[ad_1]
Automakers want Congress to remove the cap on EV tax credits. General Motors, Ford, Chrysler and Toyota CEOs say consumers will buy more Electric vehicles eligible for more EV tax credit if, Currently, when a company sells 200,000 plug-in electrics, the credit begins to expire. The CEO also says that he needs credit to compensate for the higher production cost. Missing from the letter: Tesla CEO Elon Musk, whose firm has already exceeded the credit limit.
Oklahoma lawmakers will hold a special session to debate tax cuts. Gov. Kevin Stitt wants lawmakers to abolish Oklahoma’s sales tax on groceries and reduce top personal income tax rate 4.75 percent to 4.5 percent. Whether lawmakers oblige is in question: Democrats only support abolishing the grocery tax and oppose income tax rate cuts.
The Massachusetts tax break helped businesses but didn’t create the jobs promised. a business journal Analysis of Economic Growth Promotion Program found that of 98 firms that were given tax breaks of more than $104 million last year, 55 failed to reach their mortgage targets. magazine Reports a significantly higher miss rate than before the pandemic. Companies blame remote work for failing to meet hiring targets.
The German vice chancellor may disband oil companies as fuel tax cuts are not curbing prices. Germany cut its fuel tax On June 1, but at the pump prices keep climbing. Now, Chancellor Robert Hebeck wants Germany’s antitrust authority to investigate the companies’ finances and perhaps disband the firms. He admitted that his plan won’t help consumers today.
Thursday recipe. Representative Jim Cooper (D-TN) will be a guest on TPC’s webcast The Prescription this week. Cooper, who is retiring after more than 30 years in Congress, will discuss the current financial challenges, the Biden agenda and the pitfalls of bipartisanship. register Here,
For the latest tax news, subscribe to the Tax Policy Center’s Daily Deductions. Sign up Here To have it delivered to your inbox at 8:00 a.m. on weekdays (only on Mondays when Congress is in recess). We welcome suggestions on new research or other news. Email Renu Zeretsky here Dailydeduction@taxpolicycenter.org,
[ad_2]
Source link
