Am I reading Build Back Better correctly?

I imagine this was written by Mansion

Budget Hacks from Moderate Democrats | The New Yorker

 

George Washington and founding fathers will role in their graves when they hear how much taxes and less freedom they fought for.... And using taxes to pander for votes. The redcoats sound good now.

And jackass and dumbo can't talk to each other anymore except for insults are so sad. Need a third party choice for real fix.

 

certainly not me. I never take credit from my mistakes. That would be so non PC

 

I don't know. Their rebellion wasn't about paying taxes. It was about not having a say in government while paying those taxes.

 

Just look into the Whiskey and Fry's rebellions.

 

Well, so much for BBB in 2021. We'll see what 2022 has in store for EV/PHEV credits...

 

So, is this mean the current up to $7500 tax credit will be available for cars (BEVs and PHEVs) sold in 2022? Or, can it still change and be overridden by the new law?

 

That's my take. But can it be changed before the end of the year 2022? Say if a PP is purchased in Jan 2022 before Toyota hits 200K, but the BBB passes as a law sometime during 2022. What happens to the tax credit under current law comes time to file a tax return in 2023?

 

This is an important question, I wish I could find an answer. Tax law has changed mid-year in the past and applied for that entire year, so I assume that it is *possible* that legislation could pass mid-year and be applied as the law for all of TY 2022.

At the very least, it’s uncertain. And I personally try to minimize uncertainty in my tax planning.

 

Yep, uncertainty makes me nervous. I am putting off any new car purchase until I know for sure I can get a full tax credit.

 

It could be changed by Congress, but retroactive removal of such things generates so much PR and voter backlash that it is rarely done.

 

Yeah, I have read that line of thought before when I purchased my first PP in 2017 and the last administration took his office. I wonder if the BBB passes sometime during 2022, and does not change current law, but new law takes an effect... Can there be a scenario in which buying two cars one earlier with the current law applied and one later with a new law applied? Or, is it much more likely that the new law will start in 2023, and keep all the incentives for 2022 with the current law?