How To Configure the Lightning For A Tax Credit

[Brian Head Yankee]

Just don't plan on getting a credit (or getting a reduced one at best) if you weren't a day 1 reservation holders at this point.

Post of the year. Truth.

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[jefro]

" 41% have property tax bills over 10,000. "

That should be a crime. That is just plain silly to be a slave to taxes.
Or 41% are rich.

 

[Brian Head Yankee]

$500,000 house x 2% tax = $10,000
$1,000,000 house x 1% tax = $10,000

I think the 41% claim is close

 

[HtownHog]

" 41% have property tax bills over 10,000. "

That should be a crime. That is just plain silly to be a slave to taxes.
Or 41% are rich.

I pay over 10,000 but we also don’t have state or local income taxes and I live in a high tax location. School district alone is assessed at $1.2101 per $100. Also have levee district and municipal district taxes.

 

[PungoteagueDave]

SALT tax deduction is near criminal. I qualify by a very wide margin, but it is actually worse public policy than the charitable contribution deductions and medical deductions, both of which should also be eliminated in my view.

No, paying SALT and not having a related deduction it is NOT double taxation. You are paying local taxes for local services and goods. It is no more double taxation than being federally taxed on the dollars you spend on groceries, clothing or car payments, or for that matter being "taxed" on the income you use to pay other nondeductible government fees. You are spending your dollars on local government services, over which you have at least some level of control, and you receive a product in return - and you have an option to not pay them at all, or how much to pay. You decide where to live, how much house to purchase, and you elect your local budget leaders.

The fact is that the SALT deduction is a subsidy for wealthy states that choose to provide a higher level of services to citizens (or perhaps overpay their state employees compared to more frugal states, or otherwise waste money, because what the hell, 40% is paid by third party out-of-staters), at the expense of states that do not choose, or cannot choose to do so. It is an immoral reach into the pockets of nonresidents to fund the state's operations - which is why the whining about wealthy population leaving high-tax states as a result of its loss/cap in 2017. Everyone on the right AND left knows it is the correct answer (amazing to see Bernie and Mitch passionately on the same side of this issue - and even the folks who advocate restoring the deduction understand it is 'wrong' but need to do it anyway too stem the population losses and/or placate irate constituents). It is natural that many hate the results - it forces states to face their citizens and say "we must now pay for what we are spending" instead of offloading 40% of every state budget dollar to the Federal government, and effectively, a subsidy by states that choose a more spartan (I would say responsible) style of government.

Was it Trump putting it to the wealthy coastal elites? That's how they took it. And maybe there was an element of that since they did not vote for him, and he is that petty, but that does not make it wrong to eliminate SALT deductions.

The SALT deduction should never have existed in the first place, and the fact that high-tax states are insisting that they are being hurt by its elimination is all the proof we need that it should not be restored. States should be making budget decisions independent of whether the rest of the country can be relied upon to pay 40% of every dollar they budget from general revenue. Their moral hazard all along was the possibility that the rug might be pulled out from under them - which is exactly what occurred in 2017 - and the wealth outflows from NY, CT, CA to FL, TX, etc has been a beautiful thing to watch - a true lesson in righting the ship of improper government-induced incentives.

 

[Brian Head Yankee]

Or, the states with high local and state taxes simply mismanage their state and never imaging that we would pull up stakes and move to a state that properly manages their funds.

Take a peek at how many citizens are exiting the US to become expats. Our country is almost unrecognizable from just 20 years ago. Covid exposed a shocking deception in our schools and govt. that is pushing us toward the cliff.

 

[metroshot]

Post of the year. Truth.

Well if I don't get the Lightning in 2022, I am looking at getting the 2022 F150 w/ $10K upgrade: Ford Performance Supercharger Kit For 5.0L V8 which makes 700 HP / 590 lb-ft torque.

I have always loved the naturally aspirated F150 and was looking at the Roush supercharged 5.0L V8 last year before the Lightning announcement....

But with fuel prices going way high recently - I am teetering since both Ford Performance and Roush requires premium unleaded fuel - currently at $5.50/gallon!....

 

[Losi]

Our country is almost unrecognizable from just 20 years ago.

I wouldn’t go overboard here. We’re still a constitutional democracy (coup attempt not withstanding), I can still go to Starbucks and get the same burnt, over roasted coffee, and Ford is still making F-150’s.

 

[Brian Head Yankee]

Which Coup are you referring to?
Impeach 1
Impeach 2
Jan 6

 

[vandy1981]

More evidence that the EV tax credit will not survive in its current form. Manchin said that the $4500 bonus for union-made vehicles is "wrong" and "not American." He made this comment at a Toyota event and it's important to note that Toyota has gotten notoriety for actively working against incentives that promote BEV adoption in favor of hybrid and hydrogen technologies.

All signs point towards a purge of the union and US-made requirements, but it's not clear if they would still target a $12,500 credit. The parent BBB bill is on especially shaky ground due to the recent inflation numbers so this may all be moot.

 

[Roy2001]

More evidence that the EV tax credit will not survive in its current form. Manchin said that the $4500 bonus for union-made vehicles is "wrong" and "not American." He made this comment at a Toyota event and it's important to note that Toyota has gotten notoriety for actively working against incentives that promote BEV adoption in favor of hybrid and hydrogen technologies.

All signs point towards a purge of the union and US-made requirements, but it's not clear if they would still target a $12,500 credit. The parent BBB bill is on especially shaky ground due to the recent inflation numbers so this may all be moot.

$4500 would draw a lot of critics for sure and it is not fair. I would say simply remove it from the bill, or reduce it to less than $1500.

 

[Roy2001]

Which Coup are you referring to?
Impeach 1
Impeach 2
Jan 6

Let's stay out of politics. Both far-left and far-right hurt this country, badly.

 

[JTmass]

Which Coup are you referring to?
Impeach 1
Impeach 2
Jan 6

Enough with these types of comments please.

 

[vandy1981]

Enough with these types of comments please.

Agreed. These comments have nothing to do with the thread topic.

 

[RidetheLightning]

I can still go to Starbucks and get the same burnt, over roasted coffee, and Ford is still making F-150’s.

Pretty soon we’re going to be able to brew our own over roasted coffee out of the back of an F-150, or even out of the frunk. Did Ford mention yet how many espresso machines can be powered off all the outlets combined? Can’t wait for a steaming hot cup of frunk coffee.

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