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$7,500 EV tax credit a smart incentive or wasted subsidy?

Currently, several cars on sale in the USA qualify for a $7,500 tax credit as part of the Inflation Reduction Act (IRA). You might also know that President Trump is not a fan of said act, but has yet to make any changes to it. As impartial outsiders, we’d like your opinion on the matter.
 
Some arguments against the incentive suggest that since the USA is a free market economy, the government should therefore not interfere by offering incentives for certain cars. These incentives are funded by tax dollars, which effectively means you’re paying a tiny bit for your neighbor’s new Tesla Model Y. There’s also an $80,000 threshold for SUVs, which means the US government could be accused of forcing automakers into a corner by only focusing on that particular segment. 

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