Obama hikes subsidy to wealthy electric car buyers

The Daily Caller ^ | February 13,2012 | Neil Munro

[Hojczyk]

The White House intends to boost government subsidies for wealthy buyers of the Chevy Volt and other new-technology vehicles — to $10,000 per buyer.

That mammoth subsidy would cost taxpayers $100 million each year if it is approved by Congress, presuming only 10,000 new-technology autos are sold each year.

But the administration wants to get 1 million new-tech autos on the road by 2015. The subsidy cost of that goal could reach $10 billion.

The planned giveaway will likely prompt populist protests from GOP legislators, but it will likely also will be welcomed by auto-industry workers in the critical swing state of Michigan.

That welcome is critical for President Barack Obama, who is touting his support for blue-collar manufacturing programs to help offset his low public approval ratings.

The new subsidy level represents a 33 percent jump from the current $7,500 government payout for each Volt buyer, even though the Volt’s buyers are already among the wealthiest Americans. It will be offered to buyers of any new-technology autos, including battery-powered autos and cars powered by natural gas, said a White House official.

The extra money for wealthy buyers will be borrowed funds, eventually paid off by future taxpayers in all income brackets.

[E. Pluribus Unum]

The most I've ever paid for a vehicle is $13,000.

May I have a $10,000 subsidy please?

[primatreat]

Guess I will trade my 2011 prius... has 44k miles for 22 grand and get a new 2013 prius ( 32K) . with the 10k kickback I get a new car with 0 miles for nothing;;;;

Gonna like this deal!

Let e’r roll “0”

[Oldeconomybuyer]

I wish American’s were educated and patriotic enough to pay attention to the damage this communist is doing to our nation.

[taildragger]

It’s outrageous this whack-job Obama wants to raise the tax credit on EV’s to $10,000. I honestly don’t see it passing the House.

Who says he will run it through the House?

Why just deem it done by telling Treasury of which Obama does control just to do it, via some rebate program their....

He is so power mad, I wouldn't put it past him...

[jazusamo]

You're correct, I wouldn't put it past him either and that was my thought when seeing the title. He will do it if he thinks he can get away with it, he's proved it many times in ignoring our laws.

It does say if it is approved by Congress but it's a poorly written article.