Economy

Democrats passed $7,500 Electric Vehicle Tax Credit, then prices were immediately raised

Published

1 year ago

August 18, 2022

A recent scenario at the Ford Motor Company is the perfect way to explain what Democrats are doing to this country when they pass bills for our “benefit.” On August 9, Senate Democrats passed a bill they praised, which included a $7,500 federal electric vehicle tax credit.

Shortly after, Ford raised the price of its electric car. By how much? $7,000. What a coincidence. “The base model of the 2023 F-150 Lightning pickup will now cost $47,000, up from it’s original price of $40,000, according to CNN.”

Daily Caller News Foundation reports ”More expensive models, such as the XLT High/Extended Range and the Lariat Extended Range have increased in price by $8,500, while other F-150 Lightning designs vary between $6,000 to $7,000 in price increases, according to the Detroit Free Press.”

The price change was attributed to “significant material cost increases and other factors,” CNN noted. Despite the changes, the increase will not impact those currently waiting for delivery of their vehicles, but impacts those who have reserved but not yet ordered the truck, CNBC reported.

But don’t just blame Ford for being forced to dance with the Democrats. General Motors also just announced it will increase the price of its electric model of the GMC Hummer. The cost will go up by $6,250, CNN reported.

The Daily Caller adds:

With eligibility and tax credit rules preparing to change under new legislation, including the passage of the Inflation Reduction Act, certain modules of the vehicle may qualify for the credit this year, according to Consumer Reports. It is unclear if the truck will be eligible in the future, according to CNN.

The electric trucks only have a range of 230 to 320 miles depending on the model, a moderate increase of 10 miles to the company’s standard battery, CNBC continued.

Economy

Swiss Bank Admits to $5.6 Billion Tax Evasion Scheme, Settles for $120 Million

Published

2 days ago

December 7, 2023

Sara Carter Staff

Banque Pictet, the private banking arm of the Pictet Group based in Switzerland, has admitted to conspiring with U.S. taxpayers to hide billions of dollars from the Internal Revenue Service (IRS) in over 1,600 secret bank accounts. The Justice Department revealed on Monday that Banque Pictet has agreed to pay over $120 million in restitution to the U.S. Treasury as part of a settlement.

The bank’s involvement in the tax evasion scheme spanned from 2008 through 2014, during which it conspired with American taxpayer clients to conceal more than $5.6 billion of the approximately $20 billion in U.S. assets. This led to an evasion of around $50.6 million in U.S. taxes, according to prosecutors.

Of the $5.6 billion concealed, the funds were distributed across 1,637 accounts, implicating more than 40% of the total 3,736 private accounts owned by U.S. taxpayers held by the bank. Banque Pictet reportedly assisted its American clients in hiding their undeclared accounts through various means, including the formation and administration of offshore entities. Undeclared accounts were then maintained in the names of these entities on behalf of U.S. taxpayer clients.

Jim Lee, Chief of IRS Criminal Investigation, emphasized the importance of the case in sending a strong message to those attempting to hide assets and income offshore. Lee stated, “This case should provide a clear message to others who try to hide their assets and income offshore. Offshore tax evasion is a priority for IRS Criminal Investigation.”

The settlement underscores the ongoing efforts by U.S. authorities to combat tax evasion and sends a clear warning to financial institutions and individuals involved in such illicit activities. As regulatory scrutiny intensifies globally, financial institutions face increasing pressure to ensure compliance with international tax laws and prevent their involvement in tax evasion schemes.