House Passes Bill: Would Take Money from Big Oil to Give Plug-in Car Tax Credits

[pow]

From GM-Volt.com...

We have heard that the Chevy Volt could come with a roughly $5000 price premium to early adopters due to the costs of the lithium-ion battery and specialized low-power accessories.

An option that worked for early Prius adopters is the possibility of a U.S.government tax credit to people buying Volts. This could help offset cost and help get the country off petroleum.

As comments on this site had varied both for and against such a credit, it seemed a good idea to take a poll.

The final result of that poll was for 483 respondents 94% voted in favor of tax credits and 6% against.

Yesterday bill HR 5351 was voted on in the house, and was passed. The bill takes tax money from oil companies, to the tune of $18 billion over ten years, and uses it to pay for among other things a plug-in tax credit of $4000 plus $200 per kWh for cars with a battery capacity greater than 5 kWh.

Thus, if this bill were to become law, Big Oil would give you $7200 back if you bought a Volt.

Not surprisingly, Big Oil doesn’t like this idea much. A similar bill made it through the house last summer but died in the Senate.

Also, President Bush has already said he’d veto this bill if it makes it to his desk.

Source (AP)

[Z-06]

Umm let us see.

Plug In Money <--- Big Company <--- Increased Gas Prices <--- Common People Pay

Yeah good economics Lawyers (Liars).

[Intrepidation]

The lower income people get f@#ked again!

[loki]

it's called wealth redistribution... very socialist.

Edited February 29, 2008 by loki

[FUTURE_OF_GM]

It's too f*cking bad Detroit doesn't have the money to RUN Washington like big oil does.

[CSpec]

Yeah, no. Bush will not sign this reactionary rubbish.