Barrasso, Moreno, Cruz Close EV Subsidy Loophole

"The Biden Car Bribes forced working families to subsidize vehicles they don't want and couldn't afford … Republicans in Congress acted decisively. We terminated the EV tax credits."

WASHINGTON, D.C. - U.S. Senator John Barrasso (R-Wyo.), Senate Majority Whip, today spoke on the Senate Floor about his work with Senator Bernie Moreno (R-Ohio) and Senator Ted Cruz (R-Texas) to close a loophole that would have enabled the continuation of the costly electric vehicle (EV) subsides.

Senate Republicans eliminated the EV subsides in the Working Families Tax Cuts that were signed into law earlier this year.

Sen. Barrasso's remarks as delivered:

"In July, President Trump signed into law the Working Families Tax Cuts. And that legislation stopped a $4 trillion tax increase. It secured our border. It unleashed American energy. It slashed wasteful Washington spending.

"I thought one of the most egregious subsidies we eliminated was the electric vehicle tax credit. Under Joe Biden, Washington provided lucrative, luxury tax credits to prop up EV sales. The Biden Car Bribes forced working families to subsidize vehicles they don't want and couldn't afford, they weren't very practical in my states, and I have fought against these costly EV handouts for years. I introduced the bills to repeal them, and I was joined by my Republican colleagues. I especially want to recognize the Senior Senator from Ohio, Senator Bernie Moreno. Hardworking families should not be forced to bankroll luxury vehicles for wealthy elites.

"Republicans in Congress acted decisively. We terminated the EV tax credits. We deliberately chose September 30 as the end date for the subsidies. This quick termination meant significant savings for taxpayers: $200 billion in savings over the next 10 years. But as the saying goes, the price of liberty is eternal vigilance. In Washington, you have to follow up and fight to protect taxpayers - and taxpayer dollars - even when the intent of Congress is clear. That's where I really want to point out the hard work of Senator Moreno, and that's what the Republicans are doing.

"In recent weeks, Senator Moreno and I read troubling news. There was a last ditch effort to game the system in the final days before the cutoff date. And we immediately wrote to Treasury Secretary Scott Bessent to alert him about this issue and to address the problem. Senator Ted Cruz of Texas, Chairman of the Commerce Committee, also raised his concerns with the Treasury Department about these subsidies. Major car companies responded to the letter and they changed their policies. I encourage all car companies to follow their lead.

"Republicans are going to continue protect taxpayers and ensure these subsidies are gone for good. Here's the reality. These subsidies were never needed in the first place. Look at what has happened since Congress ended them. Tesla has actually lowered its prices. They've done it by stripping out luxury features like vegan leather seats and ambient lighting. Hyundai slashed nearly $10,000 off their Georgia-built model. This is precisely how fair market competition works.

"Americans elected Republicans to end wasteful Washington spending. We kept our word. So I'm going to continue to work with my Senate colleagues and the Trump Administration to keep this loophole closed, enforce the law, and protect hardworking taxpayers."

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