PEDAL TO THE METAL: Inflation law tax credits to brighten platinum prices
Peapack Private Wealth Management managing principal cautions investors to not overreact to July's inflation rate on 'Making Money.'green technologies
, by expanding tax credits to stimulate demand for hybrid and electric vehicles, charging and refueling stations, green energy storage and other clean energy investments. "The Inflation Reduction Act is expected to increase demand for platinum and platinum group metals in the near-, medium- and long-term," Trevor Raymond, director of research at the World Platinum Investment Council, told FOX Business., along with rhodium, iridium, ruthenium and osmium, make up the platinum group metals.
Platinum is used in jewelry, but the precious metal has industrial and automotive applications. Demand is heavily influenced by the auto industry, where platinum, palladium and rhodium are used in parts, including catalytic converters. Platinum and palladium are often swapped in the manufacture of converters, depending on the price of each metal.
IRS 1040 Individual Income Tax forms for the 2018 tax year are arranged for a photograph in Tiskilwa, Ill., March 11, 2019., it would be a plus for platinum and palladium. Converters in hybrid vehicles contain more of those elements than gasoline-powered vehicles. For example, the dual exhaust Toyota Prius has two converters.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Is the Inflation Reduction Act's tax credit for electric cars enough? Americans share whether they're buyingThe electric vehicle tax credit in the Inflation Reduction Act is not enough to convince consumers to buy a new electric car, some Americans in D.C. say.
Read more »
Economist: 4 Things to Know About the Inflation Reduction ActWill the law reduce inflation, as the name implies? How will the corporate minimum tax work? How will IRS enforcement generate so much revenue? — The Conversation
Read more »
These electric vehicles qualify for tax credits under the Inflation Reduction ActThe law replaces a previous tax break for EVs with a new set of credits, although that depends on where a car is assembled.
Read more »
EV tax credits just got revamped due to the newly signed Inflation Reduction ActThe newly signed Inflation Reduction Act will have big implications for electric vehicle buyers.
Read more »
EV tax credits just got revamped due to the newly signed Inflation Reduction ActThe newly signed Inflation Reduction Act will have big implications for electric vehicle buyers.
Read more »
EV tax credits just got revamped due to the newly signed Inflation Reduction ActThe newly signed Inflation Reduction Act will have big implications for electric vehicle buyers.
Read more »