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Chevrolet Volt
Bush signs bill which grants the Volt a $7,500 tax credit

In mid-September, DailyTech brought you news that congress was working on a new round of tax credits targeted at plug-in electric/hybrid vehicles. The tax credits were projected to weigh in at $3,000 for plug-in vehicles with at least a 6 kWh battery and top out at $7,500.

Toyota, which sells its Prius featuring a 1.3 kWh battery pack, balked at the tax credits as its hybrids wouldn't even qualify for the entry-level tax credit. Toyota also was unhappy that the only vehicle in the near future likely to qualify for the maximum $7,500 tax credit is the Chevrolet Volt.

Despite its opposition, Toyota's fears became law last week when President Bush signed the legislation which passed in the House by a vote of 263 to 171 as a part of the massive $700 billion Wall Street bailout package. The entire 10-year tax package for plug-in electric/hybrid vehicles is worth $1 billion.

Requirements to qualify for the tax credit have changed slightly since its inception in the Senate. The 6 kWh battery minimum dropped down to 4 kWh, while the base tax credit rose from $3,000 to $4,168. The maximum credit remains at $7,500 for the Chevrolet Volt with its 16 kWh lithium-ion battery pack.

The Chevrolet Volt gets its primary power from a 150 HP, 273 lb-ft electric motor. A 1.4 liter gasoline engine is also used to recharge the lithium-ion battery pack once the Volt's 40-mile battery range is depleted. According to GM, the Volt can save customers $1,500 per year in fuel costs based on a daily commute of 40 miles.

The $7,500 tax credit should go a long way towards making the Chevrolet Volt more affordable. Current estimates place the base price of the vehicle at $40,000 or higher.

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RE: Not Enough at $699 Billion
By FITCamaro on 10/6/2008 9:18:43 AM , Rating: 1
A large percent of the tax dollars in this country come from people who will be unable to afford this car.

How do you figure this when the top 10% of earners in this country pay 70% of the personal income taxes. And the top 1% paid 40% of the taxes.

RE: Not Enough at $699 Billion
By OrSin on 10/6/2008 9:58:52 AM , Rating: 2
First the Heritage Group is A republican think tank, so they present the data to make them look good. Now they dont lie, off center fact to make the rich look much better.

YEs the top 10% of earns bay 70% of the taxes. But what they dont show you is they make 92% of the money. SO no they are not paying thier fair share of taxes.

Also also most none of those people will be buying the volt or really need the tax credit. In case your wondering the top 10% of this country make over $180K a year in house hold income. They are not buying a volt when they can get a BMW. Sorry just not happening

RE: Not Enough at $699 Billion
By Spuke on 10/6/2008 1:40:24 PM , Rating: 2
In case your wondering the top 10% of this country make over $180K a year in house hold income.
Not entirely correct. It depends on the age group counted in the statistics that the US Census Bureau collects. If we're talking 15 years old and over then the top 10% make $75k and over.

RE: Not Enough at $699 Billion
By FITCamaro on 10/7/2008 10:07:57 AM , Rating: 2
1/3 of the country pays 97% of the taxes(that would be $60,000/yr and up which I fall into). It doesn't matter that they have the majority of the money.

We have another 1/3 that doesn't pay any taxes. Is that their fair share? Nothing? And they still got the "stimulus" check. And they're more likely to draw from Welfare, Medicare, Medicaid, and the other social entitlement programs than me(I'll in all likelihood never draw from any of them). But that's fair to you? That they should be able to suck money out of a system they pay nothing into?

The fact is one third of the country is paying practically all the income taxes while a lot of another third is using it all. And don't get me started on Social Security which is money that I'll never even see again but the media and Democrats trashed Bush when he suggested I be able to keep some of that money instead and put it in a private account for myself.

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