BIG NEWS: House Draft Reconciliation Bill Eliminates IRA EV Subsidies

Tesla founder and CEO Elon Musk has repeatedly stated his company can easily survive without the EV-related subsidies and tax breaks contained in the Orwellian Inflation Reduction Act of 2022. If so, his company is most likely the only pure-play EV maker in America that can make that claim.

Now, it appears Musk could get the chance to back up his claim. The GOP majority on the House Ways and Means Committee unveiled legislation Monday that would decimate the heavily subsidized electric vehicle industry in the United States. The latest draft of the House Reconciliation bill would get rid of the $7,500 tax credit to buyers of EVs, rendering most models non-competitive with their internal combustion counterparts.