Bad tax policy
Why on Earth would Congress be considering tax policy providing for an additional $4,500 tax credit on electric vehicles that ignores 90% of the vehicles that are available in the market today? But as amazing as that sounds, that is exactly what they are trying to do.
They have added the tax credit into the budget package, with the kicker being they are only offering the credit on vehicles that are produced in a U.S. unionized plant. This leaves Arizona autoworkers out in the cold.
It is unconscionable. This tax credit would make a minority of vehicles more appealing, at the detriment of most of the U.S. market (and the workers who build them), leaving them with a major disadvantage.
Come on, Congress. Stop playing politics with tax policy. This would boost Michigan and Ohio employment, at the direct cost to Arizona jobs. I hope our leaders will remove this union requirement and treat all autoworkers fairly and consistently.
It is Sept. 29, and I am listening to the evening news. I want to say that I can’t believe what I am hearing. Can there be any more bad news from or about this administration?
I just learned that the former head of the Federal Reserve, and now Biden’s treasury secretary, Janet Yellen, herself a multimillionaire, has proposed at a Senate hearing a new tax on Americans … well, Americans who pay taxes, that is: a new tax on unrealized capital gains on inheritance.
Her new gem to take more money from our kids and grandkids, and loved ones in general, is to tax what one’s inherited assets are worth today and had not been taxed since initially purchased. Such an asset may be a home children may inherit from a parent, sold or not!
An example of this atrocity is a home purchased 50 years ago for $150,000, with inflation and speculation, etc., is today valued at, let’s say, $850,000, depending on where it is located and other factors.
Because that house wasn’t taxed for inheritance over the last 50 years by the federal government getting their greedy hands on any of the parents’ hard-earned or saved monies, Janet Yellen wants to now tax the kids on the current value of $850,000. They would have to have a fire sale to come up with the money just to pay the inheritance tax.
This is a clear warning that to fund the huge and growing out-of-control debt of this nation that is being proposed, it will not be covered by “the wealthy” only.