisis, it's easy for pushy companies, or even outright scammers, to take advantage of panicked and uninformed policyholders. Learn more: What does homeowners insurance not cover? So, before you need them, make a list of trusted professionals. Ask friends and family for recommendations, and check reviews to find reputable options such as contractors, painters, and plumbers. For me, having this list ready was worth its weight in gold, especially when the pressure was on. In addition to cleanup services, restoration companies may offer contracting services, which can act as a one-stop shop for repairs. While this sounds appealing and convenient, their contractors may not have the expertise to help with your project. That's why it's important to vet any contractor thoroughly, whether you find them yourself or through your insurance or restoration company. No. 5: 'Preferred' doesn't always mean the best Some vendors, especially those recommended by your insurer, may assure you they'll handle everything directly with your insurance company, including settling the final payment. While these 'preferred' vendors usually have a direct line of communication with your insurer, that doesn't mean you should step back completely. In fact, some preferred contractors rely on insurance companies for work, so they may prioritize keeping that relationship intact over giving you the best advice. In my case, the restoration company did communicate with my adjuster, but when it came time for payment, the logistics still ended up on my plate. In other cases, homeowners have faced blank contracts that lock them into unfavorable terms, hidden waivers that remove the contractor's liability for damage, or payment arrangements where the contractor gets paid directly, leaving the homeowner without visibility into costs. That's why it's worth vetting every contractor, whether they come from your insurer's list or your own research, and keeping the lines of communication open from the start. No. 6: Don't let repairs run on autopilot Just because you've picked a reputable contractor doesn't mean it's time to kick back and watch the magic happen. While you'd hope every professional treats your home with the same care you do, the reality is, to them, it might just be another job. Staying hands-on, especially with the construction details, can help you avoid costly mistakes and unnecessary headaches. Unfortunately, I had to learn this the hard way: Paint spilled all over my hardwood floors, my marble countertop chipped, the shower door shattered from a bad installation, and I had to scramble at the last minute to find floor tile I was told didn't need replacing. Acting as your own project manager is crucial to make sure the work is done right the first time and up to your standards. So, don't be afraid to check progress regularly, ask questions, and confirm details — even if you've been assured they know what to do. This is your home, and the work should meet your expectations from the start. Learn more: The important difference between actual cash value and replacement cost No. 7: Set realistic expectations on timing Even a minor fire claim can take far more time and energy than you expect. When my contractor first walked through the damage, he estimated we'd have everything wrapped up in a month or two. Eight months later, we were still putting the finishing touches on repairs and trying to get life back to normal. The delays weren't always dramatic, but they added up over time, from discontinued tile to backordered floor stain to installation mistakes and crew vacations. And between those setbacks were the constant interruptions: contractors coming and going, noise, dust, and the mental load of making decisions about colors, materials, and layouts while juggling work and life. On top of that, the time away from work to meet contractors, oversee repairs, or handle claim details can cut into your paycheck, especially if you're self-employed or don't have paid leave. But here's something to keep in mind: Restoration takes patience and organization. So, prepare for delays and do your best to stay on top of all the moving parts. That way, the process hopefully feels more manageable and less overwhelming. What my home insurance policy didn't teach me Having a solid homeowners insurance policy in place is only half the battle when it comes to filing a fire claim. The rest comes down to trusting your gut, documenting everything, choosing suitable professionals for the job, and staying hands-on every step of the way. It's a roller coaster of an experience, so staying patient through delays, mistakes, and endless decisions can help you keep your peace of mind intact. While you won't find this advice hidden in your homeowners insurance policy's fine print, it can make a world of difference when living through a house fire insurance claim. Tim Manni edited this article.
Yahoo
8 minutes ago
- Yahoo
Fed to scrap program devoted to policing banks on crypto, fintech activities
WASHINGTON (Reuters) -The Federal Reserve announced on Friday it was scrapping a so-called "novel activities" supervision program it created to specifically police banks on their crypto and fintech activities, and instead will integrate that work into its regular bank oversight. The Fed launched the new program in 2023 as a way to focus on how banks interact with those emerging technologies. But the central bank said it was no longer needed as the Fed has strengthened its understanding of those risks and how banksmanage them.
Yahoo
8 minutes ago
- Yahoo
Elections officials order changes after ballots went uncounted while clerk baked cookies
MADISON - Madison election officials must make a series of changes to avoid losing track of absentee ballots in future elections, the state's bipartisan elections commission ordered Friday. The commission voted 5-1 to require Madison officials to change how they track absentee ballots among other practices even after the commission's former administrator who now works as Madison's city attorney argued the commission had overstepped its authority. But city officials ultimately accepted the Wisconsin Elections Commission's decision after being at odds over how to move forward after nearly 200 ballots went uncounted in the 2024 presidential election while the city election clerk took vacation time to bake thousands of was the cookie baking revelation that underscored the commissioners' arguments Friday to require changes. Millis and Democratic chairwoman Ann Jacobs noted that throughout the course of their investigation into the uncounted ballots, clerk staff did not mention in their interviews that the former clerk took time off at the same time the uncounted ballots were discovered to bake thousands of cookies and used staff member and city vehicles to deliver them to various city offices. "She could not be bothered to turn off the oven and come into the office to figure out if the Ward 65 ballots could be counted — and they could have been counted if the clerk had acted promptly," Republican elections commissioner Don Millis said at a commission meeting Friday, Aug. 15."The failure to mention that the clerk was readily available to address this issue, along with the fact that none of the city officials we deposed felt it was their job to get the ballots counted − it makes me even more determined that the commission must impose the directions in our order." All but one commissioner, Democrat Mark Thomsen, voted to order the changes. Thomsen said Madison officials had already made changes to ensure the episode did not happen again and that Witzel-Behl was no longer clerk. "I don't think it's fair to burden the new clerk with a set of orders that other clerks recognize no one else has to follow," Thomsen said. "Frankly, I don't know why we're picking on Madison. And I don't think we should." The city contends the Wisconsin Elections Commission does not have the authority to order the tasks and changes in practice, which the commissioners discussed at a July meeting. But commission staff attorneys say the actions by the former clerk warrant such orders, and state law allows the commission to issue them. Madison City Attorney Michael Haas, a former administrator of the state elections commission, said his understanding of the commission's authority is that it is "limited to ordering a local election official to comply with the election laws." He said the orders require Madison clerk staff to perform duties not mandated in other ordered changes come as the city faces a class-action lawsuit from a portion of the 193 voters whose absentee ballots were not counted. In a statement, Madison Mayor Satya Rhodes-Conway did not push back against the commission's actions. "Along with the fresh perspective of a new Clerk, we are undertaking a reorganization of the office focused on improving efficiency and accountability," she said in a statement. "I'm confident that these steps will keep Madison at the forefront of election administration and voter turnout." "I also want to express our sincere regret to the absentee voters whose ballots were uncounted in November. Even before the WEC's investigation, we took immediate action to ensure this mistake never happens again and that work will continue with the guidance issued by the Commission today." Molly Beck can be reached at This article originally appeared on Milwaukee Journal Sentinel: Elections officials order changes after ballots went uncounted while clerk baked cookies Solve the daily Crossword
