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Sen. Chuck Schumer wants to spend half a trillion dollars to get people to buy cars they don’t currently want. There’s a better way.

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FILE PHOTO: U.S. Senate Minority Leader Chuck Schumer (D-NY) and other Senate Democrats hold a news conference to discuss Senate policy at the U.S. Capitol in Washington, U.S., July 30, 2019.      REUTERS/Mary F. CalvertReuters

New York Sen. Chuck Schumer has proposed a $454-billion, 10-year plan to take 63 million gas-powered vehicles off America’s roads and eliminate all internal-combustion sales some time after 2030.
The plan has a noble goal, but there are far quicker ways to achieve some of its objectives, without giving away half-a-trillion dollars to compel people to buy vehicles they don’t want and that automakers aren’t sure they can make money on.
Raising the federal gas tax — which hasn’t gone up since 1993 — could achieve similar goals, as could a carbon tax on vehicles at the point of sale.
No political fights or grand visions are needed to address this urgent global-warming problem. We could make both tax-policy changes in short order and begin to see the market-driven effects of more hybrids and EVs on the road.
Visit Business Insider’s homepage for more stories.

New York Sen. Chuck Schumer authored an op-ed in Friday’s New York Times in which he outlined a wildly ambitious and almost completely impractical plan to eliminate internal-combustion engines from America’s roadways by 2040.

The price tag would be $454 billion over 10 years, Schumer estimated.See the rest of the story at Business Insider

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