Congress Proposes Repeal of $7,500 EV Tax Credit

Megalith

Megalith

24-bit/48kHz
Staff member
Joined
Aug 20, 2006
Messages
13,000
The House of Representatives released an early draft of a bill to remake the taxation system, one that would kill the federal tax credit that gives up to $7,500 to anyone who buys an electric car. Automakers are preparing more electric vehicles to get ahead of the competition, and EV sales mandates in some states only add to the pressure. Federal tax credits, as well as state incentives, have helped counteract high sticker prices typically seen with electric vehicles.

“There is no question that the elimination of the federal electric vehicle tax credit will impact the choices of prospective buyers and make the electric vehicle mandate in 10 states — about a third of the market — even more difficult to meet,” said Bergquist, according to a report from Automotive News. However, supporters of the repeal argue EV buyers can do without incentives since they tend to be wealthier than average consumers.
 
They might as well just come out and say "We're going to repeal every fucking thing that has ever made America a decent place to live (until recently): no tax credits or deductions for anything, you pay what the IRS says you pay and that's that."

That's where they're headed so, why dick around, just get the fuck on with it.
 
Tiberian said:
They might as well just come out and say "We're going to repeal every fucking thing that has ever made America a decent place to live (until recently): no tax credits or deductions for anything, you pay what the IRS says you pay and that's that."

That's where they're headed so, why dick around, just get the fuck on with it.
Click to expand...

You mean people will actually have to pay taxes? THE HORROR!

Regarding this specific credit, I really don't give a shit because I love the smell of gas burning.
 
Tiberian said:
They might as well just come out and say "We're going to repeal every fucking thing that has ever made America a decent place to live (until recently): no tax credits or deductions for anything, you pay what the IRS says you pay and that's that."

That's where they're headed so, why dick around, just get the fuck on with it.
Click to expand...

That is what you think makes the US a decent place to live?

I never understood the liberal logic. "Our EV Cars are so good we have to take money under threat from citizens and pay you to buy one".

Yea that just sounds decent.

That sounds just like the other topic we are seeing right now from the left: "Our ideas/arguments are so good that we cant allow you to speak and must call you a Nazi to shut you down".

Unless you have 10+ kw solar set up and a Power wall. The charging you do every night on the EV vehicle is just as bad for the environment as your neighbor with a gasoline car.

And dont take this the wrong way, I like EV's for what they are good at, short daily commutes. I would like to buy one. But I dont think people should get tax credits for them.
 
BHenry said:
You already pay for everyone else's gas powered car, so why not pay for electric powered cars too? https://en.wikipedia.org/wiki/Energy_subsidies
Click to expand...

From your own source:

Allocation of subsidies in the United States
  1. Renewable energy: $7.3 billion (45 percent)
  2. Energy efficiency: $4.8 billion (29 percent)
  3. Fossil fuels: $3.2 billion (20 percent)
  4. Nuclear energy: $1.1 billion (7 percent)
Click to expand...

So called Green energy uses up almost 75% of the energy subsides.
 
government incentivizing technology improvements is an overall good thing, is it not? it's not like they help fund nasa like they used to, so why is this such a big deal...
 
Riouken said:
Unless you have 10+ kw solar set up and a Power wall. The charging you do every night on the EV vehicle is just as bad for the environment as your neighbor with a gasoline car.
Click to expand...
you think at some point that will change though and EV will without any doubt be better overall, and folks are pushing towards that goal as fast as possible because the sooner we get there the better our chances are in the long run?
 
Youn said:
government incentivizing technology improvements is an overall good thing, is it not? it's not like they help fund nasa like they used to, so why is this such a big deal...
Click to expand...

Giving consumers money to buy a consumer product has nothing to do with technology research. Im all for science and tech research funding. I would much prefer we take the EV subsidy and give it to nasa.
 
Tiberian said:
They might as well just come out and say "We're going to repeal every fucking thing that has ever made America a decent place to live (until recently): no tax credits or deductions for anything, you pay what the IRS says you pay and that's that."
Click to expand...

So you approve of tax cuts for the rich? That's mainly what the electric car tax break is.

The only people at the office with electric cars are some of the higher paid engineers. They could afford to buy almost any car they want.
Meanwhile, none of the lower paid office staff have electric cars. They couldn't could afford an electric car, even with the tax breaks.
 
Good: Killing a tax credit on something that only the very wealthy can afford
Bad: Reducing the freaking corporate tax rate from 35% to 20%. That's a waaaaaaaay bigger issue than this inconsequential change.
 
Youn said:
you think at some point that will change though and EV will without any doubt be better overall, and folks are pushing towards that goal as fast as possible because the sooner we get there the better our chances are in the long run?
Click to expand...

I think it will happen organically just like when we moved as a society from horse and buggy to Gas Cars. At first there was no infrastructure and overall a horse and buggy was much better for most people/tasks. But as things slowly evolved and the demand grew so did production technology's and that made them more affordable.

I think the same will happen to EV vehicles but it's just not going to happen overnight.
 
Tiberian said:
You folks gotta learn to read with comprehension, seriously, but I suppose the fault lies with me for not tossing a smiley at the end of the sentence I suppose.
Click to expand...
Sorry I did not understand your sarcasm.:) But my overall point was directed at that line of thinking not necessarily at you.
 
Pabuchok said:
Personally I don't care to pay for someone else's EV. Remember this isn't the government's money, it's our money.
Click to expand...


it's not your money, it's the governments money.. you have zero say on what it's spent on and repealing the credit just means they'll allocate the money to something else even more retarded.. either way i think the credit should of been a scaling credit based on the yearly household income of the person(s) buying the car with a maximum amount of 7500 dollars. so then there's an incentive for lower income families buying them and less of a hand out for the people that can actually afford them. getting rid of the tax credit as a whole though i feel is a step backwards.
 
Yah, I understand, no worries, my mistake. I'm not a supporter of tax cuts which aren't actually tax cuts and it would do people - in any tax brackets - to realize this. I am in favor of tax relief meaning the actual taxable rate goes down for most all of us but this is very tricky territory and people will misconstrue my statements (99% of the time) so that's all I'm gonna say. :)

Money is the problem, and mixing money with Humans, well, that's when all hell breaks loose. :D
 
sirmonkey1985 said:
it's not your money, it's the governments money.. you have zero say on what it's spent on and repealing the credit just means they'll allocate the money to something else even more retarded.. either way i think the credit should of been a scaling credit based on the yearly household income of the person(s) buying the car with a maximum amount of 7500 dollars. so then there's an incentive for lower income families buying them and less of a hand out for the people that can actually afford them. getting rid of the tax credit as a whole though i feel is a step backwards.
Click to expand...

um.... The government does not have money, they take money as taxes from the citizens. So if you are a tax payer it is in fact your money. The US is a Constitutional Republic so we do in fact have a say on how our government runs, what it can and cant do and how it spends our money.
 
Tiberian said:
You folks gotta learn to read with comprehension, seriously, but I suppose the fault lies with me for not tossing a smiley at the end of the sentence I suppose.
Click to expand...

I don’t think you can walk that back, smiley face or no. Almost all electric cars are second or third vehicles, only the highest earners generally buy them and that’s for the moral superiority complex. Tax cuts for the rich indeed.
 
Why are we subsidizing $100k+ earners anyways. The first couple of years, the median income of people who took the EV credit was $175k. I read the other day that its now down to about $120k. Again, we are we subsidizing six figure incomes with a $7500 tax credit.
 
Thank God! This will let Trump give maybe a whole $1 million back to the oil industry. The country has been saved! Oh, you didn't think this was actually going to lower your taxes did you? HaHaHaHa.
 
It other news. . . .congress considers extra tax for those with vehicles that use less fuel than 5 mpg.
 
Riouken said:
Corporate taxes are wrong, all taxes on business are just taxes on the consumer.
Click to expand...
Unfortunately (or fortunately depending on your perspective) you can't tax the rich to level the playing field and bring parity with the lower classes. The rich just pass off the costs to the consumer then layoff more workers.
 
Personally I think every tax exception and deduction should be eliminated. Everyone should pay the same rate whether you make 10k or 100K or 1000K. Why should anyone pay more than their fare share? Rate percentage should fluctuate year to year depending on spending. Gov spends less, more money back in citizens pockets. Gov spends more, less money to citizen and more likely politician voted out. Although you you probably have to make a Constitutional Amendment stating citizens will never have to pay more than XX% of income in taxes. Also just an FYI, there is no law that bars you from paying more in taxes than you owe. You can always send a check to the IRS because you feel like you've been taxed to little (no one ever does. My brother works for department of Treasury and it never happens according to him. People like their money)
 
Absolutely. They should not need my tax dollars to subsidize this. If it can’t be manufactured affordable then maybe it just isn’t ready for prime time.
 
one down, hundreds to go. Please keep going and dump the ethanol mandate, the wind credits, the Jones act, solar panel tariffs, sugar price supports and 2nd million dollar house mortgage deduction for a good start.
 
I am beginning to think this forum is only populated by those Russian chatbots I keep hearing about. The amount of ignorance on display here is staggering.
 
gsilver said:
Good: Killing a tax credit on something that only the very wealthy can afford
Bad: Reducing the freaking corporate tax rate from 35% to 20%. That's a waaaaaaaay bigger issue than this inconsequential change.
Click to expand...

Yea man, being poor must suck, I feel for you.
 
And the absurd tax discussion starts:

Myth #1: someone earning less pays less % than someone making more.
Nope, they pay de same, for the same amount. Meaning if i make 30k taxable an you make 100k taxable you mr#100k are at the same tax as I am FOR THE FIRST 30K.

Myth #2 All tax is customer tax, as its simply passed on to customers.
That might true I suppose, IF COMPANIES WERE NOT ALLOWED TO MAKE A PROFIT.
Theres still, for most things market realities, those set the price on things, hence you can't just always pass it on wily nilly, many times you have to eat in your profit. Would ANY mayor tech company have a problem paying more taxes? You could quintuple them tomorrow, and they would not jack up shit on their prices.
Up next: the rob peter to pay paul argument... That's just the entire basis of our economy and fiat currency.
 
BHenry said:
You already pay for everyone else's gas powered car, so why not pay for electric powered cars too? https://en.wikipedia.org/wiki/Energy_subsidies
Click to expand...

Because facts don't matter.

schoolslave said:
I am beginning to think this forum is only populated by those Russian chatbots I keep hearing about. The amount of ignorance on display here is staggering.
Click to expand...

Nah dude, America has a long history of anti-intellectual revanchist luddites pining for "the good ol' days." Ivan is just a distraction from the real cancers on society. Speaking of cancer, I can't wait until the smoking bans start getting repealed. /s
 
Tiberian said:
They might as well just come out and say "We're going to repeal every fucking thing that has ever made America a decent place to live (until recently): no tax credits or deductions for anything, you pay what the IRS says you pay and that's that."

That's where they're headed so, why dick around, just get the fuck on with it.
Click to expand...

You know where that $7500 comes from? You and me eventually. The time the government pays that off with taxes it's $22,500 after interest.

Nothing free is really free.
 
Btw this will not harm tesla.. if anything buy stock now ! .. nobody else has a gigafactory, the other automakers are screwed.
 
You must log in or register to reply here.
Back
Top