API: Legislation extending electric vehicle tax credits subsidizes the wealthy at the expense of hard-working, middle class Americans
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WASHINGTON, April 10, 2019 – Today, the American Petroleum Institute voiced strong opposition to Senate Bill S.1094, which would extend the electric vehicle tax credit, costing American consumers more than $11 billion dollars.
“This legislation would extend an electric vehicle tax credit which is a subsidy for the rich at the expense of everyone else,” said Frank Macchiarola, API Vice President of Downstream and Industry Operations. “It’s difficult to believe anyone – even people who drive luxury cars – would think it’s good public policy to make the average taxpayer subsidize wealthy luxury car owners. We shouldn’t confuse bipartisanship with smart or fair policy. This bill is neither.
“The data shows that current policy essentially provides tax breaks for the wealthy to purchase luxury cars at the expense of working-class families. In fact, the top 20 percent of earners receive 90 percent of all of these tax credits. We oppose S.1094 and urge others to do the same.”
API is the only national trade association representing all facets of the natural gas and oil industry, which supports 10.3 million U.S. jobs and nearly 8 percent of the U.S. economy. API’s more than 600 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 47 million Americans. API was formed in 1919 as a standards-setting organization. In its first 100 years, API has developed more than 700 standards to enhance operational and environmental safety, efficiency and sustainability