According to the Wash Post …
Two of the most wasteful subsidies ever to clutter the Internal Revenue Code went out with the old year when Congress declined to renew either
- The 45-cent-per-gallon tax credit for corn-based ethanol.
- A credit that gave electric-car owners up to $1,000 to defray the cost of installing a 220-volt charging device in their homes.
But, he $7,500 tax credit that the government offers purchasers of electric vehicles did not expire at year’s end.
The Obama administration says that the credit helps build a market for EVs, which helps create jobs.
Sales of electric vehicles were disappointing in 2011, with the Volt coming in below the 10,000 units forecast.
Evidence is mounting that President Obama was overly optimistic to pledge that there would be 1 million EVs on the road by 2015.
More prosaic fuel-economy innovations such as conventional hybrids, clean-diesel cars and advanced gasoline engines all show much more promise than electrics.