It looks like General Motors will be able to skip out on around $14 billion worth of taxes domestically and another $19 billion in taxes overseas thanks to a deal with the U.S. government. According to Edmunds, 2010 will mark the first year since 2004 that the company has operated in the black, and while most companies are made to pay taxes on their revenue, GM will be able to skip its tax tab due to years of massive losses. Companies are typically forgiven a portion of future taxes due to their
It's no secret that when it comes to promoting more efficient transportation, the current administration in Washington is all about batteries and plugs – pretty much to the exclusion of all else. In his latest column at trade publication Ward's Auto World, Drew Winter tries to make the case for the government taking agnostic approach to technology and simply promoting anything that would make a measurable reduction in greenhouse gas emissions and fuel consumption. Just given the relative l
When automakers are throwing thousands of dollars of incentives on the hoods of their wares in an effort to stimulate sales, what good would another $1,500 on a $25,000 car do? As the recent sales numbers show, buyers aren't being taken in by the constant sounding of the "SELL SELL SELL!" klaxon. Great deals on new cars are out there to be had, if only anyone had some money.
Giveth, and taketh away, isn't that always the story? On the taketh away side, GM has recently lost a serious chunk of change. On the giveth side, The General received a $56 milion package of tax credits and grants to keep an SUV factory open in Ohio. It has also just received another package of tax credits from the city of Flint, Michigan to aid its investment in a factory that will build engines for the new Volt and Chevy Cruze. Approved over some constituent disapproval by the Flint City Coun
Presumptive Republican nominee for President, John McCain has wrapped up his tour and speaking engagement at General Motors, where the Arizona Senator discussed the U.S.'s current fuel situation and the proliferation of electric cars. Addressing the General's assembled workers, McCain said, "I would support tax credits for Americans who choose to buy the Volt and other automobiles that put us on track to energy independence." McCain later specified that the credit should be $5,000 as "an integra
Let's celebrate the world's innovations in clean transportation technology with... the tax break! That's right, ladies and gentlemen, it's back and better than ever, because electric cars aren't good enough on their own - to buy them we need incentives other than saving our planet and livelihood, as well as all those novel little advantages of electric cars, like needing only a two-speed transmission (see Tesla Roadster) if you have one at all, not needing any new refueling infrastructure except
Hybrid-owner Senator Bob Bennett (R-UT) and Senator Ron Wyden (D-OR) introduced legislation to offer tax breaks to consumers buying fuel efficient vehicles. The money would come from rolling back tax deductions used by big oil companies.