Elon Musk Reveals Nancy Pelosi's NEW Weird Law make people CAN'T buy Tesla cars!

And reignite America's preeminence in the world. This bill which we will take up as early as next week, we're hoping the sooner the better. Nancy Pelosi and the House of Representatives have suggested a new tax on electric vehicles. Although increasing tax incentives may be advantageous, in this case Tesla simply seems to experience further drawbacks and losses. Elon Musk has publicly opposed this ridiculous bill. So which tax bill is it exactly, and why did Elon Musk react in such a displeased manner to it? Let's find out in today's episode of Tesla Fans. By the way, welcome back to our channel. If you're new, we'd appreciate it very much if you would subscribe and ring that bell so you won't miss out on the next exciting episode. Now let's get started on today's content. Democratic lawmakers unveiled a revised social spending and climate provision that expands an EV tax credit of up to $12,500 for more expensive cars and proposes a lower income cutoff for buyers eligible for the credit. The proposed Democrat spending bill will allow households with yearly incomes as high as $500,000 to claim tax credits on pricey electric vehicles that cost up to $80,000. The previous bill capped credits for vans priced at $64,000, SUVs priced at $69,000, and trucks priced at $74,000. The proposal also limits the full tax credit for individual taxpayers reporting modified adjusted gross incomes of $250,000 or $500,000 for joint returns. The previous plan imposed limits at $400,000 for individual filings and $800,000 for joint filings. The transportation sector is one of the largest contributors to U.S. greenhouse gas emissions, representing about one-third of emissions every year. The transition from gas vehicles to electric cars and trucks will be critical to combat climate change. The Democrats' proposal includes a $4,500 tax incentive with the purchase of an electric vehicle made at a unionized factory. The bill specifically prioritizes U.S. companies with union workforces in a victory for Democrats' labor union allies like the United Auto Workers. The provision would especially benefit automakers like GM and Ford. The bill makes $4,500 of the potential $12,500 tax credit dependent on whether the vehicle was produced in the U.S. by a manufacturer with a collective bargaining agreement in place. The tax credit for EVs isn't the only provision in the bill that could benefit high earners. House Democrats are also seeking to significantly raise the federal cap on state and local tax deductions from $10,000 to $72,500 for five years, which would be a boon to wealthy individuals in states with high income tax rates like New York. The benefits of raising the cap to that level would accrue disproportionately to high earners, according to an analysis from the Committee for a Responsible Federal Budget, a nonpartisan budget watchdog. While those in the middle of the income spectrum would receive an average tax cut of roughly $20 per year, the highest earners would enjoy over $23,000 per year in tax cuts from this provision, the analysis states. Republicans have opposed tax incentives for the purchase of electric vehicles made with union labor. The tweaked legislation, which is part of President Joe Biden's $1.75 trillion social and climate spending package, would provide a major boost to the electric vehicle market. Sales of EVs are expected to represent less than 4% of U.S. sales, according to industry forecasters. Democrats this week are seeking to close out negotiations on the president's Build Back Better plan. The House could hold a vote on the bill in the coming days. How will Tesla be impacted by this tax bill? The fact that Tesla is not a member of the United Auto Workers Alliance makes it extremely improbable that it will qualify for this electric vehicle tax benefit. Additionally, Elon Musk and UAW just had another incident. Musk was responding to a series of tweets by KISS leader Gene Simmons, who was criticizing President Biden for not mentioning Tesla in his State of the Union address. In it, Biden touted Ford and GM's efforts at building electric vehicles. Both automakers are unionized. Simmons said the president doesn't mention Tesla, perhaps because Tesla is non-union and moved to Texas, a right-to-work state. Give Elon Musk slash Tesla its due. They are game-changers and should be heralded. Musk responded saying Tesla hasn't closed its Fremont, California location and has plans of expanding. A spokesman for the UAW declined to comment on Musk's tweets, but referred NPR to an ongoing case in front of the National Labor Relations Board involving Tesla and Musk. Musk's message to the United Auto Workers Alliance comes after years of organizing attempts at the Fremont facility. Since 2017, unfair labor practice charges have been filed against Tesla at the National Labor Relations Board, the federal agency in charge of enforcing labor laws and monitoring union organizing drives. Musk previously got into legal trouble for a tweet he sent in 2018 saying workers could lose their stock options if they unionized. This message was seen as a threat by workers, union activists, and a California labor judge. The judge ruled Musk's tweets to be an illegal action against employees' rights to organize. The UAW and the NLRB has also cited Tesla and Musk for previously firing workers involved in organizing activities and for other claims. But now let's get back on track with Tesla's disadvantage with this house tax bill. The spending bill will allow households with yearly incomes as high as $500,000 to claim tax credits on pricey electric vehicles that cost up to $80,000. It's no secret then that Tesla's targeting strategy primarily focuses on the high-income-earning upper middle class. This consists of entrepreneurs and business executives living in plush urban areas. These individuals are often appreciative of the green movement and even ardent supporters in their own right. Typically, any individual with an annual income above $100,000 would be an attractive prospect for this high-end company. Tesla targets the wealthy baby boomer generation, but its doors are still open for other generations. Industry observers suggest that the average age of customers for the Tesla Model S electric car is about 54 years. On the other hand, the median age for customers of Model X is about 52 years. The demographic for owners of Tesla products may be on the older side, but many young people between the ages of 25 to 45 years are known to purchase Tesla products equally. The Tesla Model 3, for example, is known to have a greater appeal to a younger age group compared to Model X or S. The average income of a Tesla owner for the entire household is $143,177 for the Model X and a slightly lower $128,140 for the Tesla Model 3. Thus, it can be inferred that although Tesla is targeting high-income middle class customers but only has an annual income of over $100,000, the tax application for households' annual income as high as $500,000 with Tesla seems impossible. While those in the middle of the income spectrum would receive an average tax cut of roughly $20 per year, the highest earners would enjoy over $23,000 per year in tax cuts from this provision, the analysis states. Ultimately, Tesla fully understands its target market group and uses all of its resources to provide sustainable energy products that meet the needs of this high-end target audience. And with that, today's episode has come to an end. If you have any interesting topics you would like us to cover, please let us know in the comment section down below. And if you enjoyed today's episode as much as I did, please leave a like, share the video, subscribe to the channel, and ring that bell so you won't miss out on the next exciting episode of Tesla Fans. Yes, yes, quite. Once again, thank you so much from all of us here, we hope to see you again next time. Until then, have a good one, and safe travels. Indubitably.