←back to thread

1329 points kwindla | 1 comments | | HN request time: 0s | source
Show context
aidenn0 ◴[] No.43795946[source]
For anyone curious, if you made a similarly sized gas-powered pickup with an i4 engine, it would be penalized more than a full-sized pickup for being too fuel inefficient, despite likely getting much better mileage than an F-150 because, since 2011, bigger cars are held to a lesser standard by CAFE[1].

1: https://en.wikipedia.org/wiki/Corporate_average_fuel_economy...

replies(9): >>43796306 #>>43796377 #>>43796399 #>>43797478 #>>43798561 #>>43798794 #>>43798925 #>>43799250 #>>43800495 #
mtillman ◴[] No.43797478[source]
Fine print: The truck in the link is only $20K after government subsidies/rebates. So if the government gives my tax dollars to buyers of this truck, then it will cost $20K.
replies(7): >>43797561 #>>43797588 #>>43797652 #>>43797655 #>>43797669 #>>43797676 #>>43798900 #
Brybry ◴[] No.43797655[source]
Electric vehicle tax credits are non-refundable tax credits meaning you can't get a credit for more than you owe. [1][2]

Which means no one is getting your tax dollars to buy vehicles (though there may be some infrastructure or manufacturing grants for companies).

[1] https://www.congress.gov/crs-product/IF12600

[2] https://www.irs.gov/newsroom/tax-credits-for-individuals-wha...

replies(4): >>43797888 #>>43798418 #>>43798556 #>>43801185 #
anannymoose ◴[] No.43797888[source]
So, should I wish to purchase a vehicle this tax year, I tell my HR to adjust my income withholding such that I owe 7,500$ come tax time and then reap the rewards?

Or is there more to the incentive structure?

replies(3): >>43798019 #>>43798027 #>>43798075 #
floxy ◴[] No.43798075[source]
What you have withheld is not part of the equation. It is your tax liability that matters.
replies(1): >>43798784 #
anannymoose ◴[] No.43798784[source]
I’m confused here, wouldn’t me underpaying on my income generate a liability that I can then claim this rebate on?
replies(2): >>43798879 #>>43798935 #
1. floxy ◴[] No.43798879[source]
Let's make up an example. Let's say you earn $75,000/year and the tax rate is 10%. So you owe $7,500 in taxes. That is your tax liability. It doesn't matter if you have your employer deducting $144 from your weekly paycheck or $0 from your weekly paycheck.

https://apps.irs.gov/app/understandingTaxes/student/hows.jsp