No Tax Credit Over $100K Income, Or Over $40K Vehicle, So Says The Senate, NonBindingly

[DYohn]

It's a good idea but the income threshold is too low. Double it.

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[deadduck]

I doubt, or hope, that there's much to worry about. A lot of non-binding stuff is just political cover.

Still, it's frustrating in general. The vaccine resistant in this country, the same opposed to EV's, are causing massive problems for themselves. How many of them have to die before they get the message?

Global warming isn't any different, except it is. My father, grew up in polio times, he had no problems getting a vaccine, but global warming, nah, just something that's happening all on it's own......natural events.

I don't care, kill yourself if you want to, but stop trying to take the rest of us with you.

 

[ARK]

I agree in principle to an income or vehicle price cap at some level. To give an easy example, I think most would agree, if someone is earning $800,000 a year and chooses to buy a fully-electric Lamborghini that costs $300,000, the tax payer shouldn't kick in $7,500 to help with that purchase.

But I wish where ever that line is drawn, the policy is implemented more rationally by having the tax credit progressively get reduced until it disappears, none of this cliff stuff where if the car costs $50,000 you get $7,500, but if it costs $50,001 you get $0.

 

[Nklem]

Who can afford a $50K MME on a $99K income? This whole politicking is crazy.

This is not me, but how I think

Let's see

$6600 Monthly Take Home Pay, minus $500 health insurance premium, $650 Mach E car payment, $2000 Rent, $100 registration/Excise, $500 Food, $250 Gas, $400 Utilities, $125 car insurance, They still have $2075 left per month for liquor and weed.......... And a $7500 bonus next tax time...

And a minimum wage worker today, $15-hour =$31200/Year, $2340 per month Take Home
minus $free health insurance, $650 Mach E car payment, $600 subsidized Rent, $100 registration/Excise, $250 subsidized Food, $150 Gas, $200 Utilities, $125 car insurance, still have $265 left per month for liquor and weed.......... and a $1500-2000 bonus next tax time

 

[EELinneman]

$2075 a month for liquor and weed....all I can say is this:

 

[Mach Daddy]

Who can afford a $50K MME on a $99K income? This whole politicking is crazy.

There are very wealthy people with $1 "incomes"

 

[Timelessblur]

Well that 100k phase out pretty much means no one should be getting the tax credit. Sorry but a family buying a 35k car new with only a 100k of income is not exactly a smart move. Sure as well should not be going on to the 50k.

 

[Davedough]

My wife and I both have worked very hard in our careers to get where we are. We both make six figures alone which puts our household income way over this. We live in Northern VA which, although we make a nice living, we're not rich by any means. If I can't have these tax breaks, how about making it so when I claim 0 on my W4, I don't still have to owe over $7k at the end of the year?

 

[Scooby24]

Three things:
1) 100k is not rich, by any stretch. It's middle class.
2) Inflation has made the value of 100k even less.
3) Vehicle pricing is rising and BEVs are expensive.

These people are mentally deficient.

 

[Lscamp]

I’m not convinced that automakers would keep prices where they are with out the tax incentives. GM drastically increased incentives in the Bolt when their tax credit ran out. I’m not convinced GM wouldn’t just raise prices again if the tax credit were reinstated for them. At that point taxpayer money would be just going to GM, not the consumer. What we need more of is infrastructure and charging times to be in line with gas refilling. Then I’m sure electric cars will really take off.

 

[Deleted member 3663]

Getting tired of hearing people's politics on this forum.

 

[Brian707]

To be clear, we are still getting the $7500 tax rebate for those of us who purchased the Mach E already?

 

[BalsaDust]

To be clear, we are still getting the $7500 tax rebate for those of us who purchased the Mach E already?

Not to worry, the tax credit is still in effect, and to remind everyone its NOT a rebate, just a possible tax credit up to $7500.
Check with your tax advisor for more clarification or search it online for more info.

 

[Sweetwater]

Tax-Tax-Tax. Has anyone looked up the VMT ? Biden wants to
tax all vehicles by how much milage we drive. This is no joke.
Look up Biden Vehicle Milage Tax !!!

 

[llinthicum1]

Actually, I'm not a fan of tax credits. I'm hoping consumers are buying BEVs because they want the benefits of a BEV, not because they are getting a tax credit. The tax credit is just icing. If not now, tax credits will go away at some point. In the interim, if you want to have a tax credit, then tie it to income and reduce the amount of credit for higher income levels.

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