Why do the Poor and Middle Class Pay the Well-Offs Tax Credit? As President, I Will Stop this Madness.
Ford gets crushed building cars people don't want. The powerful auto companies get more tax credits after the previous ones started to expire. The working class can't afford a car and get destroyed.
Ford Loses Nearly $60,000 for Every Electric Vehicle Sold
How about that for some fixed costs! I have owned Fords since 1988. I own three Fords right now: the F250, the Expedition EL and the Ford Max (new name for the Expedition EL!). Except for the trucks, the Max and the new Bronco, they have a terrible lineup.
The religion of electric vehicles continues.
Ford is heading to oblivion.
As I read the above article, my accountant sends me new info on tax credits for electric cars. He is a great accountant. Here’s the new rules on electric cars and tax subsidies for the wealthier people, as the middle class and poor get crushed. Please don’t read it. But it goes like this. The tax credits were expiring for the rich (TSLA already got more than $2.5 billion), so they changed the rules, made it ever so more complicated— and keep the credits going for electric cars that most people do not want. You have to make less than $300,000 if married, to qualify. I can’t even type up the summary of the nonsense. So don’t read it. Just know this is what happens when large corporations have too much power.
New Name: Clean Vehicle Credit
Changes to Credit Qualifications: Clean Vehicle Credit
For your planning, we wanted to provide a quick summary of the factors to keep in mind as you consider an EV purchase in 2023: where the car was assembled, battery quality, price, and your income.
Going forward, it will be important to consider where the electric vehicle you purchase was assembled. Electric vehicles only qualify for the clean vehicle credit now if they were assembled in North America.
Looking at battery quality, you will want to make sure the wattage is at least 7 kilowatt-hours. You will also want to make sure the vehicle meets the critical minerals requirement.
Pricing on electric vehicles has an impact on credit eligibility. You can take the clean vehicle credit if you paid less than $55,000 for the vehicle (or less than $80,000 for vans, sport utility vehicles, and pickups).
Finally, it is important to consider your own income. You are eligible for the clean vehicle credit if your modified adjusted gross income (MAGI) is less than $300,000 for joint filers, $150,000 for single filers. NOTE: you can use your MAGI from the year you take delivery of the vehicle or the year before, whichever one is less.
Used Clean Vehicle Credit
Beginning in 2023, the IRS has added a provision for the EV credit that includes used vehicles. The credit is $4,000 or 30% of the purchase price, whichever is smaller.
To qualify for the credit, the following items must be in place:
The used vehicle must also generally meet the same requirements as the new vehicles need to for the clean vehicle credit.
Taxpayer’s MAGI must be less than $150,000 for joint filers, $75,000 for others.
The used vehicle’s model number must be at least two years earlier than the calendar year in which the taxpayer purchased it.
The purchase price must be $25,000 or less.
Please see this list of qualified vehicles as outlined by the IRS.
New Credit: Qualified Commercial Clean Vehicles
Starting January 1, 2023, businesses are eligible for EV tax credits. The credit is called the “Commercial Clean Vehicle Credit”. To qualify for the credit:
The vehicle must be made by an approved manufacturer.
The vehicle must be used for business and not bought for resale.
The vehicle must be used primarily in the United States.
Vehicles weighing less than 14,000 pounds must have a battery capacity of at least 7 kilowatt-hours.
Vehicles weighing more than 14,000 pounds must have a battery capacity of at least 15 kilowatt-hours.
I grew up with the belief that the USA was a (capitalist) free market economy. A free market system is one where the consumer decides what and from who they make purchases. This is no longer the case. What is left of the economic system is being purposely destroyed by Bribery Biden and his globalist cohorts. The federal government wants to make all your buying decisions for you. They pick the winners and losers-- not you, the consumer. To illustrate the point, many dealers have excess inventory of electric vehicles (that nobody wants and are too expensive) and very little to choose from in gas or diesel vehicles. The leftist socialist Marxist government is giving it their best effort to destroy our economy and government. Steve "The Hammer" [he keeps hammering away to put forth his common sense solutions] Laffey understands these problem issues and how to solve them. Steve understand the Fed, the banks, student loans and how the federal government conducts business (as usual, follow the money). He knows how to stop the inevitable bankruptcy of the US, destruction of the dollar, bad trade balances, etc. Steve knows how to save the Republic. He needs us to get the word out about his solutions. Please help as the primaries are just around the corner and time is running short for our country.
Go Steve Laffey!!
So many byzantine laws and requirements created by congress and federal agencies when they want to incentivize certain behaviors. We need someone with Common Sense as President so that when incentives are analyzed as the inherent Trade-Offs that they are — that these tradeoffs make sense. What do we get for what we give? Who ultimately pays for promoting these ideals? The poor and middle class subsidizing the well-to-do in the fool's errand of creating cars no one wants, would be VETOED, if it ever got out of committee under a Laffey Presidency. Donate to get a Common Sense Man of the People on the debate stage — someone who thinks like everyday people, but who has 'run with the sharks' (as a former financial firm president and COO), so knows how to deal with big money and other special interest fat cats. stevelaffey.com/about