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Yep, the definition of a regressive tax policy. Give money to the wealthy so they can drive a new car. The thing is, if someone could afford to float the money for a year anyhow, then they didn't need the credit to make the purchase in the first place.
As I've been saying, subsidizing EVs is among the dumbest/least effective ways to solve a problem, and any politician supporting it is either corrupt or extremely ignorant. It's like identifying cow flatulence as an environmental hazard in need of control, and rather than taxing bovine products, subsidizing kale in hopes that increased kale consumption will reduce cow farts. It's worse though, because it would be the expensive organic kale that only the wealthy would eat that gets subsidized.
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