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2021-09-14

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Toyota Objects to ‘Exorbitant’ Tax Breaks for Rich in EV Plan

Toyota Motor Corp.ramped up its objections to proposed tax credits for electric vehicles in the U.S.

Toyota Objects to ‘Exorbitant’ Tax Breaks for Rich in EV Plan

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Buyers of vehicles from non-union shops such as Toyota,Tesla Inc.andHonda Motor Co.would be limited to about credits of $7,500, a structure that would favor traditional manufacturers from Detroit.\nThe proposal in the House Ways and Means Committee would give large tax credits on vehicles that cost as much as some people’s homes and “electric cars shouldn’t just be for rich people,” the automaker said Monday in a letter to the panel’s leaders. As proposed, the credits would be available to car buyers with annual incomes as high as $400,000 for an individual, $600,000 for heads of household and $800,000 for couples.\n“We urge you to reject using the country’s limited resources to give exorbitant tax breaks to those wealthy enough to buy high-priced cars and trucks,” 11 Toyota executives from 10 states wrote in a joint letter to the committee leaders. 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