Toyota says U.S. EV bill gives 'exorbitant tax breaks' to wealthy

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WASHINGTON (Reuters) – Toyota Motor (NYSE:TM) Corp said on Monday that a proposal by Democrats in the U.S. House of Representatives to give union-made electric vehicles in the United States an additional $4,500 tax incentive discriminates against nearly half of American autoworkers.

In a letter to Congress from Toyota executives in nearly a dozen U.S. states, the Japanese automaker urged lawmakers to “reject using the country’s limited resources to give exorbitant tax breaks to those wealthy enough to buy high-priced cars and trucks.”