Photo by Durmuş Kavcıoğlu on Unsplash Some folks are already en route to their long Memorial Day weekend destination. Millions will be flying, with AAA projecting that this holiday's nearly 3.4 million air travelers will surpass pre-pandemic numbers. But the number of holiday travelers hitting U.S. roads will dwarf all other modes of Memorial Day travel. AAA expects more than 37 million will drive 50 miles or more starting today, Thursday, May 25, through Monday, May 29. Gas prices are lower this holiday compared to last year, notes AAA, when the national average was more than $4 a gallon. When... Read more →
Transportation
Owners of electric vehicles in Texas, like this one charging in a suburban Austin office garage, will face a new registration fee starting Sept. 1, 2023. (Photo by Kay Bell) More than 10 million electric cars were sold worldwide in 2022. Sales are expected to grow by another 35 percent this year, meaning 14 million electric vehicles (EVs) will be on global roads last year, according to the International Energy Agency's (IEA) latest annual analysis. That puts electric autos' share of the overall car market at 14 percent in 2022, a 10 percent increase from just two years ago. IEA... Read more →
It's going to take more charging stations, and in more rural areas, to get more U.S. drivers to even consider buying an electric vehicle. (Photo courtesy ChargeX Consortium) I live in Austin, Texas, where traffic congestion increases daily (only partially kidding). But I grew up in West Texas, where driving an hour or longer one way to get from one small town to another was and still is not unusual. Often without any kind of way station along the long, flat roads. It's those distances that give me and those who still live in more rural areas pause when it... Read more →
Earth Day is tomorrow, April 22. This annual celebration of Mother Earth's beauty and its focus on ways to make a positive impact on our planet has lots of folks thinking about how they can reduce their carbon footprints In keeping with the 2023 theme "Invest in Our Planet," a lot of folks are considering investing in an electric or other alternative energy vehicle to lower their dependence on fossil fuels. Of course, tax breaks also could nudge them down that road. The good news is that the Biden Administration pushed through a new $7,500 electric vehicle (EV) tax credit.... Read more →
Lyriq photo courtesy Cadillac Sometimes the obvious is, well, obvious. Until it isn't. Back in 1964, Supreme Court Justice Potter Stewart's famous intuitive declaration about knowing pornographic material when he saw it made things clear. Then on Jan. 11, 2015, we Dallas Cowboys fans, then belatedly the NFL, knew that Dez Bryant's touchdown catch was definitely a catch. Now General Motors (GM) and Uncle Sam are fighting over what, for most of us, is pretty clear, specifically what counts as an SUV. The government's final answer will affect the new Inflation Reduction Act tax credit for electric versions of sports... Read more →
Kris Kringle, portrayed by Edmund Gwenn in the 1947 classic movie "Miracle on 34th Street." (via Giphy) I'm a Christmas traditionalist. OK, so I expand the traditional holiday season. We, at my urging, put up holiday decorations right after Halloween. We have a lot of them, so it takes time. Plus, I'm a fan and nonresident celebrant of Canada's Thanksgiving. Our neighbors to the north's celebration of the harvest and other blessings of the past year falls on the second Monday of October, following a more North American seasonal shift. Even better, it provides a welcome space between Turkey Day... Read more →
via GIPHY Seven days from now, many of us will be opening Christmas presents. Hanukkah is underway. Regardless of what or how you celebrate December holidays, your purchases probably increase this month. And this year, inflation, even though it's abated a bit recently, means you have or will pay more for all those gifts, food, and other festive trimmings of the season. Every year, PNC financial services issues its Christmas Price Index, or CPI. It measures, using a methodology similar to Uncle Sam's official CPI, or consumer price index, the current costs of the gifts given in the classic holiday... Read more →
Very few of us share the same tax circumstances. However, there is one thing every taxpayer can agree on. We all want to pay the least amount of federal tax as possible. Deductions, like the standard amounts discussed in Part 2 of the ol' blogs annual tax inflation series, are a major way of reducing our annual tax bill. But wait. There's more. There are the adjustments to income, listed on Form 1040 Schedule 1 and still known as above-the-line deductions. You can claim all of these 25 tax breaks regardless of whether you itemize or take the standard deduction.... Read more →
The Internal Revenue Service is still working out how to implement the climate tax provisions in the Inflation Reduction Act. The tax agency and its parent Treasury Department issued some preliminary guidance in August regarding the electric vehicle (EV) tax changes. The IRS also is seeking public comment on EV rules, as well as the other aspect of the other energy tax benefits in the new law. Meanwhile, states also are taking steps to deal with how the federal energy tax changes could affect their revenues. New state-level EV charges: "The increasing popularity of hybrid and electric vehicles is shrinking... Read more →
Inflation is still a concern, for consumers and politicians, but it is easing a bit (at least for some consumers). One reason for the change is falling gas prices. GasBuddy reported on Sept. 12 that for the thirteenth consecutive week, the nation’s average per-gallon gas price dropped. It went to $3.67 per gallon, down 7.6 cents from a week ago. AAA's daily tracker shows a Sept. 15 national per gallon average of $3.698. But those are averages. Your pump prices may vary. Patrick De Haan, head of petroleum analysis at GasBuddy, noted in the latest analysis that there are "drastically... Read more →
The good tax news for environmentally conscious drivers is that the electric vehicle (EV) tax credit is back. The bad tax news for environmentally conscious drivers is that it's not all that easy to claim the reworked $7,500 EV credit. The Treasury Department and Internal Revenue Service, however, are trying to smooth that road a bit. They've issued some initial guidance on the new EV tax credit changes. EV tweaks in the inflation bill: With President Joe Biden's signing yesterday, Aug. 16, of the Inflation Reduction Act, it's highly touted climate protection provisions will be taking effect. One followed closely... Read more →
More of my Austin, Texas, neighbors could be driving (and recharging) electric vehicles if the recently agreed-upon economic bill makes it into law. (Photo by Kay Bell) As the tax world frantically thumbs through the Democrats 725-page economic plan, one thing is clear. Makers of electric vehicles and the folks who want to buy them are winners. The Inflation Reduction Act of 2022, the catchy (OK, as far as political monikers are concerned) new name for the measure that salvages some of President Joe Biden's retooled Build Back Better proposals, was worked out this week by Senate Majority Leader Chuck... Read more →
Rail travel could save you some European Union automotive fuel taxes, maybe enough for a nice meal in the train's dining car a la the one Willem Dafoe's character enjoyed (or not, judging by his expression) in the 2017 film version of Murder on the Orient Express. (Photo courtesy 20th Century Fox) When I think of European travel, I immediately envision a train. OK, maybe I've watched Murder on the Orient Express (multiple versions) or Before Sunrise or A Little Romance or various Wes Anderson movies too many times. Still, for an American, particularly one who's lived most her life... Read more →
Charging a Chevrolet Bolt EV outside a Go Forth electric-car showroom in Portland, Oregon. (Photo courtesy Forth) Governments use a variety of tax breaks to help shape their citizens' actions. In addition to the perpetual debate as to whether this is good or bad public policy, there's also the matter of which tax benefits should be used. When it comes to electric vehicle (EV) purchases, a recent study found that those interested in the alternative fuel autos prefer rebates to existing tax credits. Plus, the different financial reward method would be more cost effective for Uncle Sam. Pay then claim... Read more →
The White House's proposed federal gasoline tax three-month holiday proposal is not just stalled. A metaphorical Congressional tow truck has pulled it from the legislative roadside where it was sputtering. The main reason is, as noted earlier, is surprisingly united Capitol Hill opposition to waiving the 18.4 cents per gallon federal gas tax. In fact, lawmakers also have been united in refusing to increase it. It hasn't been hiked since 1993. Another reason is, despite the grousing and social media posts of auto fill-up pump prices, people are still hitting the roads, at least early this summer. That's taken some... Read more →
Shutterstock The hubby and I are spending the Independence Day holiday like we usually do. We're staying home. Even in our younger days, we didn't travel on holidays. We also lived in places where fireworks, the big draw on the Fourth of July, were easily accessible or visible from our homes. Of course, there was that year in Washington, D.C., where our car almost got towed, but that just added excitement to the festivities on the National Mall. Almost 48 million people, however, disagree with the way the hubby and I celebrate July 4th, according to AAA. That's how many... Read more →
Sen. Ron Wyden chairing a recent Senate Finance Committee hearing. (SFC YouTube video screenshot) President Joe Biden's three-month gas tax holiday seems to be sputtering, so some are turning their attention to another energy approach. They want to impose a windfall profits tax on oil companies. "Exxon made more money than God this year," Biden said in a June 10 address before Port of Los Angeles dockworkers and union representatives, but they are not using those profits to drill more. Biden followed that appearance with a letter to top oil executives urging they boost the supply of gasoline, diesel and... Read more →
Gasoline prices continue to drop a bit in suburban Austin, Texas. (Photo by Kay Bell) President Joe Biden today asked Congress to suspend federal fuel taxes for three months. He's also urging states to suspend their own gas taxes or provide similar relief. The White House's time frame, outlined in a fact sheet, calls for the 18.4 cents per gallon (cpg) gasoline and 24.4 cpg diesel non-collection period to start in July and run through September. In announcing temporary excise tax holiday proposal, Biden said it was designed to help motorists during the busy summer travel season. House and Senate... Read more →
Nowadays, you might have to empty your wallet to fill up your car's tank. However, federal gas tax relief or other help might be available as soon as this week. (Photo by Jen R via Flickr CC) On my way to an appointment today, I passed two gas stations. Both advertised regular at $4.69 a gallon. Yes, my area of Austin, Texas, has escaped (so far) the $5 per gallon average that recently was recorded across the United States. Nationally, the per gallon price for regular has since dropped to $4.981. Yay? And yes, I stopped at one station and... Read more →
General Motors offered a sneak peek this week of the 2024 electric Chevrolet Blazer, due to be fully revealed next month. The above photo of the family-sized, SS performance Blazer EV model, expected to go on sale in spring 2023 starting at around $40,000, was tweeted by GM CEO Mary Barra. Regardless of what you think of Elon Musk, he's made Tesla the electric vehicle (EV). Even if you can't afford one, whenever someone says EV, it's the first vehicle most of us envision. Meanwhile, the other automakers are working to get some of the attention and, of course, customers.... Read more →