For the Sixth Annual Climate XChange Tesla Raffle, we offer a choice of Tesla vehicles as the Grand Prize. And you’d have to send us that money before you received your Prize. It's that money and governmental control which may give the country an advantage in building a global EV industry. The U.S. currently has a strong biotechnology industry that is improving biomass and biofuels technology and is developing a proven track record of success. U.S. car ownership is at a plateau, so an increase in the purchase of EVs coupled with greater use of biofuels could lead to a 30 percent reduction in gasoline and diesel use in the U.S. Because of this car boom, China's massive addition of alternative fuels and EVs will merely serve to compliment its growing domestic need for more oil, according to Accenture. China by contrast will not have to adjust to a large displacement, because it is in the infancy stage of personal car ownership, and, therefore, has no real legacy structure in terms of fuels.
Of course, the two countries also have vastly different situations when it comes to supply and demand. The figures paint a portrait of two countries with vastly different approaches to growing industries and jobs, according to an Accenture report released today, "The US and China: The Race to Disruptive Transport Technologies," (PDF) which parses out the advantages and disadvantages each country has right now in the realm of alternative vehicles and fuels. Turns out that there’s also a Massachusetts withholding tax that you would owe… So we have to pay tax to the IRS on the taxes we paid on your behalf to Massachusetts. Massachusetts withholding tax payments for the Prize. Prize on your behalf. However, because the tax payment we make on your behalf is also something of value to you, it turns out that we have to pay taxes on the taxes that we are paying for you!
Important note: Nothing on this page is intended to constitute legal or tax advice. It turns out that the Commonwealth of Massachusetts also requires a withholding tax payment. Then, from the Massachusetts perspective, we’ve just given you more income by sending a larger tax payment to the IRS, so now we have to pay tax on that to Massachusetts! Then, Massachusetts wants another 5%. But wait… Below, we explain why that’s a problem and also why we make the Grand Prize better by dealing with this problem! Equally as bad, if you had to pay the withholding taxes yourself on The Grand Prize, you would even have to send them in before Climate XChange could pay Tesla to deliver your Prize! And that’s taxable. In the case of the Grand Prize, the Winner would have to send us 5% of that value - over $6,000. We have to pay the IRS 33.33% of the Prize’s Fair Market Value, rather than the 25% you would have to pay directly, for the privilege of paying your U.S. The U.S. also happens to be the largest producer of corn in the world with an estimated 30 percent of its yield going into ethanol production.
The Accenture report predicts that rather than one alternative fuel reigning supreme, the world will see an increase in transport fuel diversity. Accenture predicts that the amount of cars on China's roads will more than double to 200 million between now and 2020, causing growth in all areas of transport fuel. China's lithium, money, and government control? China has been keen on taking proven innovative technology, then backing it financially and with government mandates to turn it into an industry. The Chinese government has committed $15 billion over the next 10 years to the electric vehicle (EV) industry alone, while the U.S. The U.S., as its EV industry grows, will have to import almost all lithium ion batteries, or the lithium needed to make those batteries, from Asia and Latin America, according to Accenture. Because of this, the country is already a leading global manufacturer of lithium ion batteries for electric and hybrid-electric cars.
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