Alright, we're on 7 of 10 of the Harris vs.
Trump tax battle. This one, we will specifically cover,
like, green energy, renewable tax credits,
solar, wind, electric vehicle. It's like,
the green energy tax credits. So this,
this is a little, a little hard because neither of them have come out
and, like, really been pushing, like, specific numbers or specific changes related
to green energy. Like, under both of,
like, under the Biden administration, under the Trump administration,
we have seen some expansion of both.
Uh, or, like, under both administrations we've seen expansion of these types of credits,
like renewals of the solar tax credit,
ahem, solar tax credit, uh, renewals of,
um, like energy, energy efficient appliances,
energy, well, and I, I'll actually go through a few of these,
but, like, energy efficient, uh, energy efficient improvements to your home,
uhm,
solar, carbon capture tax credits,
ah, so really I'm just going to talk about, like,
I'm going to talk about them, kind of, more in general,
kind of, both of them, then I'll give you my opinion at the end
of, like, how I think it'll look. I'll end up, ah,
so really there is, as you've probably heard,
you might've had a sales, salesperson knocking on your door,
solar tax credits are huge right now,
so in the last few years under the Biden administration,
it was a, a tax credit that was tearing down and you're,
Like, there was less and less of a benefit you're getting each year,
but right now there is a solar tax credit of 30% of the cost
of your solar project. So if you put $100,000 in
solar, that'd be a big solar project on your house,
but if there's a hundred. $100,000 a solar put on your house,
there'd be a $30,000 tax credit that you could use to offset your taxes.
It's important to know that wouldn't be $30,000 that you could just get back
in your pocket automatically. You need to have taxes to offset.
So it is $30,000 a savings,
but remember it's. Like, not a refund that comes right back to you.
It just has to offset other taxes. Um,
like under both, both administrations,
like, I wouldn't expect, I wouldn't expect,
like, say Trump to take it away.
Like, once you've given something, something to the people.
Taking it away, like, in legislation,
wouldn't go down very well. A lot of times when they write these tax
credits and, like, into the legislation,
they just write it in so it automatically,
and this will help, like, with their budgeting and approvals if it's Republicans,
Democrats working together to try to prove it.
They will write in an automatic tear down of the benefit of that specific
credit, and that's usually how they can squeeze this type of stuff in.
And so, if it's tearing down, um,
like, it's just going away anyways, but I wouldn't expect,
like, Trump would remove it. Um.
To be honest, I, I wouldn't expect,
I wouldn't expect Trump to increase the solar credit either.
I, I could almost imagine him coming out with other types of credits
to, to promote, like, more efficiently,
efficiency in the United States, but we know he's a big proponent of other
types of, of, of energy sources as well.
Like, whether it's coal or oil, like,
I think there could potentially be credits to, like, level the playing field a
little. Um,
and, but like solar, solar and wind on the democrat side,
like on the Harris side. I actually,
like, I wouldn't be, surprised if it was increased. And I think it is
permanent now, but I wouldn't be surprised if it was increased,
if that was expanded. They just haven't come out specifically with it.
Uh, there is a production tax credit specifically for wind.
Um,
like, same type of thing, my opinion of,
wind and solar. Like, I wouldn't expect Trump's going to expand it.
I don't think he'd take it away. I think that maybe could be expanded
under a Harris administration. Electric vehicles is like,
you know, like, they all want to look good for the,
like, the automotive and, industry in the United States,
and not just the electric automotive industry in the United States.
Um, I think they both want to look good for that industry, but I
could imagine that could, and right now it's a $7,500 tax credit
for a new vehicle or a $4,000 tax credit under a used,
vehicle, and this has been, like, vastly,
like, really expanded under the Biden administration,
which I think they might continue that,
like continue the push for electric vehicles.
Um, I could,
I could almost see Trump trying to level the playing field a little with,
Like, the other types of vehicles,
and promoting some, some incentive, having some incentives in the other thing,
and maybe, maybe even reducing the electric vehicle tax credit.
But again, we don't, we don't know specifics on it. But I,
again, I don't think it's going away. The electric view with tax credit under-
either administration. There's clean,
like clean hydrogen. I just pulled up a list here,
but like clean hydrogen, the hydrogen production credit.
There's carbon capture storage credit.
Like, some of these are new and they've been revamped under the Biden administration.
Again, don't think they're going anywhere. Energy storage system.
Like. Just putting for like putting battery systems under your house.
Um, as an add on to your solar or as a standalone thing,
there's tax credits, 30% tax credit without as well.
And then something that phased out a few years ago,
every year, we get it when we're doing tax returns. People are like,
Hey, I bought a. I bought this,
uh, fridge or whatever type of appliance,
washing machine or dishwasher. I bought it and it's energy efficient.
Do I get a credit for it? They actually took that credit away for
specifically for appliances because the,
the appliance manufacturers weren't paying the lobbyists.
It's enough, I guess, but if you do like insulation and heat,
uhm, like insulation, windows,
doors, things that help with the heating and efficiency of,
of your house, those things could count,
or those, there are credit specifically for that. Um.
Electric, yeah. Talked about electric, uh,
electric vehicles, solar, those are really the main things.
There's, if you want a heat pump or a biomass system,
there is a credit for that as well. So just to like wrap up
this episode, I don't think,
I don't think either of them would be taking things away.
Umm, if I had to guess, I would think Harris would promote and try
to get more solar,
wind, electric vehicle tax credits than maybe Trump.
Because I think he would be more, let's try to,
doing things things to like promote.
Uh, manufacturer inside the United States and promoting other industries as well.
So it's, it's not like a, yeah,
like, like he's playing favorites specifically with electric vehicle manufacturers.
Um, but that's,
yeah, that's my two cents on that and we will jump into the next
one. Little later, but have a good rest of the day.
