Your new electric car may land you a $7,500 tax credit now that the Inflation Reduction Act — designed to fight climate change and inflation — has been signed into law by President Biden.
“The big change for new electric vehicles in the Inflation Reduction Act: Final assembly must take place in North America.” Another challenge for consumers: Electric vehicles don’t come cheap. Buying a car is a big decision, especially when inflation is running at a four-decade high and interest rates are rising.
Earn above the income limits and the tax credit eligibility vanishes, said Alan Wink, managing director, capital markets, at EisnerAmper, a tax accounting and advisory firm. Electrek, an online news site for electric vehicles and sustainable energy, gives a list of electric vehicles made by Ford F, -1.67%, Audi , Mercedes MBG, -3.73%, General Motors GM, +2.53%, among others, that are assembled in North America that are eligible for the tax credit.
It includes the 2022 Ford F, -1.67% Escape PHEV, with an MSRP starting at $35,455, and the Nissan Leaf with an MSRP beginning at $27,400. Tesla TSLA, -2.05% models and Chevy GM, +2.53% Bolts already have met manufacturer sales caps, the list says. — John Bozzella, president and CEO of the Alliance of Automotive Innovation Currently,, 70% of electric vehicles currently available for purchase wouldn’t be able to access the credit, John Bozzella, president and CEO of the Alliance of Automotive Innovation, said earlier this month. It could drop even lower when extra North America sourcing requirements kick in on battery ingredients, said Bozzella, who leads a trade group with major carmakers as members.
Is what why Ford increased its EV vehicle prices by $7,000 in the last two days ? 🤔
You have to have the money to $7,500 more on the jacked up price!
All car companies are raising prices on their EV cars by $5,000-$8,000
Basic economic rule Subsidizing something will end up increasing it's cost Taxing something will end up decreasing it's cost Recent Proof: companies increasing EVs prices post the 'Don't Say Inflation' Act Past Proof: College tuition Future Proof: subsidized daycare
They tell us the so called Inflation Reduction Act will do nothing to change inflation, THEY LIE! It will definitely make it worse.
If people have been watching many popular EVs have had their prices!
And almost as soon as Biden signed the deal GM and Ford increased the prices of their EVs by $8000 to cover for Bidenflation and the inevitable increase in cost of EV batteries. And because they know that money was always really meant for them, not consumers, anyway.
High income earners are excluded, so they indirectly subsidize EV tax credit for lower income earners. There is a manufacturer sales cap of 200,000 EVs that has been reached for the popular Tesla and Chevy models already in 2022 and in some cases even for 2023.
It's the 'Don't Say Inflation' Act because it actually doesn't reduce inflation
Right. But if an EV cost $50k or more, what is $7,500 credit IN YOUR TAX RETRUN filing. Also, if you make more than $75k/yr, that “incentive” won’t make much difference on your filing.
The green scheme. Global climate so called change is a bunch of BULLSHIT! Its all about control & money, its the largest transfer of wealth from the working class to the plutocrats...& soon were going to rise against & man will it be messy
Inflation exasperation act *
Correction: they’re fucking you
MarketWatch = zombie media