The US economy during the 2003-2004 periods continues showing a good record as the output reached 3 percent and the growth speed up in the second half. The household income also record solid growth as labor productivity increases. In addition, another factor that favors the US economy at that time is the federal tax cut. Generally, this figure becomes strong point for the US although the country still requires large amount of foreign oil. The total import for this non-renewable source from Venezuela, Saudi Arabia, Russia, and Iran was $700 billion in 2003.
Figure 1 shows the improving output in the US (Witte, 2004).
The favorable economic condition as marked by the rising household income has driven the household has driven them to utilize the income to buy over 7 million new cars and trucks in 2003 alone. This condition becomes opportunities for General Motors (GM) to sell their innovative electric vehicle actually (Witte, 2004).
However, lack of government support towards the automobile industry in the form of policy has caused the electric vehicle project to be abandoned.
The California Air Resources Board [CARB], which is responsible for the zero-emission policy in the US, does not support the production of EV1 although it had fulfilled the board’s requirements. In fact, the Bush administration ignited another invention to be developed further; the hydrogen fuel cells and bait-n-switch (Seeking Alpha, 2008).
The Term Paper on Individual Income Tax
... deduction- Married filing jointly (surviving spouse) $11,900, Head of household $8,700 Additional standard deductions- Not married: $1,450 if ... tax- rates increase as tax base increases. (Federal income tax) Tax credit- authorized deduction in gross tax liability ... standard deduction (greater of two) 2. Exemption deductions = Taxable income * Applicable tax rate(s) = Gross tax liability – Tax ...
3. Customers’ Response on EV1 From the General Motors (GM) point of view, the development of EV1 had complied with the government plan to produce zero-emission vehicle.
GM also asserts that the development of EV1 is the response on the customers’ demands for fun to drive and safe cars. This is because EV1 is a clean and good performance car (Seeking Alpha, 2008).
4. Leadership and visionary The smash of EV1 project has driven several scholars and automobile experts to point out which technology actually will work in the future. According to GM engineering group the development of electric car has favorable progress as it complied with several demands for cleaner environment without sacrificing the performance.
In fact, the project to develop Hydrogen fuel cell technology would not happen and he considered it is only the distraction form the actual move to develop electric car.
Reference:
Powers, Eric. (2006).
What is Hybrid. Retrieved July 19, 2009 from http://hybridcars. about. com/od/hybrids101/a/whatisahybrid. htm Seeking Alpha. (2008).
Impact of GM Destroying the EV1. Retrieved July 19, 2009 from http://seekingalpha. com/article/87929-impact-of-gm-destroying-the-ev1 Witte, Willard E. (2004).
The U. S. Economy. Indiana Business Review, 78, 4
