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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.

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.
Reuters



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.
To make this work, the federal government would both provide rebates to consumers for buying an electric vehicle and put government dollars behind expanding the nation's charging infrastructure. Both mechanisms, Schumer thinks, would be necessary to advance EV adoption more robustly than its current pace.
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