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US Economy

US Extends EV Tax Credits for Graphite Use Until 2026

TL/DR - The US government has decided to extend tax credits for electric vehicles (EVs) containing Chinese graphite until the end of 2026, in response to a demand from EV manufacturers. This comes as part of the Inflation Reduction Act, which offers up to $7,500 in tax credits to EVs that meet certain requirements and are assembled in North…
US Economy

Manchin slams Biden’s EV tax credit rule as ‘outrageous, illegal’

TL/DR - Senator Joe Manchin has criticized the Biden administration's interpretation of which vehicles can qualify for electric vehicle tax credits, arguing that it allows for too much Chinese material in batteries. The new interpretation of the Inflation Reduction Act drops the restriction on credits for vehicles with batteries containing…
US Economy

IRS to hike audit rates for wealthy taxpayers by 50%

TL/DR - The IRS Commissioner, Danny Werfel, has promised to protect American households earning less than $400,000 a year from increased audit rates. He stated that their audit rates will not surpass those of 2018, which were a record low. He made these comments during a call with reporters. IRS Commissioner's Assurance on Audit Rates The IRS,…
US Economy

EPA Grants Nearly $1B for Cleaner Heavy-Duty Vehicle Transition

TL/DR - The U.S. Environmental Protection Agency (EPA) has set aside nearly $1 billion for the transition to cleaner heavy-duty vehicles across America as part of President Biden’s agenda to combat climate change. The Clean Heavy-Duty Vehicles Grant Program supports projects that replace polluting heavy-duty vehicles with zero-emission…