The Everything Tesla/EV Argument Thread

[GTOguy]

Originally Posted by RedLS1GTO

And again, that's great... and again, you have deflected. Acting like people are somehow saving $7500 on an EV or whatever amount on anything else solar is a load of shit.

These "credits" are not saving consumers any money. They are lining pockets... to the tune of about $5 Billion for Elon.

They are not saving the environment, either. Not even a little bit.
Quite the opposite, in fact.

**** Joe Biden and **** EV's.

[GrandSportC3]

Originally Posted by RedLS1GTO

And again, that's great... and again, you have deflected. Acting like people are somehow saving $7500 on an EV or whatever amount on anything else solar is a load of shit.

These "credits" are not saving consumers any money. They are lining pockets... to the tune of about $5 Billion for Elon.

Bitching about it won't change a thing. If you can't beat the system, use it in your favor. That's the way I see it.

I will do what I can to pay less taxes.

[RedLS1GTO]

Originally Posted by GrandSportC3

Bitching about it won't change a thing. If you can't beat the system, use it in your favor. That's the way I see it.

I will do what I can to pay less taxes.

Never said bitching would change it.

And again, the hilarious part is that you actually think that any of that shit is somehow in YOUR favor.

[GrandSportC3]

Originally Posted by RedLS1GTO

Never said bitching would change it.

And again, the hilarious part is that you actually think that any of that shit is somehow in YOUR favor.

If I get $7500 off my taxes for buying a car that I would have bought anyways, even at the $7500 higher price, then indeed, it worked in my favor.
Tesla wouldn't just drop the prices if the tax credit would go away. The original tax credit went away (for Tesla and GM) in 2019 and Tesla prices actually went UP after it went away.

[LATB]

Originally Posted by GrandSportC3

If I get $7500 off my taxes for buying a car that I would have bought anyways, even at the $7500 higher price, then indeed, it worked in my favor.

Do you literally have a $7500 line item deduction on your tax filing?

[GrandSportC3]

Originally Posted by LATB

Do you literally have a $7500 line item deduction on your tax filing?

I don't know how it works at the current point of sale discount but back in 2019, I had to file a separate form with the VIN number etc. to get the tax credit. In 2019, I no longer did my own taxes, so my CPA took care of it.

[Steve_R]

Originally Posted by dvarapala

Speaking of sticking to EVs, can we move the non-EV-related GSC3 bashing to the proper thread? It's hard to focus on the EV bashing with all the extraneous noise.

Kthanksbye!

Hey, I tried. It's the Tesla fanboy that keeps going off on tangents.

[LATB]

Originally Posted by GrandSportC3

I don't know how it works at the current point of sale discount but back in 2019, I had to file a separate form with the VIN number etc. to get the tax credit. In 2019, I no longer did my own taxes, so my CPA took care of it.

I’m surely confused.
So you pay the full price and then file for the tax credit?

[GrandSportC3]

Originally Posted by LATB

I’m surely confused.
So you pay the full price and then file for the tax credit?

This is how it used to be. For 2019 tax year when I bought the Kona Electric, I got a $9000 refund ($7500 from the tax credit and $1500 I would have gotten anyways).

[LATB]

Originally Posted by GrandSportC3

This is how it used to be. For 2019 tax year when I bought the Kona Electric, I got a $9000 refund ($7500 from the tax credit and $1500 I would have gotten anyways).

Still confused.
A refund and a tax credit are two different things.

[GrandSportC3]

Originally Posted by LATB

Still confused.
A refund and a tax credit are two different things.

Basically, the way it works is just like the Child Tax Credit. Let's say your total tax burden after all the calculations is $15000. You have 2 kids of eligible age, that burden is reduced by 2 x $3200 child tax credit, so, $6400 total. So, your total tax burden goes down to $8600. If you get a refund depends on how much $ you withheld from your paycheck. If you withheld $14000, you will get a $5400 refund. If you withheld $8000, you owe the IRS $600.

The only factor determining if you get a refund or owe money is the amount withheld during the year. If it is more than total tax load, you get a refund. If it's less, you got to cut the IRS a check.

[MadInNc]

Originally Posted by GrandSportC3

Basically, the way it works is just like the Child Tax Credit. Let's say your total tax burden after all the calculations is $15000. You have 2 kids of eligible age, that burden is reduced by 2 x $3200 child tax credit, so, $6400 total. So, your total tax burden goes down to $8600. If you get a refund depends on how much $ you withheld from your paycheck. If you withheld $14000, you will get a $5400 refund. If you withheld $8000, you owe the IRS $600.

So, funny money for buying shit

“Spend $100k and get a deduction”. Why not just drop the price?

At my point in life the way my portfolio is set up, I don’t even pay today $7000 in Fed tax.

All bullshit. Boomers can’t buy EVs

[RedLS1GTO]

Originally Posted by GrandSportC3

Tesla wouldn't just drop the prices if the tax credit would go away. The original tax credit went away (for Tesla and GM) in 2019 and Tesla prices actually went UP after it went away.

Holy hell. I really don't know what part of this is difficult to understand.

So you're saying that without the .gov providing a fee and clear profit on each car sold, the price went up? Uhhmmm. Well, yea. No shit.

If you really think that Tesla would sell the same number of cars if every 1 of them was priced $7500 higher (or alternatively, if every competitor was $7500 less), you are absolutely delusional.

If you really think that this "credit" is there to help the consumer (as opposed to Tesla) at this point, well...

Ignorance is Bliss.

[GrandSportC3]

Originally Posted by MadInNc

So, funny money for buying shit

“Spend $100k and get a deduction”. Why not just drop the price?

At my point in life the way my portfolio is set up, I don’t even pay today $7000 in Fed tax.

All bullshit. Boomers can’t buy EVs

The tax code is complex and a good CPA can find all legal loopholes to reduce your tax load. Especially if you got a LLC. As I said, I only paid $12k on a $197k gross income. AGI was already reduced to $149k. Write offs, Depreciation of Real Estate, mileage wrie off for business miles driven etc.
Any smart business person with a higher income will take advantage of any tax breaks. As I said, I can also use up to $30k in annual 401k contributions to reduce my taxable income. Gotta be smart and give as little as you legally can to the tax man.

[GrandSportC3]

Originally Posted by RedLS1GTO

Holy hell. I really don't know what part of this is difficult to understand.

So you're saying that without the .gov providing a fee and clear profit on each car sold, the price went up? Uhhmmm. Well, yea. No shit.

If you really think that Tesla would sell the same number of cars if every 1 of them was priced $7500 higher (or alternatively, if every competitor was $7500 less), you are absolutely delusional.

If you really think that this "credit" is there to help the consumer (as opposed to Tesla) at this point, well...

Ignorance is Bliss.

They would sell slightly less.. Already said that before.
However, not a huge difference. Most people look at payments and $7500 makes a about $100 monthly difference on a 72 month car loan. Once interest rates drop, demand will increase as will prices.

[GTOguy]

Originally Posted by MadInNc

So, funny money for buying shit

“Spend $100k and get a deduction”. Why not just drop the price?

At my point in life the way my portfolio is set up, I don’t even pay today $7000 in Fed tax.

All bullshit. Boomers can’t buy EVs

I used to work for a tire place that would 'give' you a free tire if you bought 3. Unreal how many people thought they were getting a free tire.

[LATB]

Originally Posted by GrandSportC3

Basically, the way it works is just like the Child Tax Credit. Let's say your total tax burden after all the calculations is $15000. You have 2 kids of eligible age, that burden is reduced by 2 x $3200 child tax credit, so, $6400 total. So, your total tax burden goes down to $8600. If you get a refund depends on how much $ you withheld from your paycheck. If you withheld $14000, you will get a $5400 refund. If you withheld $8000, you owe the IRS $600.

The only factor determining if you get a refund or owe money is the amount withheld during the year. If it is more than total tax load, you get a refund. If it's less, you got to cut the IRS a check.

Bla Bla Bla

Too much math and moving parts.
Keep it simple and explain without hypotheticals.

You buy a Tesla today. Do I get the $7500 discount today? Or do I have a document from the purchase that I deliver as part of my tax filing that gives me the $7500 deduction?

[RedLS1GTO]

Originally Posted by GrandSportC3

They would sell slightly less.. Already said that before.
However, not a huge difference. Most people look at payments and $7500 makes a about $100 monthly difference on a 72 month car loan. Once interest rates drop, demand will increase as will prices.

Yea you said it. Saying it again doesn't make it true. You really think that adding $7500 to a $37,000 car (a 20% increase in price) would result in "slightly less" sales?

Just 1 question. If that's really the case, if 20% doesn't matter, why does Elon keep dropping the price on them to try to sell them?

[Murray]

Originally Posted by GTOguy

I used to work for a tire place that would 'give' you a free tire if you bought 3. Unreal how many people thought they were getting a free tire.

It’s the same people thinking 0 % has saved them money

[GrandSportC3]

Originally Posted by LATB

Bla Bla Bla

Too much math and moving parts.
Keep it simple and explain without hypotheticals.

You buy a Tesla today. Do I get the $7500 discount today? Or do I have a document from the purchase that I deliver as part of my tax filing that gives me the $7500 deduction?

It depends. You have to certify that you are eligible (under $150k AGI as individual or $300k AGI as couple) for the tax credit.
If you do that, they will take $7500 off the purchase price.
In case that your tax load (total taxes you are responsible for for the year) was less than the $7500, you will have to cut the IRS a check for the difference.
Let's say that your total income tax for 2024 was $5000 but you took a $7500 tax credit, your refund or money you owe gets adjusted by those $2500. So, if you would have gotten a refund of $2000, you now owe $500 as you took a tax credit for $2500 more than your tax burden for the year.