Democrats are preparing to pass the largest tax hike in a generation so rich people can buy electric cars.
This week, congressional lawmakers continued a marathon mark-up session for their $3.5 trillion piece of legislation with a focus on trying to control the world climate. Democrats have aimed to include a number of items to reach President Joe Biden’s stated goal of reducing U.S. carbon emissions in half by 2030, with 50 percent of new cars on the market by then part electric.
The electric vehicle initiative absent new American mines is a big win for Beijing, which dominates the market for minerals needed to manufacture such car batteries.
“Through this legislation, we are setting up clean electricity to be the backbone of the Biden economy, an economic plan that truly works for all Americans,” said House Energy Subcommittee Chair Bobby Rush of Illinois on Monday.
The colossal legislation will likely include tax incentives for buying electric cars, among