Senate $40k cap on ev tax credit

[Ladiver]

I must have a split personality because I am not sure if I like this or not. If it happens and I can't get the tax credit, then I want my Rivian NOW!!!!! If it doesn't happen I need to wait till January 1, for tax purposes.

If it does pass, I will most likely not adopt an EV, considering they are also looking at taxing miles driven (which I do support, IF they drop the fuel taxes). I can buy a new diesel truck and call it a day.

If they keep the credit and have the income limit, then I will have to look closely at the rules, but I should be able to get my taxable income below whatever number they come up with.

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[Attesan997]

Laughable, just shows how out of touch they are. No idea how to stimulate industry. Just pandering.

On top of that, people who make <100k a year shouldn't buy 40k vehicles...

This part is what stood out to me, +40% of household income on one vehicle. That's probably not the best call to say the least unless there are some very unique circumstances.

 

[jplblue]

This part is what stood out to me, +40% of household income on one vehicle. That's probably not the best call to say the least unless there are some very unique circumstances.

I get your point, but $40k is the average selling price for new vehicles and the median household income in the US is like $65-70k.

 

[johnbro23]

No manufacturer has plans to introduce a <$40k EV with reasonable range in the next few years, so this is basically like not even having an EV incentive at all. EV adoption in the US will most certainly stall in the US while it rips in Europe. This can't possibly be the outcome with dems in charge.

 

[protamine]

I get your point, but $40k is the average selling price for new vehicles and the median household income in the US is like $65-70k.

And this is why we have people massively upside down with 84 month loans. Not eveyone needs a new car. Look at a Accord - space, power, HUD, active suspension for like 33k. No one really NEEDS more than that, yet here we are.

 

[Sdvictor]

This is 100% voted on by senate republicans (and 3 democrat stooges). This is absolutely a poison pill to quash EV adoption.

 

[DucRider]

No manufacturer has plans to introduce a <$40k EV with reasonable range in the next few years, so this is basically like not even having an EV incentive at all. EV adoption in the US will most certainly stall in the US while it rips in Europe. This can't possibly be the outcome with dems in charge.

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Very unlikely that this will survive as proposed. With forces pushing to expand the Tax Credit and others to reduce/limit it, the most likely result is no change.

 

[flabyboy]

Laughable, just shows how out of touch they are. No idea how to stimulate industry. Just pandering.

On top of that, people who make <100k a year shouldnt buy 40k vehicles...

exactly! It would give me pause because this is by far the most I will have spent on a vehicle. That $7500 makes a big difference.

 

[flabyboy]

This part is what stood out to me, +40% of household income on one vehicle. That's probably not the best call to say the least unless there are some very unique circumstances.

I see a LOT of 50-60k high trim trucks around low income housing in rural areas by my house.

 

[electruck]

Upcoming:
Nissan Ariya
Ford Lightning
Tesla Cybertruck

Available Now:
Chevy Bolt EV
Chevy Bolt EUV
Hyundai Ioniq Electric
Hyundai Kona Electric
Kia Niro EV
Nissan LEAF
Tesla Model 3

Very unlikely that this will survive as proposed. With forces pushing to expand the Tax Credit and others to reduce/limit it, the most likely result is no change.

@DucRider you're more in tune with these details than I am, how many in your list are union built in the US?

 

[srwaxalot]

And this is why we have people massively upside down with 84 month loans. Not eveyone needs a new car. Look at a Accord - space, power, HUD, active suspension for like 33k. No one really NEEDS more than that, yet here we are.

I agree for the most part. I have two cars a Kia Nero plug-in and a wrx.
For the last 3 years 90% of my driving is doctor’s office and the hospital, FYI don’t have an autoimmune disease, so I dive the Kia most of the time.
It has way more creature comforts then the wrx and was only $28k before tax rebates.

 

[flabyboy]

Even if this somehow made it thru the House, Biden could very easily veto it. Would he though? ?‍

 

[srwaxalot]

Even if this somehow made it thru the House, Biden could very easily veto it. Would he though? ?‍

No he wouldn’t

 

[eggpaul]

100k annual income in CA is not wealthy... ugh.

 

[DucRider]

@DucRider you're more in tune with these details than I am, how many in your list are union built in the US?

Ford and Chevy (depending the definition of "built in the US")

But that is not part of the current proposal anyway. Any compromise bill is most likely to:

• Raise or eliminate the qualifying MSRP from the proposed $40K
• Raise or eliminate the Income Cap
• have no additional incentive for "US built"
• contain no additional incentive for "Union built"
• rework the 200K per manufacturer cap

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