Next time you write out the check for your car payment, think about this: You’re not only paying for your car, you’re helping to buy vehicles for some of the richest people in America.
American taxpayers chip in up to $7,500 for each electric car sold, and nearly 80 percent of those subsidies go to purchasers who make more than $100,000 a year.
President Donald Trump, in a snit with General Motors Corp. over announced plant idlings and layoffs, is threatening to kill the handouts. GM is the second largest beneficiary of the subsidies, behind Tesla.
He should do it — not to punish GM, but because the subsidies distort the market and are unfair to taxpayers. And they aren’t working.