if they want to pat themselves on the back for driving one, let them pay for it with their own money
Posted on 03/07/2020 6:50:31 PM PST by E. Pluribus Unum
WASHINGTON—Republican Senators Joni Ernst of Iowa and Mike Braun of Indiana are proposing to limit the federal tax credit for electric vehicles (EVs) to those costing $45,000 or less and end the subsidy entirely for affluent buyers.
Depending on the price of the EV purchased, the tax credit allows buyers to deduct between $2,500 and $7,500 from their federal taxes. The credit first went into effect in 2011.
“Iowa taxpayers shouldn’t be footing the bill for millionaires to get a discount on luxury cars. That’s why I’ve been working hard to get the EV tax credit off the books,” Ernst said in a March 4 statement announcing the proposal.
“With its history of systemic problems and fraud, this program needs to be scrutinized, which is why I’ve urged the IRS to take a closer look at its issues. I’m building on that effort by joining these two additional measures that will eliminate this incentive for wealthy coastal elites,” she said.
“As co-founder of the Senate Climate Solutions Caucus, I know we need to promote vehicles that reduce our carbon footprint, but it doesn’t need to be in the form of tax breaks for the wealthy and their luxury vehicles,” Braun said in the same statement.
“These two bills should be a slam-dunk for legislators who want to protect the environment, while limiting tax breaks for the super wealthy,” Braun added.
The Ernst/Braun proposal includes two separate measures. The “Ending the Electric Vehicle Entitlement for the Wealthy Act” would terminate the existing tax credit for joint returns representing joint annual incomes of $326,000 or more and for individual returns representing incomes of at least $163,300 a year.
(Excerpt) Read more at theepochtimes.com ...
Now if they would just stop propping up that crappy ethanol.
L8r
The tax deduction of $2,500 -$7,000 is not that much less taxes. It’s the deduction on their Net Income, so its like 15-30% of that.
When we got the standard deduction raised from $7,500 to $24,000 it essentially removed the reason to keep your house in debt (which is a weak excuse to start with). Pay your house off and get out of debt as quick as you can, imho.
It is an actual tax credit.
It deducts $1 for every $1.
NO EV tax credits period. If they can’t compete in the marketplace without MY tax dollars being giving to a lot of people who have a lot more money than I do, then let them fail.
Don’t even get me off on that crap they put in our gas to gum up our cars and bikes. Tennessee has about 5 times as many gas stations that sell E0 than we do in Kentucky. Closest 90 octane *real* gas is 40 miles from me (my Indian Scout requires premium). If we happen to be riding in that general neck of the woods, I will detour 5 miles to get it.
There is one, count em, one station in Louisville that sells E0.
And the claim that it is better for the air is bogus. But the government never admits it’s wrong. Just keeps on stickin it to us....with our own money.
I’ve been buying ethanol-free gas since I got my 2019 Jeep Grand Cherokee HEMI, last April. 90oct at around $2.89/gal, right now.
In addition, it always bugs me that businesses and some governments put in free charging stations. Where is my free gasoline station? And much of that free electricity is carbon based or hydro that kills the beloved salmon or wind that kills all sorts of birds.
All true, it’s feel good BS and a fraud. Get rid of the EV subsidies that distort the market.
Tax credit should be $ ZERO!!!!!!
Screw the tax credits. Charge them more for the battery problems for the environment.
if they want to pat themselves on the back for driving one, let them pay for it with their own money
Same, trying to keep my ancient Honda Odyssey going.
There is no real source for many of its parts, and I have money to get something else but I get attached to stuff.
“When we got the standard deduction raised from $7,500 to $24,000 it essentially removed the reason to keep your house in debt (which is a weak excuse to start with). Pay your house off and get out of debt as quick as you can, imho.”
My wife and I went to a reverse mortgage based on the math that explain above.
Uh-oh, the electric golf kart fanatics will get you for that one.
We only put real gas in our vehicles. Ironically, here in Iowa, the state that pushes ethanol on everyone, has plenty of stations that sell real gas. Guess they want to ruin other people’s vehicles and not their own. I get so frustrated listening to our senators go on and on about the importance of the government making people buy that crap. They are both Republicans, Ernst & Grassley representing the corn lobby
If oil keeps dropping, they are gonna have a difficult time pricing ethanol competitively enough to use as a fuel.
Boo yah! Hence the political move to shore up that junk. I wish people would realize that subsidies hurt those being subsidized as well as the rest of the population. It keeps marginal players in business, and prevents people from getting the correct signals from the market.
“...real gas...”
?
No lead or ethanol free?
I can get leaded av-gas at the local airport, but it’s 130 oct, and too rich a diet, even for the Jeep’s 550hp HEMI V8.
Considering it costs $1.30 to make $1.00 of 10% ethanol gas, the only ones doing well are the corn farmers, and car parts stores.It definitely shortens the life of the engine and many of fuel-related parts.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.