Prediction: President-elect Donald Trump's Plan to Cancel Tax Credits on Electric Vehicles Will Help Tesla

President-elect Donald Trump has toyed with the idea of removing tax credits for electric vehicles.On Aug. 16, 2022, President Joe Biden signed the Inflation Reduction Act (IRA) into law. Although there are many components to the IRA, one of the more prevalent aspects of this piece of legislation revolves around tax credits for electric vehicles (EVs).Simply put, consumers who purchase a new EV are eligible for a tax credit worth up to $7,500, while used EV purchases are eligible for a credit of up to $4,00 ...