Klubnik's 3 TD passes, DT Page's pick-6 lead No. 17 Clemson to 51-14 win over The CitadelSouth Korea’s Acting President Choi Sang-mok announced a national mourning period until January 4, following a devastating plane crash that claimed at least 179 lives. This marks the deadliest aviation disaster in South Korea since 1997, when a Korean Airlines Boeing 747 crashed in the Guam jungle, killing 228 people. The accident occurred at 9:07 am on Sunday, December 29 when a Jeju Air flight veered off the runway during landing and crashed into a fence at Muan International Airport in Muan County, South Jeolla Province, approximately 288 kilometers southwest of Seoul. Out of the 181 people on board, only two survived. The deaths of 179 passengers and crew were confirmed by local authorities, with the two surviving crew members rescued from the wreckage. Choi expressed his heartfelt condolences to the victims’ families and pledged full government support to assist them. Experts told CNN that the plane’s undercarriage, specifically the wheels used for takeoff and landing, appeared to have failed to fully deploy before landing. However, the cause of this malfunction remains unclear. Aviation analysts emphasized that further evidence is needed to determine the exact cause of the crash. Local officials speculated that a bird strike might have occurred before the crash landing, but this theory has not been confirmed. Lee Jeong-hyun, head of the Muan Fire Department, suggested that the cause might involve a bird strike or bad weather, although the footage from the scene showed clear skies. David Soucie, a former Federal Aviation Administration safety inspector, cautioned against speculation, stating, “Speculation is the worst enemy of an investigator.” He added, “That’s why information is protected during an aircraft accident investigation; it’s not supposed to be speculated about.”Retailers coax Black Friday shoppers into stores with big discounts and giveaways NEW YORK (AP) — Retailers in the U.S. have used giveaways and bigger-than expected discounts to reward shoppers who ventured out on Black Friday. The day after Thanksgiving still reigns for now as the unofficial kickoff of the holiday shopping season even if it’s lost some luster. Analysts reported seeing the biggest crowds at stores that offered real savings. They say many shoppers are being cautious with their discretionary spending despite the easing of inflation. Stores are even more under the gun to get shoppers in to buy early and in bulk since there are five fewer days between Thanksgiving and Christmas this year. Online sales figures from Thanksgiving Day gave retailers a reason to remain hopeful for a lucrative end to the year. Trump and Republicans in Congress eye an ambitious 100-day agenda, starting with tax cuts WASHINGTON (AP) — Republicans swept to power on Election Day and now control the House, the Senate and the White House, with plans for an ambitious 100-day agenda come January. Their to-do list includes extending tax breaks, cutting social programs, building the border wall to stop immigration and rolling back President Joe Biden's green energy policies. Atop that list is a plan to renew some $4 trillion in expiring tax cuts that were a signature domestic achievement of Republican Donald Trump’s first term as president. It's an issue that may define his return to the White House. The ruble's in a slump. For the Kremlin, that's a two-edged sword Russia’s ruble is sagging against other currencies, complicating the Kremlin’s efforts to keep consumer inflation under control with one hand even as it overheats the economy with spending on the war against Ukraine with the other. Over time a weaker ruble could mean higher prices for imports from China, Russia's main trade partner these days. President Vladimir Putin says things are under control. One wild card is sanctions against a key Russian bank that have disrupted foreign trade payments. If Russia finds a workaround for that, the ruble could regain some of its recent losses. Why your favorite catalogs are smaller this holiday season PORTLAND, Maine (AP) — While retailers hope to go big this holiday season, customers may notice that the catalogs arriving in their mailboxes are smaller. Many of the millions of catalogs getting sent to U.S. homes were scaled down to save on postage and paper. Some gift purveyors are sending out postcards. In a sign of the times, the American Catalog Mailers Association rebranded itself in May as the American Commerce Marketing Association. Despite no longer carrying an extended inventory of goods, industry experts say catalogs help retailers cut through the noise and still hold their own in value because of growing digital advertising costs. Massachusetts lawmakers push for an effort to ban all tobacco sales over time BOSTON (AP) — A handful of Massachusetts lawmakers are hoping to persuade their colleagues to support a proposal that would make the state the first to adopt a ban meant to eliminate the use of tobacco products over time. Other locations have weighed similar “generational tobacco bans.” The bans phase out the use of tobacco products based not just on a person's age but on birth year. Lawmakers plan to file the proposal next year. If approved, the bill would set a date and ban the sale of tobacco to anyone born after that date forever, eventually banning all sales. Vietnam approves $67 billion high-speed railway project between Hanoi and Ho Chi Minh city HANOI, Vietnam (AP) — Vietnam has approved the construction of a high-speed railway connecting the capital Hanoi in the north with the financial capital of Ho Chi Minh in the south. It is expected to cost $67 billion and will stretch 1,541 kilometers (957 miles). The new train is expected to travel at speeds of up to 350 kph (217 mph), reducing the journey from the current 30 hours to just five hours. The decision was taken by Vietnam’s National Assembly on Saturday. Construction is expected to begin in 2027 and Vietnam hopes that the first trains will start operating by 2035. But the country has been beleaguered by delays to its previous infrastructure projects. Inflation rose to 2.3% in Europe. That won't stop the central bank from cutting interest rates FRANKFURT, Germany (AP) — Inflation in the 20 countries that use the euro currency rose in November — but that likely won’t stop the European Central Bank from cutting interest rates as the prospect of new U.S. tariffs from the incoming Trump administration adds to the gloom over weak growth. The European Union’s harmonized index of consumer prices rose 2.3 percent, up from 2.0% in October, according to EU statistics agency Eurostat. However, worries about growth mean the Dec. 12 ECB meeting is not about whether to cut rates, but by how much. Market buzz says there could be a larger than usual half-point cut in the benchmark rate, currently 3.25%. Stock market today: S&P 500 and Dow post gains and close out best month of 2024 NEW YORK (AP) — Stocks closed with solid gains as Wall Street put the finishing touches on one of its best months of the year. The S&P 500 rose 0.6% while the Dow Jones Industrial Average gained 188 points, or 0.4%. The Nasdaq added 0.8%. Friday was an abbreviated trading day, with stocks closing at 1 p.m. ET and the bond market an hour later. Investors were looking to see how much shoppers are willing to spend on gifts for the holidays. Black Friday unofficially kicked off the holiday shopping season, although retailers had been offering early deals for weeks. Macy’s and Best Buy each gained around 2%. From T-shirts to thongs, how indie film merchandise became a hot commodity LOS ANGELES (AP) — Merchandise is nothing new. But in recent years, movie-inspired streetwear has exploded in popularity among film buffs, thanks in part to viral marketing campaigns put on by independent film studios. Take the hourslong line for one-day-only “Anora” pop-up in Los Angeles, for instance. Clothes are promoted as trendy and in limited supply and are often made in collaboration with popular brands. The experience of watching movies has become a less collective one in recent years. For many fans, repping their favorite films in public is a way to combat that. Santa's annual train visit delivers hope and magic to one corner of coal country ON BOARD THE SANTA TRAIN (AP) — Since 1943, the people of Appalachian Kentucky, Virginia, and Tennessee have looked forward to Santa’s arrival. Not in a sleigh on their rooftops, but on a train. At each stop of the CSX Santa Train there are dozens to hundreds of people. Many crowd around the back, where Santa and his helpers toss stuffed animals. Meanwhile groups of volunteer “elves” fan out with gifts, making sure every child goes home with something. Many of the children who line the tracks on the Saturday before Thanksgiving, waiting for Santa, are the third, fourth or fifth generation to do so. Sandra Owens has been coming for 43 years and now brings her grandchildren. She says, “The faces of the kids, that’s what makes me happy. You can’t see anything better.”
Utah St. 41, San Diego State 20
Final crystal triangles installed on Times Square ball ahead of New Year's Eve
The US tech giant said it now supported 550,000 jobs in the UK through direct employment, its supply chain and the economy around its App Store – with app developers having earned nearly £9 billion since it launched in 2008. Apple said its engineering teams were carrying out critical work on the firm’s biggest services, including key technology within Apple Intelligence, the iPhone maker’s suite of generative AI-powered tools which are expected to launch in the UK for the first time this week. Elsewhere, the firm said its growing TV empire, spearheaded by its Apple TV+ streaming service and production arm, had also helped boost its investment in the UK with Apple TV+ production in this country tripling in the last two years, the company said. Chief executive Tim Cook said: “We’ve been serving customers in the UK for more than 40 years, and we’re proud of our deep connection with communities across this country. “We’re thrilled to be growing our Apple teams here, and to keep supporting the extraordinary innovators, creators, and entrepreneurs who are pushing the boundaries of technology in so many ways.” The Chancellor Rachel Reeves said companies such as Apple were “intrinsic” to the UK’s prosperity by boosting jobs. “This government is laser focused on creating the right conditions for growth to help put more money in people’s pockets. “That’s what underpins the Plan for Change and is what has driven £63 billion worth of inward investment in the UK through our first international investment summit. “Companies like Apple are intrinsic to the success of our nation’s prosperity – helping deliver jobs, innovative technology, and boost infrastructure.”
ORLANDO, Fla. (AP) — Cole Anthony drove for a layup with 1.3 seconds left to complete the Orlando Magic's 17-point fourth-quarter comeback Sunday in a 102-101 win over the Brooklyn Nets. Cam Thomas missed a jumper from the corner at the final horn. Anthony scored 10, and Tristan da Silva scored 13 of his 21 points in the fourth quarter for Orlando, which was down 71-50 midway through the third quarter. Goga Bitadze added 19 points, 11 rebounds and five assists. The Magic's comeback was their second in eight days after Orlando rallied from 25 points down to beat Miami 121-114 on Dec. 21. Thomas came off the bench with 25 points to lead the Nets in his first game since Nov. 25. Jalen Wilson added 16 points including two free throws with 6.2 seconds left. Thomas, Brooklyn's leading scorer with 24.7 points per game, played 25 minutes after missing 13 games with a strained left hamstring. Takeaways Nets: Losing for the seventh time in nine games, the Nets played for the first time without Dorian Finney-Smith, who was traded early Sunday to the Los Angeles Lakers. In their four games against the Magic this season, the Nets used 11 different starters. Only Cam Johnson started all four games. Magic: The Magic completed a four-game season series sweep of the Nets and concluded a 3-4 holiday home stretch. They overcame double-digit second-half deficits in all three of their wins against Miami, Boston and Brooklyn. Key moment A 3-pointer by Anthony, who did not play in the first half, launched a 13-0 Orlando run after they had fallen behind by 20 points. Key stat The Nets shot 13 for 30 from 3-point range. Up next The Nets are at Toronto and the Magic are at Detroit on Wednesday night. ___ AP NBA: https://apnews.com/hub/nba Dick Scanlon, The Associated Press
The case for killing the tax credit for electric vehiclesNone
‘World at dawn of third nuclear age’, armed forces chief warnsGeorgian President Calls Parliament 'Illegitimate' As U.S. Suspends 'Strategic Partnership'Actors Anushka Sharma and Athiya Shetty were seen spending time together at the Melbourne Cricket Ground (MCG) during the ongoing Border-Gavaskar Trophy. In a viral video shared online, Athiya, who is expecting her first child with cricketer-husband KL Rahul, made her debut appearance, showcasing her baby bump as she exited the stadium alongside Anushka. In the video, Anushka and Athiya are seen accompanied by cricketer Nitish Kumar Reddy's father, Mutyalu Reddy. The expectant mother, (adsbygoogle = window.adsbygoogle || []).push({}); Athiya Shetty, is dressed in a white and black striped full-sleeved top paired with a long denim skirt. Meanwhile, Anushka Sharma opted for a casual look, wearing a white shirt, denim pants, and carrying a black bag. Athiya Shetty delighted fans by announcing her pregnancy on November 8, through a heartfelt social media post alongside her husband, KL Rahul. The couple, who got married in January 2023, shared their excitement and gratitude as they eagerly await the arrival of their baby in 2025.
None“Return To God” – CAN Charges Nigerians Amid Economic HardshipPalantir Technologies ( PLTR -3.72% ) has seemingly become the market leader in developing and deploying artificial intelligence (AI) software in the real world. After working with government agencies in its earlier years, Palantir is thriving in the commercial sector, especially after launching its AIP platform for AI applications. Its accelerating revenue growth and juicy profit margins have fueled tremendous investment returns of nearly 400% over the past year. That's why pointing you to C3.ai ( AI -4.26% ) , another AI software stock, instead might seem counterintuitive. However, it makes sense when you consider all aspects of an investment, including the price you pay . Here is why C3.ai is poised to outperform Palantir stock in 2025. Palantir's excellence doesn't offset a ridiculous price tag I'm not here to argue against Palantir's fundamentals. It's a fantastic business that's gaining momentum on AI tailwinds. Revenue growth is accelerating as enterprises flock to Palantir's AIP platform . The company's U.S. commercial customer count grew an impressive 77% year over year in Q3 to 321. Palantir's software has a remarkable range, from assisting in military missions to running hospitals. The roughly 20,000 large businesses in the U.S. alone represent a tremendous market opportunity. Additionally, Palantir is growing profitably, evidenced by its consistently increasing Rule of 40 score. The Rule of 40 adds a company's percentage revenue growth to its free cash flow margin rate. Anything 40 or above is considered good, so Palantir's 68% in Q3 is stellar. But a company and its stock aren't the same. Palantir's stock has soared to bubble-like valuations by almost any metric. Its price-to-sales (P/S) ratio is over 74, and its forward price-to-earnings (P/E) ratio is over 216 today (its trailing P/E is 411). The business grew revenue by 30% year over year in Q3. Meanwhile, analysts estimate that Palantir will grow earnings by an average of 28% annually over the long term. These growth rates don't come close to justifying Palantir's current valuation, meaning the stock likely reflects at least several years of future growth. Buying at these levels will probably produce subpar results until the stock's valuation makes more sense. C3.ai is growing on AI tailwinds but falls short in key areas. No, C3.ai isn't on Palantir's level. The company is a direct competitor to Palantir. It also offers AI software applications to government agencies and enterprises for various applications. Interestingly enough, C3.ai is enjoying similar AI tailwinds and following a growth trajectory like Palantir's. Revenue grew by almost 29% in C3.ai's latest quarter, close to Palantir's: AI Operating Revenue (Quarterly YoY Growth) data by YCharts Where C3.ai falls short is the company's bottom line. Palantir is wonderfully profitable, generating $980 million in free cash flow over the past year on $2.6 billion in revenue (36% of revenue). The company is also consistently GAAP profitable and was added to the S&P 500 earlier this year. Meanwhile, C3.ai has burned over $58 million in cash over the past four quarters on $346 million in revenue. Even worse, its $274 million in trailing-12-month GAAP net losses are a gulf the business must close on, thanks mainly to high stock-based compensation amounting to nearly two-thirds of its revenue. C3.ai over Palantir? Why it's possible in 2025. Still, I like C3.ai over Palantir in 2025, despite its flaws. Why? Because it trades at a fraction of the valuation: AI PS Ratio data by YCharts Two similar companies are growing at comparable rates. Does profitability alone justify one trading at nearly five times the valuation of the other? More importantly, C3.ai's financials are improving. The company's cash burn bottomed out at over $200 million in early 2023 and has improved to just over $58 million over the past four quarters. Additionally, C3.ai has a healthy balance sheet with $730 million and zero debt. If the business generates cash flow in 2025 and shrinks its net losses, the market could recognize the improvement and reward C3.ai with a higher valuation. Still, even if the valuation remains unchanged, growing 30% will likely translate to solid investment returns. On the other hand, Palantir's stock price could fall if its steep valuation begins to crack due to disappointing earnings or shakiness in the broader market. Palantir is the better business and preferred stock when the valuation makes sense. But while Palantir trades on cloud nine, C3.ai is a sneaky contrarian stock idea for 2025 and is likely the better short-term pick.
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Mikaela Shiffrin suffers abrasion on hip during crash on final run of World Cup giant slalomNone
The 26-year-old man charged in last week’s killing of UnitedHealthcare’s CEO appeared in a Pennsylvania courtroom Tuesday, where he was denied bail and his lawyer said he'd fight extradition to New York City, where the attack happened. Luigi Nicholas Mangione was arrested Monday in the Dec. 4 attack on Brian Thompson after police say a worker at a McDonald’s in Altoona, Pennsylvania, alerted them to a customer who resembled the suspected gunman. When arrested, Mangione had on him a gun that investigators believe was used in the attack and writings expressing anger at corporate America, police said. As Mangione was led into the Hollidaysburg courthouse Tuesday, he struggled with officers and shouted something that was partly unintelligible but referred to an “insult to the intelligence of the American people.” He left hours later without saying anything and was driven away. Mangione is being held on Pennsylvania charges of possession of an unlicensed firearm, forgery and providing false identification to police. Manhattan prosecutors have charged him with five counts, including murder, criminal possession of a weapon and criminal possession of a forged instrument. Wearing an orange jumpsuit, Mangione mostly stared straight ahead during the hearing, occasionally consulting papers, rocking in his chair, or looking back at the gallery. At one point, he began to speak to respond to the court discussion but was quieted by his lawyer. Judge David Consiglio denied bail to Mangione, whose attorney, Thomas Dickey, told the court that his client did not agree to extradition and wants a hearing on the matter. Blair County (Pennsylvania) District Attorney Peter Weeks said that although Mangione will create “extra hoops” for law enforcement to jump through by fighting extradition, it won’t be a substantial barrier to sending him to New York. In addition to a three-page, handwritten document that suggests he harbored “ill will toward corporate America,” NYPD Chief of Detectives Joseph Kenny said Monday that Mangione also had a ghost gun, a type of weapon that can be assembled at home and is difficult to trace. Officers questioned Mangione, who was acting suspiciously and carrying multiple fraudulent IDs, as well as a U.S. passport, New York Police Commissioner Jessica Tisch said. Officers also found a sound suppressor, or silencer, “consistent with the weapon used in the murder,” she said. He had clothing and a mask similar to those worn by the shooter and a fraudulent New Jersey ID matching one the suspect used to check into a New York City hostel before the shooting, the commissioner said. Mangione, who comes from a prominent Maryland family, was valedictorian of his elite Baltimore prep school and had degrees from one of the nation’s top private universities. He earned undergraduate and graduate degrees in computer science in 2020 from the University of Pennsylvania. Mangione's grandfather Nick Mangione, who died in 2008, was a successful real estate developer. One of his best-known projects was Turf Valley Resort, a sprawling luxury retreat and conference center outside Baltimore that he purchased in 1978. One of Luigi Mangione’s cousins is Republican Maryland state legislator Nino Mangione, a spokesman for the lawmaker’s office confirmed. From January to June 2022, Mangione lived at Surfbreak, a “co-living” space at the edge of touristy Waikiki in Honolulu. Josiah Ryan, a spokesperson for owner and founder R.J. Martin, said that Martin had learned that Mangione had severe back pain from childhood that interfered with many aspects of his life. Friends in Hawaii widely considered Mangione a “great guy,” and pictures on his social media accounts show a fit and smiling young man on beaches and at parties. Mangione likely was motivated by his anger at what he called “parasitic” health insurance companies and a disdain for corporate greed, according to a law enforcement bulletin obtained by The Associated Press. He wrote that the U.S. has the most expensive healthcare system in the world and that the profits of major corporations continue to rise while “our life expectancy” does not, according to the bulletin, based on a review of the suspect’s handwritten notes and social media posts. Police said the person who killed Thompson left a hostel on Manhattan's Upper West Side at 5:41 a.m. last Wednesday. Eleven minutes later, he was seen on surveillance video walking back and forth in front of the New York Hilton Midtown, wearing a distinctive backpack. At 6:44 a.m., he shot Thompson at a side entrance to the hotel, fled on foot, then climbed aboard a bicycle and within four minutes had entered Central Park, according to police. Another security camera recorded the gunman leaving the park near the American Museum of Natural History at 6:56 a.m. still on the bicycle but without the backpack, police said. After getting in a taxi, he headed north to a bus terminal near the George Washington Bridge, arriving at around 7:30 a.m. From there, the trail of video evidence runs cold. Police have not located video of the suspect exiting the building, leading them to believe he likely took a bus out of town. Police said they are still investigating the path the suspect took to Pennsylvania. “This just happened this morning," Kenny said. "We’ll be working, backtracking his steps from New York to Altoona, Pennsylvania,” Kenny said. Associated Press reporters Jamie Stengle, Lea Skene, Matt O'Brien, Sean Murphy and Cedar Attanasio contributed to this report.
Australian social media ban started with call to act by politican’s wifeBayern 3, Augsburg 0 Leverkusen vs. Heidenheim, 9:30 a.m. Stuttgart vs. Bochum, 9:30 a.m. Dortmund vs. Freiburg, 9:30 a.m. Hoffenheim vs. RB Leipzig, 9:30 a.m. Wolfsburg vs. Union Berlin, 9:30 a.m. Eintracht vs. Bremen, 12:30 p.m. Holstein Kiel vs. Mainz, 9:30 a.m. Monchengladbach vs. St. Pauli, 11:30 a.m. St. Pauli vs. Holstein Kiel, 2:30 p.m. RB Leipzig vs. Wolfsburg, 9:30 a.m. Bremen vs. Stuttgart, 9:30 a.m. Freiburg vs. Monchengladbach, 9:30 a.m. Augsburg vs. Bochum, 9:30 a.m. Union Berlin vs. Leverkusen, 9:30 a.m. Dortmund vs. Bayern, 12:30 p.m. Mainz vs. Hoffenheim, 9:30 a.m. Heidenheim vs. Eintracht, 11:30 a.m. SC Paderborn 3, Nuremberg 2 SC Preussen 06 Munster 0, Cologne 1 Fortuna Dusseldorf vs. SV 07 Elversberg, 7 a.m. Hannover vs. Darmstadt, 7 a.m. SpVgg Greuther Furth vs. Karlsruher SC, 7 a.m. Hertha Berlin vs. SSV Ulm 1846, 7 a.m. Hamburger SV vs. Schalke, 2:30 p.m. Kaiserslautern vs. Eintracht Braunschweig, 7:30 a.m. SSV Jahn Regensburg vs. FC Magdeburg, 7:30 a.m. Schalke vs. Kaiserslautern, 12:30 p.m. FC Magdeburg vs. Hertha Berlin, 12:30 p.m. Cologne vs. Hannover, 7 a.m. SV 07 Elversberg vs. SC Paderborn, 7 a.m. Eintracht Braunschweig vs. SSV Jahn Regensburg, 7 a.m. Darmstadt vs. SC Preussen 06 Munster, 2:30 p.m. Karlsruher SC vs. Hamburger SV, 7:30 a.m. Nuremberg vs. Fortuna Dusseldorf, 7:30 a.m. SSV Ulm 1846 vs. SpVgg Greuther Furth, 7:30 a.m.The federal tax credit for electric vehicle purchases has far outlived its purpose and now stands as a glaring example of government overreach and economic inequity. Originally introduced in 2008 to stimulate a fledgling market, and then renewed and expanded in 2022 as part of the Inflation Reduction Act, this credit remains what it has been from the start: an ineffective subsidy primarily benefiting the wealthy. Congress should end it. On the fiscal side, we face a $2-trillion budget deficit, and it’s growing. According to the Treasury, the credits for electric vehicles in the Inflation Reduction Act, which can be up to $7,500 on certain new EVs and up to $4,000 on certain previously owned EVs, represent $112 billion in lost revenue. But based on the last few years, there are reasons to believe the cost will be much higher. In addition, the EV credits are part of an industrial policy package of energy tax credits, mandates and “buy American” requirements under the IRA that will cost more than $1 trillion over 10 years, deepening the deficit hole we find ourselves in. Beyond the price tag that burdens taxpayers, the credit is unfair to the vast majority, who — being less well off than EV purchasers — drive relatively affordable gasoline-powered vehicles and do not reap any financial benefit from the credit. Studies repeatedly show that most of these credits go to higher-income individuals , making the credit a tax cut for the rich. For instance, the Congressional Research Service study noted: “For vehicles purchased in 2021, taxpayers with adjusted gross income (AGI) greater than $100,000 represented 22% of all filers and received 84% of the credit benefits.” The IRA tax credit’s income limit ($150,000 for single filers, $300,000 for joint filers) and refundability may tilt some benefits to low-income taxpayers. However, EVs have higher purchase prices than comparable gas vehicles, even with tax credits, and installing home charging equipment is easier for homeowners, who tend to have higher incomes, versus renters. As a result, EV tax credits will probably remain a higher-income taxpayer boondoggle. In fact, a recent study by five economists finds “that 75% of the EV subsidies claimed under the IRA have gone to consumers who would have bought an electric vehicle anyway.” According to their calculation, each car sold due to the incentive (roughly 25% of the total number of vehicles sold) came at a cost to taxpayers of $32,000 . The credit’s inability to attract those who would prefer to purchase a gas vehicle is a clear sign of its failure, which explains the need to impose even more authoritarian measures like EV-related mandates. Making matters worse is the fact that in recent months, the sales of EVs have stalled. Despite the taxpayers’ help, sales remain stuck at 7% of the market, strongly suggesting that while tax credits may change the timing of electric vehicle purchases, they are not increasing the demand. To those who believe that the cost and disparity in our tax code are worthwhile because we must fight climate change, I have news for you. First, the environmental benefits of the credit are unclear. EVs are not emission-free when considering the carbon footprint of battery production and electricity generation. Also, EVs primarily replace the purchase of newer gas vehicles, which pollute less than the older vehicles that remain on the road. Combined with the fact that many tax-credit recipients would have purchased an EV anyway, it’s unlikely that there’s much environmental bang for the buck. The cost of the government picking winners compounds this problem. There is little reason to believe that the technological path that government officials happen to prefer is the optimum one — and the danger is that tax credits are creating market distortions that crowd out better solutions. By artificially propping up EV manufacturers and steering consumers toward one specific technology, other — perhaps better — technologies can be thwarted. Hybrids, plug-in hybrids, hydrogen fuel cell cars, alternative fuels or other emerging innovations are penalized despite their important role in addressing environmental and energy challenges. Each deserves equal footing to determine which can deliver more effective environmental benefits, lower costs or both. Yet, instead of fostering open competition and letting the best solutions reveal themselves or allowing different technologies to serve different customer needs, the tax credit creates winners and losers based on political priorities. Finally, the tax credits were initially sold by congressional sponsors as a means “to help get these products over the initial stage of production ... to the mass production stage, where economies of scale will drive costs down and the credit will no longer be necessary.” We’ve already passed that stage. While still small, the EV market has matured and no longer needs these crutches. Even Elon Musk, the chief executive of Tesla Motors — the leader in U.S. EV sales with 2 out of 3 cars sold and the biggest beneficiary of the credits — says that it should end. Writing in the Wall Street Journal, Toyota’s Jack Hollis also called for the end of expensive and inefficient tax credits. It’s high time this policy goes away. The federal EV tax credit is an inefficient, regressive program that benefits the wealthy at the expense of average Americans. Eliminating it would restore fairness, reduce government interference in the market and, through genuine competition, better allow resources to go toward initiatives that enable as many people as possible to purchase cleaner vehicles. There are far more effective ways to design policies to address climate change. The best is to unleash capital to fund as many green and innovative projects as possible by reducing taxes on capital gains and renewing the ability to immediately deduct 100% of capital investments. Projects like solar farms, wind turbines and grid infrastructure require massive upfront capital investments. Without full expensing, these costs must be depreciated over many years, reducing the present value of tax benefits. In addition, better cash flows in the early years make it easier to secure financing. There is also a timing issue. The clean energy transition requires rapid deployment of new technologies. Full expensing encourages companies to accelerate investments rather than delay them. The federal government also should lift the permitting barriers that bureaucrats have erected that make building and innovating harder than they should be. Subsidizing high-end car buyers is a poor strategy for achieving meaningful environmental progress. But we know how to do better. Veronique de Rugy is a senior research fellow at the Mercatus Center at George Mason University.