4 ms·
I agree in concept for sure, but just simplifying our complex tax code is probably near impossible at this point unfortunately. Even for certain things like you
by jjice 3y ago
I agree in concept for sure, but just simplifying our complex tax code is probably near impossible at this point unfortunately. Even for certain things like you mention with electric vehicle incentives, I don't believe you'd be able to pass saving on at purchase time because I believe for those (or maybe I'm think of solar or another green tax break), you need to own it for a period of time and savings come only with a certain amount of ownership. That stuff gets complicated immediately.
If it was simpler then these incentives would also be simpler, which would be great. It is a shame that so many regular W2 Americans will still have to run into some nonsense about an rollover IRA pro-rata rule or something that can cost you thousands of dollars if done wrong.
I guess what I'm trying to say is that it would be great, but not simplifying our existing tax code would be incredibly complex.
- bradfa 3y agoFor electric cars, I don't believe there's an ownership period required. But for example of the right way to do it, in New York if you buy an electric car then at the time of purchase the state will pay $500 to $2000 to reduce the price of the car for you based on the all-electric range, with no requirement about income levels and nothing to file on your personal income taxes. https://www.nyserda.ny.gov/All-Programs/Drive-Clean-Rebate-For-Electric-Cars-Program/How-it-Works https://www.nyserda.ny.gov/All-Programs/Drive-Clean-Rebate-F...