Top Line

Tesla CEO Elon Musk criticized the Biden administration’s proposal to increase subsidies on electric vehicles (EVs) Interview with him wall street journal on Monday, where he also reiterated his opposition to Democrats’ attempts to tax billionaires.

important facts

- Advertisement -

speaking in magazineAt the U.S. CEO Council Summit, Musk said he expected the bill not to pass, adding that he could “just do this whole bill.”

The billionaire said the government should get rid of all subsidies and that it should “go out of the way and not hinder progress.

The $1.8 trillion social-spend and climate bill passed by the House provides a tax credit of up to $12,500 for consumers to buy electric vehicles manufactured by union activists in the US.

Under the proposed law, EVs made in non-federal factories, like Tesla’s, would qualify for a much smaller tax credit.

Musk, which is worth $264.5 billion, dismissed the proposed $7.5 billion spending on expanding America’s network of EV charging stations as “unnecessary.”

The law has yet to be passed in the Senate.


- Advertisement -