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The Incumbency Tax
Section 48D Finances the Fab That Competes With the One Already Standing
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United states
The Rent Ladder
The Rent Ladder: Front-End Subsidy Economics, the Packaging Premium's Half-Life, and Who Absorbs the Onshoring Cost Wedge
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The Recapture Cliff
A sovereign-engineered front-load in clean-power tax credits, timed to expire into a merchant tail that cannot carry it
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The 3.8% Ceiling
Fed terminal-rate convergence, HBM and grid bottlenecks, and the volatility-decay arithmetic of 3x leveraged semiconductor exposure