The EV tax credit can save you thousands — if you're rich enough

A tax credit was supposed to incentive Americans to buy electric vehicles, but testimony from car buyers and research has shown that only people who can afford the full purchase are getting access to the benefit. The tax break gives electric car purchasers a credit on their taxes the following year, but only as much as they owe the government. The purchase could end up costing more than buyers expected, which can be a barrier for people who want to switch to electric.

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