(The Hill)
White House chief economic adviser Larry Kudlow said on Monday the Trump administration will seek to end subsidies for electric cars and renewable energy sources, according to reports.
Kudlow said he expected subsidies for electric cars would end by 2020 or 2021.
“We want to end, we will end those subsidies and others of the Obama administration,” he said, according to Bloomberg.
It’s unclear how the administration plans to cut the tax credits, since Congress enacted them and would have to act to end them.
Electric car buyers currently get tax credits of $7,500 per vehicle. But that phases out as each company sells 200,000 cars — a level that a handful of companies, including General Motors, are approaching. Read more