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House Republicans propose to scrap $7,500 electric vehicle credit
41–50 of 161 posts
Re: House Republicans propose to scrap $7,500 electric vehicle credit
#42These subsidies were almost on the way out for GM & Tesla anyway.
The qualified plug-in electric drive motor vehicle credit phases out for a manufacturer’s vehicles over the one-year period beginning with the second calendar quarter after the calendar quarter in which at least 200,000 qualifying vehicles manufactured by that manufacturer have been sold for use in the United States (determined on a cumulative basis for sales after December 31, 2009)
There is a chart here [1] which shows GM and Tesla hitting the 200k sold mark in about 3 months. Sucks to be Faraday Future, but first-to-market is real.
[0]: https://www.irs.gov/businesses/plug-in-electric-vehicle-cred...
[1]: https://www.pluglesspower.com/learn/forecasting-the-sunset-o...
Re: House Republicans propose to scrap $7,500 electric vehicle credit
#43Earlier quoted context omitted.
> 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.
Nor are people spending $30,000 on a vehicle showing particularly price sensitive behavior. Lots of fine vehicles available for $15,000, $15,000 is an awful lot of gas (and you save on insurance and financing with a cheaper vehicle, so the lower maintenance on the electric isn't the only consideration).
Maybe it's not just about cost, but about driving a vehicle that doesn't directly contribute to diffused emissions? And use motor oil, hydraulic fluid, coolant, belts, etc?
Re: House Republicans propose to scrap $7,500 electric vehicle credit
#44Re: House Republicans propose to scrap $7,500 electric vehicle credit
#45If 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…
What's the biggest specific subsidy of oil or gas right now that you know about?
US gas subsidy, clean coal research subsidies, tax credits for oil transportation / refinement. Totalled together its in the 10s of billions range
Re: House Republicans propose to scrap $7,500 electric vehicle credit
#46And 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.
I'm generally in favour of allowing the market to do its work. That said, in the case of emissions, it is too expensive to attribute and process torts, so the true cost of emissions is rarely ever passed on to even very large polluters who have damaged a lot of property. This is why the original mandate of the EPA is so legitimate.
I'm with you on the subsidies though.
Re: House Republicans propose to scrap $7,500 electric vehicle credit
#47Earlier 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…
How does the standard deduction going up benefit the rich or harm the non-rich? Aren't lower- and middle-class people most likely to take the standard deduction, and thus be able to deduct more?
Re: House Republicans propose to scrap $7,500 electric vehicle credit
#48I have a lot to say on this... > Critics say electric vehicle buyers tend to be wealthier than average Americans and do nod need subsidies. I love how this gets buried at the bottom after an avalanche of criticism. A free $7500 for the rich and an additional $7500 in revenue for manufacturers. Say what you want about the American political system, it is a master class in manipulation. "But the environment!" Assuming…
I'm with you. That seems to be the the reality of politics, it's persuasion wars where it's really hard to get ahold of the facts, and even with the facts it's hard to tell what the better option is.
Re: House Republicans propose to scrap $7,500 electric vehicle credit
#49If 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…
What's the biggest specific subsidy of oil or gas right now that you know about?
Oh...the trillions we've spent on warfare in the Middle East comes to mind...
Re: House Republicans propose to scrap $7,500 electric vehicle credit
#50Earlier 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…
Probably not the time yet to write about the proposal as if it is sure to happen/stay the same.