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The libs do think that Obama farts gold dust.
Obama has given a lot of ammuntion for the conservatives to bitch
Ya KNEW there had to be a catch!
Whoops! Cash For Clunkers Payments Are Taxable!
Some of the drivers that bought new cars through cash for clunkers are learning that it wasn't quite the deal they hoped for. But many of those cashing in on the clunkers program are surprised when they get to the treasurer's office windows. That's because the government's rebate of up to $4500 dollars for every clunker is taxable.
"They didn't realize that would be taxable. A lot of people don't realize that. So they're not happy and kind of surprised when they find that out," Nelson said.
That'll leave a bad taste in some mouths!
I'm gonna need OXYGEN to get through this laugh.... Be back later after I recover..... Can barely type.... They wanna also run our health care..... can't stand it will be back later....
He is easy to hate, because he is spending our country into poverty. He is a complete idiot when it comes to economics, and yet he has the power to force these mandated expenditures on the American people.
Wow, in my town that would be a whopping $270. The horror.
$270 is still $270 to me, and it could be a whole lot more if it's enough to put them in another tax bracket!
Wow, in my town that would be a whopping $270. The horror.
$270 is still $270 to me, and it could be a whole lot more if it's enough to put them in another tax bracket!
Last I checked, 4500 minus 270 would equal a net gain of 4230.
Also, sounds like you don't understand how tax brackets work.
Ya KNEW there had to be a catch!
Whoops! Cash For Clunkers Payments Are Taxable!
Some of the drivers that bought new cars through cash for clunkers are learning that it wasn't quite the deal they hoped for. But many of those cashing in on the clunkers program are surprised when they get to the treasurer's office windows. That's because the government's rebate of up to $4500 dollars for every clunker is taxable.
"They didn't realize that would be taxable. A lot of people don't realize that. So they're not happy and kind of surprised when they find that out," Nelson said.
That'll leave a bad taste in some mouths!
I'm gonna need OXYGEN to get through this laugh.... Be back later after I recover..... Can barely type.... They wanna also run our health care..... can't stand it will be back later....
Strawman argument. The GOVERNMENT is ripping YOU off, by not making this rebate non-taxable! Because they didn't think it through.Why wouldn't it be okay? You pay sales tax on the full purchase price, no matter who pays the purchase price. It's not rocket science...but tell me, why would you want to rip off your state? Most states are hurting for tax revenues these days.Then what? You're reflexively defending this by trying to make it sound like it's no big deal! It's perfectly okay with you, correct?
Yes.
And by the way, my state doesn't collect any state income tax, and is IN THE BLACK as in, SURPLUS.
Ya KNEW there had to be a catch!
Whoops! Cash For Clunkers Payments Are Taxable!
Some of the drivers that bought new cars through cash for clunkers are learning that it wasn't quite the deal they hoped for. But many of those cashing in on the clunkers program are surprised when they get to the treasurer's office windows. That's because the government's rebate of up to $4500 dollars for every clunker is taxable.
"They didn't realize that would be taxable. A lot of people don't realize that. So they're not happy and kind of surprised when they find that out," Nelson said.
That'll leave a bad taste in some mouths!
I'm gonna need OXYGEN to get through this laugh.... Be back later after I recover..... Can barely type.... They wanna also run our health care..... can't stand it will be back later....
You expected anything less? Wait until the sheeple discover Obama cut withholding for our "extra" $10. of what we already earn but hasn't changed the tax tables so the Reich will gets its money back in April.
$270 is still $270 to me, and it could be a whole lot more if it's enough to put them in another tax bracket!
Last I checked, 4500 minus 270 would equal a net gain of 4230.
Also, sounds like you don't understand how tax brackets work.
Maybe I don't then. If I'm sitting just below the next highest tax bracket, and this "income" puts me over that threshold, am I not going to pay more base tax, as well as a higher percentage of the amount over the bracket threshold?
But, they do have. Federal grants are a good example of it. That is not allowed to be considered income, anywhere.Well, thanks. At least I'm not an idiot like you that thinks the Federal government has the right to tell my state what they may or may not consider taxable income.You actually are, you reflexively defend everything he does, and you continue to stick to your lies and strawmen even after they're repeatedly proven wrong.
You're a waste of bandwidth, truly.
You're right. I'd only realized just late last night, that this con was the result of careful planning.Strawman argument. The GOVERNMENT is ripping YOU off, by not making this rebate non-taxable! Because they didn't think it through.Why wouldn't it be okay? You pay sales tax on the full purchase price, no matter who pays the purchase price. It's not rocket science...but tell me, why would you want to rip off your state? Most states are hurting for tax revenues these days.
And by the way, my state doesn't collect any state income tax, and is IN THE BLACK as in, SURPLUS.
Disagree. The Fed thought it through alright. It's everyone else that hasn't.
Help me out here MM.
Who's doing the taxing?
The Fed or the State you reside in?
Help me out here MM.
Who's doing the taxing?
The Fed or the State you reside in?
I heard that the amount....up to 4500 must be listed as income on your w-4...thus being taxable for Federal, State and local....but that is 3rd hand to me.
Do you have a link showing otherwise?
Help me out here MM.
Who's doing the taxing?
The Fed or the State you reside in?
I heard that the amount....up to 4500 must be listed as income on your w-4...thus being taxable for Federal, State and local....but that is 3rd hand to me.
Do you have a link showing otherwise?
Always watch out for that third hand.
Upthread I posted it :
http://www.usmessageboard.com/1456322-post49.html
Morning oldandtired!
:hug:
Is the credit subject to being taxed as income to the consumers that participate in the program?
NO. The CARS Act expressly provides that the credit is not income for the consumer.
Do I have to pay State or local sales tax on the amount of the CARS program credit?
MAYBE. The question of whether a consumer must pay State or local sales tax on the amount of the CARS program credit depends on the sales tax law of each State or locality. Consumers should review the law of their respective States or consult a tax advisor to answer this question.
CARS.gov - Car Allowance Rebate System - Helpful Q&As for Consumers - Formerly Referred to as “Cash for Clunkers”
Help me out here MM.
Who's doing the taxing?
The Fed or the State you reside in?
I heard that the amount....up to 4500 must be listed as income on your w-4...thus being taxable for Federal, State and local....but that is 3rd hand to me.
Do you have a link showing otherwise?
