Biden Pushes Congress to Boost Electric Car Tax Credits
January 27, 2011 5:03 PM
comment(s) - last by
Joe Biden was plugging upcoming EV initiatives on the road at an Indiana battery maker.
(Source: Darron Cummings Associated Press)
Biden hopes to add 300,000 more $7,500 credits
U.S. Vice President Joe Biden
, speaking to workers at a battery assembly plant in Greenfield, Indiana, plugged U.S. Sen. Carl Levin's (D-Michigan) plan to expand
tax credits for EV buyers
and make them immediate.
Under the new proposal the cap on the number of credits per electric vehicle manufacturer would be bumped from 200,000 to 500,000. Additionally, people would receive the credit as a direct discount, rather than having to wait to get the money back when they filed their yearly tax return.
The Vice President describes, "Just like the Cash for Clunkers program. You won't have to wait."
The measure is backed by the Alliance of Automobile Manufacturers -- an alliance between Detroit's Big Three, Toyota Motor Corp. and eight others. In
The Detroit News
, they state, "[The government] can play a critical role in developing the electric infrastructure, supporting R&D for advanced batteries and providing consumer incentives."
Along with those tax incentives to buyers, Vice President Biden was also promoting the Obama administration's budget, which will be submitted to Congress next week. That budget contains $8B USD for investing in advanced energy technology, including electric vehicles. Over the last couple years the Vice President has been a
big proponent of investment in battery systems
and electrified vehicles.
Of that, $590M USD will be applied directly to vehicle research. That includes $200M USD to help up to 30 communities expand their electric vehicle infrastructure, by adding support for chargers, etc.
Biden's visit follows
one by President Obama
to green small businesses in Wisconsin, plugging alternative energy research.
The Obama administration's budget will like meet with opposition at the Republican-controlled house, but the Vice President was optimistic, remarking, "We're going to reshape what Americans drive. In turn we're going to reshape America itself."
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RE: just what we need
1/27/2011 9:58:54 PM
Here's the economics data you asked about earlier by economist/bank CEO multimillionaire entrepeneur Warren Mosler - -and read the PDF short economics paper by bank CEO/economist Warren Mosler "7 Deadly Innocent Frauds of Economic Policy" with empirical evidence for tax cuts as well as gov spending(without tax increases nor borrowing)
...Here's a quick primer on Modern Monetary economics(must read!)
Good daily analysis of finacial/economics data great for investing:
(Warren Mosler, bank CEO/economist)
-economist/MBA -also his daily analysis w/ empirical evidence/data at
-and data showing how inflation is caused by supply shocks in energy/oil (like OPEC's oil embargo & 400% rise in oil prices in the 1970s) at
(download the "7 Deadly Innocent Frauds of Economic Policy" as it should be mandatory reading for any economics/MBA class)
1b) he's also running for Senate at
& can be one of the few knowledgeable economists/businessman that can do good in the senate
--more data on country comparisons on conservative fiscal austerity is wrong
-Bill Mitchell explains why Wall St Journal & Alessina/Mankiw are wrong using flawed data from 3rd world countries who don't have their own non-convertible currencies(thus totally unlike the US,Japan,Singapore system
(Japan is at about 200%+ deficit debt & still 0% interest rates, 0% inflation, & ~4% unemployment & about 3% GDP for the past 10 yrs, Singapore is 117%+ deficit debt & still 0% interest rates, 3% unemployment, & 4% GDP vs. the US at 80%+ deficit debt, 0% to 3% interest rates,9.7% unemployment, 1% to 2% GDP)
RE: just what we need
1/27/2011 10:06:00 PM
Opps, wrong reply.. but Modern Monetary Econoics is different from the gold-standard paradigum. Ever since 1971 when Republican Nixon took the US entirely off the gold standard, deficit gov spending no longer "takes money from the private sector" --instead, deficit spending is MONEY CREATED BY THE GOV (not financed by taxes, hence 'deficit'), which ADDS to the money supply to the private sector for funding hiring, etc (all gov spending is income for the private sector now) -- see www.MoslerEconomics.com for more info & data..
Inflation is caused more by supply shocks (such as OPEC oil, 90% drops in production from 6+ months of strikes in Weimar Germany, 30%-57% production drops in Zimbabwe from years of civil war & expelling all the educated production managers/owners in Zimbabwe,etc than gov deficits (increaed gov spending is income for the private sector, which increases demand & businesses respond to increased demand by increasing production to increase marketshare & income, unless there's a supply shock.. see charts & empirical data at CEO/economist www.RodgerMitchell.com
RE: just what we need
1/28/2011 10:25:37 AM
False inflation is a TAX!!!
RE: just what we need
1/28/2011 7:18:31 AM
I thought we weren't allowed to post advertisements on DT?
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