Fox News reports that the White House put out information about how it will implement Inflation Reduction Act (IRA) provisions that relate to the ability of individuals to qualify for and receive tax credits for purchasing electric vehicles (EVs).
The Treasury Department put out the rules on Friday. Those rules are very strict about where the sourcing of materials must be when looking at getting the full $7,500 credit that the Biden Administration had promised to those who switch to electric vehicles.
WATCH:ELON MUSK TALKS ABOUT THE FUTURE OF SELF DRIVING CARS
The Inflation Reduction Act was crafted by Senator Joe Machin (D-WV) and signed into law by President Biden in August 2022. This legislation aimed to create several different federal programs, not the least of which included many environmental programs meant to clamp down on various environmental issues.
WATCH ALAN DERSHOWITZ: "THERE IS NO CRIME IN MANHATTAN"
April 02, 2023
Treasury Secretary Janet Yellen said the following about the legislation: “The Inflation Reduction Act is a once-in-a-generation piece of legislation that is lowering costs for American consumers, building a strong U.S. industrial base, and bolstering supply chains,” and “Today, Treasury is taking an important step that will help consumers save up to $7,500 on a new clean vehicle and hundreds of dollars per year on gas, while creating American manufacturing jobs and strengthening our energy and national security.”
PUTIN'S LATEST POWER MOVE: RUSSIA DISPLAYS "WAR WINS" IN EYE-OPENING EXHIBITION
Given that most electric vehicle battery components are made from materials sourced from China and other foreign nations, this would make it extremely difficult for many Americans to qualify for the tax credits promised by the Biden Administration. This means that some of the promises of the Inflation Reduction Act might be flushed down the drain for those who have been in a tough spot to get money back for this type of investment.
BIDEN'S CRUCIAL CROSSROADS: GAZA CEASE-FIRE NEGOTIATIONS REACH CRITICAL JUNCTURE
The Biden Administration has very high targets for many climate goals in this legislation and beyond. Fox News reports that the Biden Administration has set a goal of 50% of all new car sales being electric vehicles by 2030. This might prove quite challenging if vehicle owners are asked to pay for electric vehicle batteries entirely on their own without a tax rebate, or at least without a tax rebate that is significant enough to make a real difference for them.
Discover alternative ideas that will make you think
Engage in mind bending debate
Earn points, rise in rank, have fun
