Tax Credit Changes in new bill [LOCKED DUE TO POLITICS & ARGUING]

[SASSquatch]

I don’t agree that it’s closer to 5.5k. I dont see how you make over 150k and take home less than 8k monthly. Don’t forget there are effectively 13 pay months in a year if you get paid weekly.

8k a month is nearly 100k a year take home. There a a lot of deductions if you can’t take 100k home with over 150k salary.

I do still think it would be tight budget wise if you have to finance more than 40-50k.

I do agree because I see my paycheck every month. The calculators aren't including deductions for things like health insurance, LTD, STD, and a big one, 401K contributions.

YMWV based on your specific situation, but I have never seen anywhere close to 8K.

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[emoore]

I do agree because I see my paycheck every month.

Guess Washington DC taxes are that bad then. I’d move if I was paying over $50k in state taxes.

 

[SASSquatch]

Guess Washington DC taxes are that bad then. I’d move if I was paying over $50k in state taxes.

My estimates for housing are for RENTING. If you own, it is MUCH higher and I haven't even talked about real estate taxes.

DC isn't a state.

Also, DC has an individual locality tax rate that is not included in most tax calculators that is graduated based on how much you make from 4.5 to 10.5 percent.

We can debate the individual numbers, but the important point is that making $150K in a high tax, high cost of living state does not put you in an income bracket where $7,500 of incentive won't dramatically impact your buying decision.

 

[Acoustic71]

Holy Moly! I was just assigned a Guide!

 

[Donald Stanfield]

Holy Moly! I was just assigned a Guide!

Looks like you're going to make it after all.

 

[emoore]

My estimates for housing are for RENTING. If you own, it is MUCH higher and I haven't even talked about real estate taxes.

DC isn't a state.

Also, DC has an individual locality tax rate that is not included in most tax calculators that is graduated based on how much you make from 4.5 to 10.5 percent.

We can debate the individual numbers, but the important point is that making $150K in a high tax, high cost of living state does not put you in an income bracket where $7,500 of incentive won't dramatically impact your buying decision.

i do agree with the incentive making a big impact on buying decision.

 

[Nuclianba]

That's a disappointing response. I have read on another EV forum that Fisker is working on a plan to sign as many binding agreements as people are willing if this bill ends up passing. I hope Rivian would at least look into this option.

I wonder if Rivian prefers, to a certain extent, that some pre-March orders get canceled as a result of this.

GR

Current drafts state that the new tax credit will apply to EVs delivered in 2023 or later. Exception is if you have a signed purchase agreement from before the law is enacted... In that case 2023 or later delivery still qualifies for current tax credit.

Just clarifying that the binding purchase agreement only helps if it exists BEFORE this is signed in to law. You can't wait to see if it becomes law... Once Biden signs you're too late.

 

[SASSquatch]

That's a disappointing response. I have read on another EV forum that Fisker is working on a plan to sign as many binding agreements as people are willing if this bill ends up passing. I hope Rivian would at least look into this option.

I wonder if Rivian prefers, to a certain extent, that some pre-March orders get canceled as a result of this.

GR

I think you are correct that they may see the silver lining in this as some of the orders might get cancelled, but the net of the bill is a significant loss for them.

The 80K cap means that a large majority of their post-Pre March 1 priced vehicles will NOT be eligible which may result in cancelled orders from consumers who were expecting that offset.

I agree it is disappointing to hear that RIVIAN isn't willing to entertain a purchase agreement if you aren't in the process, but their tune may change if this bill passes as is.

I am sure they have reached out to Dick Durbin and Tammy Duckworth and voiced their displeasure since in order for this bill to pass, Democrats need EVERY vote.

I expect RIVIAN is putting pressure on the Senior/Jr. Senators from Illinois to seek an exemption for new EV manufacturers or to have the new legislation go in effect once a manufacturer exceeds their initial 200K cap.

 

[Interferon]

Trying to wrap my head around how someone could go about talking about bills and congress without it being about politics, as per the admin.
Policy, politics. Same root word.

 

[Donald Stanfield]

Trying to wrap my head around how someone could go about talking about bills and congress without it being about politics, as per the admin.
Policy, politics. Same root word.

It should say no PARTISAN politics. Discussing how the tax code effects EV purchases makes sense, talking about climate change, or lack their of or arguing about who has the better party platform between the left and right are unnecessary and annoying. If you think about it you have to be pretty inconsiderate of others in order to bring your irrelevant political views into a special interest forum, provided you're not in the off topic section.

 

[emoore]

Passing this bill as is probably means I have to choose between adventure and max pack. Can’t have both to stay under $80k.

 

[Gamma rays]

Current drafts state that the new tax credit will apply to EVs delivered in 2023 or later. Exception is if you have a signed purchase agreement from before the law is enacted... In that case 2023 or later delivery still qualifies for current tax credit.

Just clarifying that the binding purchase agreement only helps if it exists BEFORE this is signed in to law. You can't wait to see if it becomes law... Once Biden signs you're too late.

Yes. That's what I have read, too, which adds even more urgency for Rivian to do what Fisker is rumored to be doing (I admit I have no idea how accurate this is, though). Unless they are confident their lobbying effort can prevent this bill from moving forward.

GR

 

[Friscorays]

That's a disappointing response. I have read on another EV forum that Fisker is working on a plan to sign as many binding agreements as people are willing if this bill ends up passing. I hope Rivian would at least look into this option.

I wonder if Rivian prefers, to a certain extent, that some pre-March orders get canceled as a result of this.

GR

Sure was. Here is how I responded:
"Hello,

I really don't understand why Rivian would not help a significant number of their customers out by allowing those effected by the new legislation to begin the purchase process early.

My R1S was initially estimated to be here by the end of the calendar year. I have close friends who could be in an R1T by now but have been holding out for the max pack. Delays obviously happen, but those delays become particularly painful when they result in the loss of real money and there is a seemingly simple option that Rivian could pursue in order to eliminate this additional burden on some of their customers.

I hope you can pass along to the powers that be that people would appreciate it if they would reconsider this issue should the legislation pass."

 

[Friscorays]

Current drafts state that the new tax credit will apply to EVs delivered in 2023 or later. Exception is if you have a signed purchase agreement from before the law is enacted... In that case 2023 or later delivery still qualifies for current tax credit.

Just clarifying that the binding purchase agreement only helps if it exists BEFORE this is signed in to law. You can't wait to see if it becomes law... Once Biden signs you're too late.

Bummer.

 

[Olsonsolar]

“We're gonna put from the Green New Deal, millions of billions of dollars cleaning our good air up. … Since we don’t control the air, our good air decided to float over to China’s bad air so when China gets our good air, their bad air got to move. So it moves over to our good air space. Then now we got to clean that back up, while they’re messing ours up.” Herschel Walker, Senate Candidate GA

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