TAX WHAT YOU DON'T WANT:

Electric vehicle handouts subsidize the wealthiest Americans and, despite their being advertised as a more "climate-friendly" option, they produce next to no climate benefit for the planet.

Trump does not quite have the power to cut GM's current electric vehicles subsidies full stop. But he could play an important role in the future of the targeted tax subsidy.

Both federal and state governments have generous handouts for electric vehicles. The federal tax credit extends up to $7,500 and applies to the first 200,000 electric vehicles per manufacturer, and then a phaseout of the credit begins.

Tesla is in the phaseout period now, and General Motors Co. is close to hitting the 200,000 mark.

Congress is considering a larger package to revive and extend special tax breaks that use the tax code to pick winners and losers.

Some members want to include a permanent extension of the $7,500 tax credit and to lift the 200,000 cap. An unlimited subsidy would be a massively expensive bill for taxpayers and a win for cronyism that awards money based on preferential treatment, rather than the competitive process.

Furthermore, extending the subsidy would continue to take decision rights away from car buyers and leave them in the hands of the federal government.

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