Prediction: President-elect Donald Trump's Plan to Cancel Tax Credits on Electric Vehicles Will Help Tesla

On Aug. 16, 2022, President Joe Biden signed the Inflation Reduction Act (IRA) into law. Although there are many components to the IRA, one of the more prevalent aspects of this piece of legislation revolves around tax credits for electric vehicles (EVs).Simply put, consumers who purchase a new EV are eligible for a tax credit worth up to $7,500, while used EV purchases are eligible for a credit of up to $4,000. One of the driving forces behind these incentives is to help make EVs more affordable while also creating a more green, sustainable environment.However, throughout his campaign President-elect Trump suggested that he may try to remove these EV incentives. On the surface, such a move may seem detrimental to a company such as Tesla (NASDAQ: TSLA) -- the de facto poster child for EV manufacturing in America.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool