Tag: Tax Credits

US government bailout of Silicon Valley and banks is $300B gift to rich oligarchs

Tina Marie (Ms. Cat)

The US Federal Reserve printed $300 billion in a week to save collapsing banks and bail out Silicon Valley oligarchs. 93% of Silicon Valley Bank’s deposits were uninsured, over the FDIC limit of $250,000, but the government still paid them. 56% of SVB’s loans went to venture capitalist and private equity firms.

US government bailout of Silicon Valley and banks is $300B gift to rich oligarchs

America’s $52 Billion Plan to Make Chips at Home Faces a Labor Shortage + manufacturing chips in the US could make smartphones more expensive

Tina Marie (Ms. Cat)

America’s $52 Billion Plan to Make Chips at Home Faces a Labor Shortage

Another possible fix would be to keep people in the workforce longer, by raising the age at which workers can begin collecting Social Security or tapping into their pensions or 401(k)s. Yet Harry Holzer, a former US Department of Labor chief economist now at Georgetown University, says that neither feels politically feasible right now. Immigration has been a toxic issue in American politics for years, and Social Security has long been an untouchable entitlement. “None of that is doable,” Holzer says, which means “our labor force growth is going to continue to be modest.”

Related:

How manufacturing chips in the US could make smartphones more expensive

Morcos says a top concern of his is the narrowness of the CHIPS Act. Without bringing related device manufacturing back to the U.S., such as device batteries, sensors, cameras, antennas, and hundreds of other components, the manufacturing process could require the most critical component to be produced stateside, then shipped overseas to be assembled with hundreds of other components into a device that is then shipped back to the U.S. for the American consumer.

Work longer, for less pay, and you still won’t be able to afford the latest smartphone or laptop?! 🤷🏼‍♀️

Mercedes will unlock your $100,000 electric car’s full power — for an extra $1,200 per year

Tina Marie (Ms. Cat)

Let’s say you’re tired of hitting 60 mph in only 5.3 seconds and want to get to highway speed a smidge faster. Is that worth a $1,200-per-year subscription to you?

Mercedes-Benz hopes the answer is yes.

Mercedes will unlock your $100,000 electric car’s full power — for an extra $1,200 per year

H/T: Steve Lehto

At least you can get an EV tax credit on your 2023 Mercedes EQS SUV!

Elon Musk, Lindsey Graham Tussle Over Putin’s Ukraine Invasion: Senator Threatens EV Tax Credit Withdrawal, Tesla CEO Says ‘War Is Ultimate Supreme Court’

Tina Marie (Ms. Cat)

Tesla Inc. (NASDAQ: TSLA) Elon Musk received a lot of flak for proposing a peace plan for Russia and Ukraine earlier this week.

Elon Musk, Lindsey Graham Tussle Over Putin’s Ukraine Invasion: Senator Threatens EV Tax Credit Withdrawal, Tesla CEO Says ‘War Is Ultimate Supreme Court’

Video via Beshel News Service

Lindsey Graham has “capitulated” to the military industrial complex!

Policies Matter: Volkswagen, Mercedes, & Hyundai React To Inflation Reduction Act

Tina Marie (Ms. Cat)1 Comment

Policies Matter: Volkswagen, Mercedes, & Hyundai React To Inflation Reduction Act

In June, Johan DeNysschen, the COO of Volkswagen of America, told Bloomberg his company is considering the construction of a battery manufacturing facility in North America. That would satisfy the requirement in the Inflation Reduction Act that batteries are manufactured in the US or other countries that are approved trading partners. According to the current North American free trade agreement, American trade officials consider anything made in Canada or Mexico to be domestically produced.

But manufacturing is one thing, The IRA goes further and requires the materials used to manufacture products also be sourced from approved trading partners. Canada is certainly one of them.

…

Then the roof fell in. The IRA only applies to vehicles built in the US, and that Georgia factory was not scheduled to be up and running until 2025. Two weeks ago, Hyundai and Kia vehicles imported from South Korea were eligible for the federal EV tax credit of up to $7,500. After the IRA was signed into law, they are eligible for nothing. The South Korean government is considering bringing the matter to the World Trade Council, but according to Reuters, Hyundai will now speed up construction of its new Georgia factory.

…

In the final analysis, that may be a good thing for America. Globalization left many countries like the US vulnerable to the machinations of crooks, thieves, and lunatics. The cheapest solution is often not the best solution.

Interesting that South Korea isn’t an “approved trading partner”. Then again, they’re not part of the USMCA. I suppose this is good for bringing some jobs to America.