The Truth About Cars » CBO http://www.thetruthaboutcars.com The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. Sun, 03 Aug 2014 16:11:05 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.1 The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. The Truth About Cars no The Truth About Cars editors@ttac.com editors@ttac.com (The Truth About Cars) 2006-2009 The Truth About Cars The Truth About Cars is dedicated to providing candid, unbiased automobile reviews and the latest in auto industry news. The Truth About Cars » CBO http://www.thetruthaboutcars.com/wp-content/themes/ttac-theme/images/logo.gif http://www.thetruthaboutcars.com Congressional Budget Office: EV Tax Credits Promote Gas Guzzlers http://www.thetruthaboutcars.com/2012/09/congressional-budget-office-ev-tax-credits-promote-gas-guzzlers/ http://www.thetruthaboutcars.com/2012/09/congressional-budget-office-ev-tax-credits-promote-gas-guzzlers/#comments Fri, 21 Sep 2012 11:22:28 +0000 http://www.thetruthaboutcars.com/?p=461125 Washington’s campaign to put you in an EV will cost the taxpayer $7.5 billion through 2019, and it’s all for nothing, says a report by the Congressional Budget Office. The policies will have “little to no impact” on overall national gasoline consumption the report, cited by Reuters, says. Those up to $7,500 tax credits will […]

The post Congressional Budget Office: EV Tax Credits Promote Gas Guzzlers appeared first on The Truth About Cars.

]]>

Washington’s campaign to put you in an EV will cost the taxpayer $7.5 billion through 2019, and it’s all for nothing, says a report by the Congressional Budget Office.

The policies will have “little to no impact” on overall national gasoline consumption the report, cited by Reuters, says.

Those up to $7,500 tax credits will account for only 25 percent of the $7.5 billion bill, says the CBO.

$2.4 billion are grants to battery makers and projects to promote electric vehicles, $3.1 billion are loans to auto companies.

The CBO is putting its finger on an even nastier aspect: The tax credits indirectly, but very efficiently promote the sale of gas guzzlers. Through off-sets, carmakers that sell government-subsidized EVs can now sell more gas hogs.

“The more electric and other high-fuel-economy vehicles that are sold because of the tax credits, the more low-fuel-economy vehicles that automakers can sell and still meet the standards,” says the report.

What little gasoline is saved through EVs comes at a very high price. The U.S. government will spend anywhere from $3 to $7 for each gallon of gasoline saved by consumers driving electric vehicles.

The post Congressional Budget Office: EV Tax Credits Promote Gas Guzzlers appeared first on The Truth About Cars.

]]>
http://www.thetruthaboutcars.com/2012/09/congressional-budget-office-ev-tax-credits-promote-gas-guzzlers/feed/ 42