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Democrats' spending bill lets wealthy claim tax credits on pricey electric vehicles
Democrats may vote on spending bills this week
Fox News congressional correspondent Chad Pergram reports from Capitol Hill on the latest spending plan negotiations.
Democrats' proposed spending bill will allow households with yearly incomes as high as $500,000 to claim tax credits on pricey electric vehicles that cost up to $80,000.
The bill provides up to $12,500 in tax credits for people who buy electric vehicles that meet certain qualifications. The income threshold for people to qualify for the tax credit is $500,000 or less for joint filers and $250,000 for individuals.
The full tax credit covers electric trucks, vans and sport utility vehicles (SUVs) costing up to $80,000. For comparison, the median household income in 2020 was $67,521, according to the U.S. Census Bureau.
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