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

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zefram47

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Well this pisses me off. Assuming some version of this passes, my Rivian will once again cost me an extra $7500 since there's zero chance of getting a max pack before 2023 and my MSRP will be way over the proposed $80k limit.
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electruck

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Point of Sale rebate is very specifically defined so that only licensed auto dealers are eligible. Rivian and Tesla et. al. are not going to be able to offer, at least as I read it.
Would this preclude Rivian, Tesla, Lucid buyers from claiming the rebate when filing taxes?
 

mabowden

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It is adjusted gross income. Hopefully deductions can help get you under that threshold. I'm in similar boat.
Yeah, should have phrased it differently. $300,000 agi might seem like alot, but after you net it out in places like socal (and other HCOL areas), its not nearly as much as some would think.

Not complaining. I am lucky I can even afford the Rivian. But, the $7500 was a big motivator on the original decision.
 

COdogman

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so a step in the right direction is spending money the USA doesn’t have and paying more than 1 billion dollars a day in interest alone.
Part of the bill attempts to collect taxes from large corporations who notoriously avoid paying anything year after year. This country spends money on all kinds of things that are subjectively good or bad depending on whom you ask. The one thing we all know is if we don’t bring in tax revenue we can’t pay for any of it. Not even the basics.
 

mabowden

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So you think the fate of the planet hinges on an EV incentive bill?
This bill is tied into a package that includes heavy climate initiatives other than just EVs, so yes this bill will help the climate (not planet, the planet will be fine if it heats up and we all die, humanity won't be though) more than any bill passed in recent US history.
 

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TexasBob

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Would this preclude Rivian, Tesla, Lucid buyers from claiming the rebate when filing taxes?
No. Just means there would not be a point-of-sale price reduction. (Which, mark my words, most dealers will keep a big chunk of anyway.)
 

zefram47

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No. Just means there would not be a point-of-sale price reduction. (Which, mark my words, most dealers will keep a big chunk of anyway.)
If it's anything like what Colorado has done for PoS tax credits then there will be a max fee they can collect for handling it. Here in CO, IIRC, it's a max of $150 for the state credit. I got to benefit from the PoS tax credit when I bought my MINI.
 

astonius

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This bill is tied into a package that includes heavy climate initiatives other than just EVs, so yes this bill will help the climate (not planet, the planet will be fine if it heats up and we all die, humanity won't be though) more than any bill passed in recent US history.
The very people proposing this bill know it’s not going to do a damn thing for the climate. They bank on people like you to believe it’s true in exchange for your vote.
 

mabowden

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The very people proposing this bill know it’s not going to do a damn thing for the climate. They bank on people like you to believe it’s true in exchange for your vote.
Government: Spends more on climate change initiatives in the history of the country
This guy: BUT IT WONT DO A DAMN THING FOR THE CLIMATE! YOU'RE ALL A BUNCH OF LEMMINGS

In my eyes, any effort made at this point is a step in the right direction.
 

astonius

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Government: Spends more on climate change initiatives in the history of the country
This guy: BUT IT WONT DO A DAMN THING FOR THE CLIMATE! YOU'RE ALL A BUNCH OF LEMMINGS

In my eyes, any effort made at this point is a step in the right direction.
Oh yes, because spending has always equated to progress!
 

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Jac

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Government: Spends more on climate change initiatives in the history of the country
This guy: BUT IT WONT DO A DAMN THING FOR THE CLIMATE! YOU'RE ALL A BUNCH OF LEMMINGS

In my eyes, any effort made at this point is a step in the right direction.
Clearly this compromise legislative proposal crafted within and by the majority party accomplishes less for climate protection than many majority party folks would like, but it‘s important to remember the majority recognizes, in today’s Washington environment, even a compromised effort will get zero support from minority party senators and congressmen.
 

electruck

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Oh yes, because spending has always equated to progress!
One rain drop does not fill a pond. The Grand Canyon was not carved by the Colorado River in just a few years. Truly impacting the climate and moving to sustainable energy and manufacturing practices will take many decades. This bill and people buying EVs now are not the solution but merely enablers for the changes to come. Doing nothing guarantees nothing will change.
 

astonius

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One rain drop does not fill a pond. The Grand Canyon was not carved by the Colorado River in just a few years. Truly impacting the climate and moving to sustainable energy and manufacturing practices will take many decades. This bill and people buying EVs now are not the solution but merely enablers for the changes to come. Doing nothing guarantees nothing will change.
You’re missing my point entirely. The premise that lack of govt spending is the problem and therefore more spending is the solution is incredibly naive.
 

Mister Person

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A real climate bill would work to reduce human activity. Not spend hundreds of billions to increase human activity. Of course, we don't want to reduce human activity.
 

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Which is exactly why income caps are dumb and why the current credit makes more sense than the one proposed.

Yeah I've been arguing on Reddit about this all morning. Almost everyone in favor of progressive taxes thinks that its appropriate to tax those who make more than them, because anyone who makes more 'can afford it'. I am yet to see a person who says 'yep that cutoff makes sense' who actually will be affected by it.

If the true point of this is to stimulate EV uptake, then the tax credit should be unlimited in terms of MSRP and Income. But its not, its posturing. Who is more 'deserving' of the tax credit, the ER doc who finished training in 2020, made 310k last year or the 60 year old attorney making 280k for the last 25 years....the answer is they both are.
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