Joe Biden spent billions trying to take care of his donors and political allies.
He stole from seniors to help out some of the wealthiest people in the county.
And a top Republican exposed one terrible giveaway to Hollywood that left Joe Biden squirming.
Republican Senator wants to stop Biden’s tax breaks for leasing a Rolls Royce
Former President Joe Biden made boosting the struggling electric vehicle industry one of his top political priorities.
His Inflation Reduction Act stole money from Medicare to help fund a $7,500 tax credit to buy or lease electric vehicles.
U.S. Senator Bernie Moreno (R-OH) owned car dealerships in the Cleveland area before he was elected last year.
He discovered that the way the Inflation Reduction Act was written allows wealthy Americans to claim the tax credit for buying an electric Rolls-Royce or Porsche.
“COVID has a special place in history as bad public policy, but this EV credit will be up there in terms of truly the worst public policy in American history,” Moreno explained. “It’s obscene public policy.”
A study from the Joint Committee on Taxation found tax credits for electric commercial vehicles, used plug-in hybrids, and electric vehicles will cost taxpayers more than $21 billion over the next five years.
Democrats wrote a loophole to let the wealthy lease a Rolls-Royce with taxpayer money
“These dopes who have no idea what they’re talking about,” Moreno said about Democrats who vote for the Inflation Reduction Act. “They’ve come up with these criteria that lobbyists are telling them what to put in.”
The way the Inflation Reduction Act was written made it seem like there was a cap on income to get an electric vehicle tax credit.
“They came up with the criteria and said, ‘Well, you can’t make more than $300,000 a year,’ which, by the way, is a lot of money,” Moreno said about the tax credit. “A car can’t be over $80,000 . . . that’s a lot of money, right?”
Car dealerships found a “leasing loophole” in the Inflation Reduction Act for commercial vehicles.
“Commercial use is a term of art in a car business — that means a lease,” Moreno explained.
About 70% of electric vehicles are leased.
A wealthy person can sign a contract to lease an electric vehicle, lease the car for half the price to buy it, and then buy it for the residual value.
“Ends up being the same price, but he took $7,500 from the government. […] Every car company and every dealer is aware of this,” Moreno explained. “This is Porsche explaining to their dealers how to get $7,500 on every Porsche that’s electric. All these cars [cost] well into the high hundred-thousands.”
This loophole will dramatically raise the cost of the electric vehicle tax credits in the Inflation Reduction Act.
“Whether they knew it was in there or not, either one is pretty bad,” Moreno said. “Because if they knew, then they’re terrible people, because they’re taking taxpayer dollars away from middle-class Americans to subsidize their millionaire donors, or they didn’t know . . . [and are] either too stupid or too lazy to read the bills.”
Joe Biden made sure that his wealthy pals were well taken care of with the electric vehicle tax credit scheme.
