Let’s. Fucking. Go!

[mclumber1]

9 minutes ago, ManUtdRedDevils said:

Currently, all manufacturers qualify for the tax credit until it sells X amount of cars. GM and Tesla have sold enough cars to no longer qualify, but companies like Kia and Hyundai still do.
 

When this new legislature passes, the credit won’t be based on X units sold, but on if the car and battery are made in America. This will impact foreign car brands from qualifying. 

 

I think the car and battery can be produced in US, Mexico, or Canada, not just the US to qualify for the full credit. 

[Jason]

1 minute ago, marioandsonic said:

 

That's what I've read, yes.  I was think of a Chevy Bolt.  Are you saying that it won't qualify, regardless of when I got it?

 

If you're looking at a Bolt, it's probably a boost, assuming GM doesn't just raise the pricing to match the credits available. It will likely be eligible for $3,750 out the gate (where it's assembled 50%, where the battery materials came from the other 50%).

[Brian]

12 minutes ago, marioandsonic said:

 

That's what I've read, yes.  I was think of a Chevy Bolt.  Are you saying that it won't qualify, regardless of when I got it?

In 10 days or so, it will qualify for either for $7,500 or $3,750.  The full credit depends on the battery. GM has yet to comment on which cars qualify for what. 
 

Just a moment...

GMAUTHORITY.COM

 

[Remarkableriots]

55 minutes ago, Greatoneshere said:

 

I thought IRA did make the minimum corporate tax rate 15%? I felt like I was reading that was the case after it passed the Senate? I know Sinema got exemptions for her precious private equity firms but not more?

Kyrsten Sinema stuck her neck out twice to hand rich investors big wins in Democrats' climate and tax bill

WWW.YAHOO.COM

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Sinema was told that her last-minute intervention on the corporate minimum tax would introduce a big loophole in the tax code. She pursued it anyway.

Quote

In the legislation known as the Inflation Reduction Act, Sinema intervened twice over the span of a week in ways that mostly benefited rich investors:

Added a carveout exempting private equity's subsidiaries from the 15% corporate minimum tax (which would have raised $35 billion over a decade)

Removed a provision narrowing the carried interest loophole (which would have raised $14 billion over a decade)

 

The private equity exemption from the corporate minimum tax means any profits generated from smaller companies owned by that sector won't count towards the $1 billion threshold established for large, profitable firms to be taxed. Some experts are beginning to describe it as a new loophole that will be set up in the tax code.

Schumer says Sinema left 'no choice' but to cut carried interest provision from tax and climate bill

WWW.CNBC.COM

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Sinema backed the bill after the removal of a provision to narrow the so-called carried interest loophole, a tax benefit that both Biden and Trump opposed.

Quote

Schumer said that another tax piece from the Inflation Reduction Act was taken out in order to secure the deal with Sinema. This one came from a proposal to impose a 15% corporate alternative minimum tax aimed at rich corporations that are accused of skirting their tax obligations. It was projected to raise $313 billion — more than 40% of the bill’s revenue.

While that part of the bill was altered, ”$258 billion of that remains, so the vast majority remains,” Schumer said.

And while the carried interest provision was nixed, Schumer said Democrats added in an excise tax on stock buybacks that will bring in $74 billion. He said that multiple legislators are “excited” about that update.

“I hate stock buybacks. I think they’re one of the most self-serving things corporate America does,” Schumer said. “I’d like to abolish them.”

 

[SaysWho?]

 

 

Inflation Reduction Act: House to vote on final passage Friday - The Washington Post

WWW.WASHINGTONPOST.COM

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The vote Friday marks the end of more than a year of internal debate and negotiations among Democrats over the president’s economic agenda

 

[b_m_b_m_b_m]

 

[mclumber1]

I like the fact that this will likely drive mineral extraction and manufacturing in the United states, both of which create good paying blue collar jobs that don't require a degree.  

[b_m_b_m_b_m]

19 minutes ago, mclumber1 said:

I like the fact that this will likely drive mineral extraction and manufacturing in the United states, both of which create good paying blue collar jobs that don't require a degree.  

You’ll just be crippled by the time you’re 50!

 

(And they’ll only be good paying if they’re union)

[rc0101]

Signed my “binding” contract with Rivian today. Still curious how it all works since I don’t think I’m due to receive for another year or so. 

[CitizenVectron]

While I am not a fan of many of the best (particularly Hyundai and Toyota) brands of EVs not qualifying (and therefore this being a handout to massively inferior American car companies), I am a fan of these types of wartime-level shifts in the economy in an effort to slow climate change.

[CitizenVectron]

Also, while I only have a refundable deposit on my Prius Prime with Toyota, I don't expect the Canadian tax credit ($2,500) to go anywhere. Unfortunately my province will likely never offer credits like other provinces.

[TUFKAK]

I’m driving my Alfa Romeo into the ground before I change. Which knowing Alfa may not take that long so this credit will likely be long gone before I get to take advantage.

[Brian]

12 minutes ago, rc0101 said:

Signed my “binding” contract with Rivian today. Still curious how it all works since I don’t think I’m due to receive for another year or so. 

If you aren’t grandfathered in, you should still be able to qualify for $3,750. 
 

12 minutes ago, CitizenVectron said:

While I am not a fan of many of the best (particularly Hyundai and Toyota) brands of EVs not qualifying (and therefore this being a handout to massively inferior American car companies), I am a fan of these types of wartime-level shifts in the economy in an effort to slow climate change.

Really wish it allowed the companies to use of the old credit first and then have to qualify for the new credit.  With less competition, domestic companies will take advantage of the consumer. Maybe a coincidence, Ford just announced a $6k price increase on the Lightening. 

[rc0101]

27 minutes ago, ManUtdRedDevils said:

If you aren’t grandfathered in, you should still be able to qualify for $3,750. 
 

Really wish it allowed the companies to use of the old credit first and then have to qualify for the new credit.  With less competition, domestic companies will take advantage of the consumer. Maybe a coincidence, Ford just announced a $6k price increase on the Lightening. 

My understanding is that since I signed the contract that I’m eligible for the full $7,500. 

[mclumber1]

1 hour ago, b_m_b_m_b_m said:

You’ll just be crippled by the time you’re 50!

 

(And they’ll only be good paying if they’re union)

Someone has to do the grunt work.  

[Guest]

44 minutes ago, ManUtdRedDevils said:

Maybe a coincidence, Ford just announced a $6k price increase on the Lightening. 

Are people not familiar with what subsidies do?

[Kal-El814]

1 minute ago, sblfilms said:

Are people not familiar with what subsidies do?

 

Subsideez nuts

[b_m_b_m_b_m]

21 minutes ago, sblfilms said:

Are people not familiar with what subsidies do?

Or what inflation is

[Guest]

3 minutes ago, b_m_b_m_b_m said:

Or what inflation is

That is what subsidies do. The supply didn’t change, just the number of dollars chasing it

[b_m_b_m_b_m]

15 minutes ago, sblfilms said:

That is what subsidies do. The supply didn’t change, just the number of dollars chasing it

The point is to drive supply change (to non China sources of materials for battery based cars and also from ICE engines) in the long term. If there is free money for doing xyz then the market will move to that end, especially in a somewhat competitive market

 

[b_m_b_m_b_m]

And also subsidy doesn’t necessarily or axiomatically lead to higher costs! Solar power has had its 30% credit for decades and its cost has famously and continually gone down especially relative to power produced. 

[b_m_b_m_b_m]

 

[Remarkableriots]

The Inflation Reduction Act Is No Oil Killer

WWW.GOOGLE.COM

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Democrats may be taking a victory lap, but let’s be straight, the climate provisions of the Inflation Reduction Act (IRA) pose no real threat to the U.S. oil and gas industry. The industry has Sen. Manchin, whose...

Quote

An abrupt transition could further hammer the fragile economy, prompting energy prices to spike even higher in a manner that parts of the world – notably Europe – are already experiencing.

But the IRA should allow domestic oil and gas companies to transition at a reasonable pace, providing space for continued investment in oil and natural gas supply while encouraging the industry to advance decarbonization plans over time. It takes a “more now, less tomorrow” approach to oil and gas – a policy that is gaining more traction around the world in the aftermath of the Ukraine crisis.

 

Big Oil, the major oil companies like ExxonMobil and Chevron, did not make a big stink about the IRA, and that speaks volumes.

That’s because components of the legislation will subsidize the major oil companies’ decarbonization, or “net-zero” emissions programs, by pumping money into nascent technologies like carbon capture and storage (CCS), hydrogen, and advanced biofuels, where they have placed the biggest bets in the energy transition.

 

[Joe]

6 hours ago, CitizenVectron said:

While I am not a fan of many of the best (particularly Hyundai and Toyota) brands of EVs not qualifying (and therefore this being a handout to massively inferior American car companies), I am a fan of these types of wartime-level shifts in the economy in an effort to slow climate change.

Lol Toyota’s only fully EV car on the market just got recalled because their tires are falling off. Easy with the anti American bias ya hosier.

[Brian]

1 minute ago, Joe said:

Lol Toyota’s only fully EV car on the market just got recalled because their tires are falling off the car. Easy with the anti American bias ya hosier.

How else do you expect to stop the car when Toyota’s brake system fails?  Toyota is thinking outside the box. I commend them!

[CitizenVectron]

2 hours ago, Joe said:

Lol Toyota’s only fully EV car on the market just got recalled because their tires are falling off. Easy with the anti American bias ya hosier.

 

They have the best PHEVs on the market for the average consumer! 

[marioandsonic]

9 hours ago, b_m_b_m_b_m said:

 

Thanks a lot for this.  I'll probably wait until next year for an EV.

[SaysWho?]

 

 

[SaysWho?]

Extend those news cycles!

 

 

[Joe]

40 minutes ago, CitizenVectron said:

 

They have the best PHEVs on the market for the average consumer! 

We’re talking about real EVs, none of that hybrid bs. The zb4x was totally underwhelming compared to the Mach e and now it isn’t even being sold anymore due to a massive flaw in its design!

[SuperSpreader]

I always read this thread title as Let’s. Fucking. Go! Brandon!

[BloodyHell]

On 8/11/2022 at 10:59 AM, CitizenVectron said:

U.S. climate bill sets stage for trade fight with Canada over digital sales taxes

WWW.THEGLOBEANDMAIL.COM

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An earlier version of the bill would likely have put the U.S. in compliance with a key piece of a global tax deal announced by Canada and more than 130 OECD countries

 

 

tl;dr: OECD made a deal last year for all members to raise corporate tax rates to a global standard. IRA/BBB would have done this (15% rate), but it was removed to get Sinema's support, etc. As a result of the US breaking its part of the deal, Canada will go ahead and start taxing American companies with a 3% DST (digital sales tax) for online revenue generated within Canada as of 2024. However, the tax will be retroactive to all digital sales starting from 2022. This will likely set off some kind of online trade war.

Won't be much of a war. Canadian government will complain, American government will say "haha fuck you", and that will be the end of it. Canada will try to take their 3%, so companies will raise their prices 5% or more on goods crossing the border, or threaten just not to do business in Canada. 

 

 

[CitizenVectron]

1 hour ago, BloodyHell said:

Won't be much of a war. Canadian government will complain, American government will say "haha fuck you", and that will be the end of it. Canada will try to take their 3%, so companies will raise their prices 5% or more on goods crossing the border, or threaten just not to do business in Canada. 

 

 

 

Not sure if you paid attention to the last trade war...but the US didn't do so well. Obviously both sides suffer.

[Jason]

1 hour ago, CitizenVectron said:

but the US didn't do so well

 

Although last time a murder of morons was leading the US side in the negotiations.

[BloodyHell]

1 hour ago, CitizenVectron said:

 

Not sure if you paid attention to the last trade war...but the US didn't do so well. Obviously both sides suffer.

The last trade war wasn't to protect billionaires, who will be lending their great support to that protection.