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Indeed. The electric vehicle incentives are very much designed that way. The rich get more money than the poor. The higher your income, the more you get back. I

Indeed. The electric vehicle incentives are very much designed that way. The rich get more money than the poor. The higher your income, the more you get back. I'd have to earn an extra $30K to get the full $7,500 (and switch from high deductible to traditional healthcare/cancel my HSA), whereas someone wealthier buying the same car gets every cent.

selectodude 7y ago
Not quite. That $7500 is a full on tax credit. Not a deduction. So as long as you pay more than $7500 in taxes, you get it all back. And if for some reason you pay less, you’ll get a refund.
- joshcain 7y ago
  No, he’s right. The EV credit is not refundable* so your tax liability has to be at least $7500 to get the full benefit of it. * https://ttlc.intuit.com/community/tax-credits-deductions/discussion/if-i-purchase-an-electric-vehicle-with-the-7500-tax-credit-how-do-i-ensure-that-i-will-owe-enough-at/00/772844 https://ttlc.intuit.com/community/tax-credits-deductions/dis...
  - selectodude 7y ago
    I didn't realize it wasn't refundable. However you don't need to make much to pay $7500 in taxes. I don't make enough to buy an electric car and I pay three times that.
    - Someone1234 7y ago
      > However you don't need to make much to pay $7500 in taxes. You do if you're a family, with a 24K standard deduction, a family HSA ($7K), and any number of 401Ks for retirement. A group of people who would benefit significantly from an electric vehicle. As I said, I don't qualify for the full amount and I earn well above the state's average.
madengr 7y ago
They didn’t “get” anything. It wasn’t the governments money to begin with. I bought an EV last year, and the government didn’t “give” me a damn cent. This is the liberal mindset of “the government owns my labor, and doles back my pay”. This is right up there with gun “buy-backs”. You can’t buy something back that wasn’t yours to begin with.

selectodude 7y ago

Not quite. That $7500 is a full on tax credit. Not a deduction. So as long as you pay more than $7500 in taxes, you get it all back. And if for some reason you pay less, you’ll get a refund.

joshcain 7y ago
No, he’s right. The EV credit is not refundable* so your tax liability has to be at least $7500 to get the full benefit of it. * https://ttlc.intuit.com/community/tax-credits-deductions/discussion/if-i-purchase-an-electric-vehicle-with-the-7500-tax-credit-how-do-i-ensure-that-i-will-owe-enough-at/00/772844 https://ttlc.intuit.com/community/tax-credits-deductions/dis...
- selectodude 7y ago
  I didn't realize it wasn't refundable. However you don't need to make much to pay $7500 in taxes. I don't make enough to buy an electric car and I pay three times that.
  - Someone1234 7y ago
    > However you don't need to make much to pay $7500 in taxes. You do if you're a family, with a 24K standard deduction, a family HSA ($7K), and any number of 401Ks for retirement. A group of people who would benefit significantly from an electric vehicle. As I said, I don't qualify for the full amount and I earn well above the state's average.

madengr 7y ago

They didn’t “get” anything. It wasn’t the governments money to begin with. I bought an EV last year, and the government didn’t “give” me a damn cent. This is the liberal mindset of “the government owns my labor, and doles back my pay”. This is right up there with gun “buy-backs”. You can’t buy something back that wasn’t yours to begin with.