Bush "$4000 tax CREDIT for hybrid purchases" (!?!)

Re: Bush "$4000 tax CREDIT for hybrid purchases" (

A proposal isn't worth a bucket of warm spit.
When the 2006 tax forms show the credit, I'll believe it. As of now the credit for next year is $500. So the $2000 per vehicle this year will be much better. At best, I would guess they will extend the $2000 credit rather than offer a new $4000 credit.
1) Hybrids don't need that much of a subsidy, as the supply already can't keep up with the demand.
2) the big three will have something to say about this too, and Bush listens to big business (American, that is, not Toyota).
3) Bush also said we should push renewables (which we should) but he has no intention of doing so, as he is beholdin to the oil giants.

 

I won't hold my breath, but if it happens will be great to have a $4K credit for my next (generation!) Prius!

 

Re: Bush "$4000 tax CREDIT for hybrid purchases" (

I do understand the difference, and I will assume that the $4000 would also be a "deduction" and not a credit as quoted by Bush. I don't think Bush gave any thought to the difference and probably did not even have input on the speech. He just reads the teleprompter.

After all, the federal withholding amount on my W2 last year was much less than 4000$ (not including SS and MC). Do you really think the government is going to allow hybrid owners making less than 50K to not pay any Federal tax?

 

So would that mean if we apply for the $2000 tax deduction then we can apply for the $4000 and receive the difference?

What is wrong with getting two prius in one year. My wife and I did that and will file for two $2000 deductions on our joint return. I did not see any provisions limiting the number of vehicles.

 

A LOT of people throw around "tax credit" and "tax deduction" as equivilent terms.

Given Bush's penchant for malapropisms, I wouldn't trust that he necessarily meant CREDIT. More than likely he meant "the same thing we have now, only $4000".

And if he gives it to junk like the Hybrid Silverado, it is a waste of the rest of my tax money that will be supporting the deduction or credit. It would pain me royally to give a break for a 1 MPG increase with no decrease in pollution.

In fact, I don't think the hybrid Accord should be eligible either since the standard 4 cyl gets about the same mileage. About 90% of the Accord hybrid's MPG increase is related to shutting down cylinders, not the hybrid system. If that is cause for a tax break, there are 2 Odyssey models with the same engine, but no hybrid components. People who buy them should get 90% of the the Hybrid Accord tax break.

Maybe what they really need is a sliding scale for vehicles that get more than some base MPG number. The bigger the spread, the bigger the incentive. And it should have some pollution component as well. You can get 45 MPG out of a Geo Metro but a Prius getting the same is still putting out 10% of the pollution.

 

I think I recall a 2003 Energy bill that included a $2000 tax CREDIT for a hybrid, but that died because the rest of the bill couldn't get enough support.

Any new incentives will probably get looked at closely, what with hybrid performance dragging people into the showrooms more and more each day...

 

To help more consumers conserve gas and protect the environment, my budget next year proposes that every American who purchases a hybrid vehicle receive a tax credit of up to $4,000.

We've heard that same credit story before. 3 years ago at a national address in St. Paul, Minnesota similar words were spoken by him. Nothing became of it... until that frustrating promotional stunt immediately before the election. They lead us to believe the soon-to-expire $2,000 deduction was going to be kept alive. Instead, all we got was an extension for one year and just a $500 deduction for the following year. However, they didn't provide those details until after the election.

So don't believe anything until it's actually official, especially since the definition is "hybrid" is still a mystery. What is really meant by "up to" is very unclear too.

Needless to say, the automakers begging for a credit will continue dragging their feet (using that as an excuse) until some type of federal subsidy is provided. It's a sad reality that they wait for outside help rather than planning for the future themselves.

 

Re: Bush "$4000 tax CREDIT for hybrid purchases" (

What is he waiting for? The credit should be pushed through now and apply to all Priuses bought in 2005. But not to worry. Hummer buyers will be taken care of this year and every year.

As for any hybrid that gets less than 40mpg, fuggedaboutit.

I agree. The Accord is all about more performance. Are we just gonna use the technology to increase performance or are we going to do something about oil shortages and global warming. What an outrage!!!

And what have we doing with our technology for the last 25 years. Why, increase performance by 94%, of course.

If they are going to subsidize absurd uses of hybrid technology like trucks that get 18 mpg, I just soon they call the whole thing off.

 

The $2000 deduction for many of us is merely theory.If you are thrown into the AMT(alternative minimum tax) bracket,as many are,the "Prius" deduction is not allowed.

 

Gentlemen and Ladies, please. In the United States of America the President proposes, Congress disposes. It's up to the Congress, not Bush, to enact any tax credit. Let's wait and see who in Congress is for and who is against. Any bets??

 

For 5 years Bush has been saying one thing and doing another. So for the life of me, why is anyone paying attention to what he says anymore.

Watch what he does.

 

Re: Bush "$4000 tax CREDIT for hybrid purchases" (

What about if you lease a Prius ? Will he give the tax credit if you lease a Prius? :roll:

 

Re: Bush "$4000 tax CREDIT for hybrid purchases" (


If you lease you get zip,not even the $2000 deduction for 2005.You must buy the car and be the original owner.When you lease you are not "buying"all of the car.

 

Re: Bush "$4000 tax CREDIT for hybrid purchases" (

What about if you pay off the lease and buy car ? Will I be able to get credits?

 

Re: Bush "$4000 tax CREDIT for hybrid purchases" (

Check with your accountant.Maybe that would work but in order to get the $2k deduction you would have to own the car by Dec 31 2005.Keep in mind that if you are thrown into the alternative minimum tax,this deduction is not allowed.

 

Re: Bush "$4000 tax CREDIT for hybrid purchases" (

Dumb question... What is "alternative minimum tax"?