House Republicans propose to scrap $7,500 electric vehicle credit • Hacker News Board

Re: House Republicans propose to scrap $7,500 electric vehicle credit

#21

Post by fhood » Thu, Nov 02, 2017, 5:41 PM UTC

matt_wulfeck wrote: post #6

stusmall wrote: post #4

I mean it's kind of the point of tax reform. You eliminate deductions that only wealthier people benefit from and lower the rate over all. You'll see a lot of deductions go away that are good on their own but in aggregate with all the other deductions give us such a massively complex system.

The states and cities that are coming forward with ridiculous EV mandates should be the ones covering the subsidies, not the entire nation.

I disagree. Phasing out new production of C02 producing vehicles benefits everyone and by extension, failing to encourage it hurts everyone. This isn't a localized issue. It isn't like Texas (for instance) can produce as much carbon dioxide as they want, and it will only affect Texas.

Re: House Republicans propose to scrap $7,500 electric vehicle credit

#22

Post by [deleted] » Thu, Nov 02, 2017, 5:41 PM UTC

smileysteve wrote: post #9

stusmall wrote: post #4

I mean it's kind of the point of tax reform. You eliminate deductions that only wealthier people benefit from and lower the rate over all. You'll see a lot of deductions go away that are good on their own but in aggregate with all the other deductions give us such a massively complex system.

> You eliminate deductions that only wealthier people benefit The Nissan Leaf and Chevy Volt aren't particularly upper class cars. Neither is the Model 3.

[deleted]

Re: House Republicans propose to scrap $7,500 electric vehicle credit

#23

Post by Pfhreak » Thu, Nov 02, 2017, 5:41 PM UTC

matt_wulfeck wrote: post #6

stusmall wrote: post #4

I mean it's kind of the point of tax reform. You eliminate deductions that only wealthier people benefit from and lower the rate over all. You'll see a lot of deductions go away that are good on their own but in aggregate with all the other deductions give us such a massively complex system.

The states and cities that are coming forward with ridiculous EV mandates should be the ones covering the subsidies, not the entire nation.

Yeah! Pollution is a local problem! Definitely address it at the city level. Can we go further? Why not just have specific individuals who care about this funding the subsidies?

/s

Re: House Republicans propose to scrap $7,500 electric vehicle credit

#24

Post by lostlogin » Thu, Nov 02, 2017, 5:41 PM UTC

NeonVice wrote: post #15

ghouse wrote: post #2

And if they scrap oil subsidies too, the market can figure it all out. But looks like most direct and indirect O&G subsidies will remain.

O&G companies are able to write off the cost of doing business just like other businesses. They are not "subsidies". https://www.forbes.com/sites/drillinginfo/2016/02/22/debunki...

It’s a ballsy move to compare the oil and gas industries to health. There is plenty to criticise about the way the US healthcare system is run, but do people really begrudge treating the two industries differently?

Re: House Republicans propose to scrap $7,500 electric vehicle credit

#25

Post by DataWorker » Thu, Nov 02, 2017, 5:42 PM UTC

smileysteve wrote: post #9

stusmall wrote: post #4

I mean it's kind of the point of tax reform. You eliminate deductions that only wealthier people benefit from and lower the rate over all. You'll see a lot of deductions go away that are good on their own but in aggregate with all the other deductions give us such a massively complex system.

> You eliminate deductions that only wealthier people benefit The Nissan Leaf and Chevy Volt aren't particularly upper class cars. Neither is the Model 3.

They aren’t an option for the majority of Americans.

Re: House Republicans propose to scrap $7,500 electric vehicle credit

#26

Post by awinder » Thu, Nov 02, 2017, 5:42 PM UTC

stusmall wrote: post #4

I mean it's kind of the point of tax reform. You eliminate deductions that only wealthier people benefit from and lower the rate over all. You'll see a lot of deductions go away that are good on their own but in aggregate with all the other deductions give us such a massively complex system.

Yeah, thats just the point guys, the middle & middle upper classes lose their deductions and the rich lose the estate tax, it all comes out for the little guy right?

Wake up.

Re: House Republicans propose to scrap $7,500 electric vehicle credit

#27

Post by bkohlmann » Thu, Nov 02, 2017, 5:43 PM UTC

dragontamer wrote: post #14

s0rce wrote: post #7

Earlier quoted context omitted.

Sadly, most of the deductions that disproportionately benefit wealthy people aren't going anywhere (mortgage interest, IRA/401k/tax-free savings, FSA/HSA, etc.) since they appear to benefit everyone and foster the american dream of home ownership.

* Mortgage Interest is dropping from 1-million to 500k. * State / Local tax disproportionately benefits richer states (which tend to have higher income taxes). That's also going away. The real issue IMO is that the standard deduction is going up, and the top tax rate is going down. The overall effect seems to be a tax-increase for me and a tax-decrease to those who are richer than me. They probably should close the b…

The top tax rate is NOT going down. It remains at 39% under the proposal released by the House today.

Re: House Republicans propose to scrap $7,500 electric vehicle credit

#28

Post by lostlogin » Thu, Nov 02, 2017, 5:43 PM UTC

Cshelton wrote: post #10

If we just eliminated subsidies in the oil & gas world, I can promise you the economy will move towards renewable extremely fast. Make it a phase out of two - four years..., it would boost sales of EV's and our entire transportation network much more quick than EV tax credits would, AND, it would be a fair market for once! It would spur innovation, create many jobs, we would lead the world once again in regards towar…

Not being reliant on it would have a massive effect on the Middle East. Whatever stability they have now would go. That aspect would need a lot of care, and the West’s track record is not good.

Re: House Republicans propose to scrap $7,500 electric vehicle credit

#29

Post by dogruck » Thu, Nov 02, 2017, 5:45 PM UTC

smileysteve wrote: post #9

stusmall wrote: post #4

I mean it's kind of the point of tax reform. You eliminate deductions that only wealthier people benefit from and lower the rate over all. You'll see a lot of deductions go away that are good on their own but in aggregate with all the other deductions give us such a massively complex system.

> You eliminate deductions that only wealthier people benefit The Nissan Leaf and Chevy Volt aren't particularly upper class cars. Neither is the Model 3.

Yes, those are cars for the wealthy. Most people cannot even afford a car. If they can, they’re probably not buying a new car. And, if they do buy a new car, they’re probably looking to spend close to $20,000.

Re: House Republicans propose to scrap $7,500 electric vehicle credit

#30

Post by dahdum » Thu, Nov 02, 2017, 5:45 PM UTC

smileysteve wrote: post #9

stusmall wrote: post #4

I mean it's kind of the point of tax reform. You eliminate deductions that only wealthier people benefit from and lower the rate over all. You'll see a lot of deductions go away that are good on their own but in aggregate with all the other deductions give us such a massively complex system.

> You eliminate deductions that only wealthier people benefit The Nissan Leaf and Chevy Volt aren't particularly upper class cars. Neither is the Model 3.

They are more like the 2nd/3rd car for the upper middle class. So many in the Bay Area are used just for commuting in EV lanes and charging at work by people who don't need the tax credit.