Whatta great CON! Cash 4 Clunkers rebates are TAXABLE INCOME!!!

[paperview]

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:

Hey....you get my email?

Thats why I refused to post in this thread until I had the facts.

Yes...I DO research before I repeat something......although some of the children in this forum believe otherwise.

Not yet. For some reason I can't get into it my email since last night with this computer.

I'll check again later...

And yes, I know you do the research. That's why you're one of the better conservatives and why you are loved. ;D

 

[Midnight Marauder]

We have a wonderful ponzi scheme here. One that had to be intentional. I wonder what percentage of the 3000 million that went into this, winds up being revenue whether it be state, local or federal?

They take OUR tax dollars, "spread it around" then tax us again on it!

 

[strollingbones]

and what do you think the gop would have done if re elected....people the country is in crisis...something has to be done...i dont agree with what is being done in a lot of areas ..but i just have to wonder how the gop would have done differently...guess we will never know.

 

[Midnight Marauder]

and what do you think the gop would have done if re elected....people the country is in crisis...something has to be done...i dont agree with what is being done in a lot of areas ..but i just have to wonder how the gop would have done differently...guess we will never know.

LOL! I doubt it would be any different, this c4c bill passed with overwhelming support from all sides!

I'm not saying it's all bad.... But when the drug runs out junkies always have withdrawal symptoms.

In this case, all the factories who have stepped up production will be backing off again when dealer lots are again full, there will be a glut of inventory they cannot move. So I don't really see what this accomplishes in the longer view. Other than increasing the deficit.

 

[Oldandtired]

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?

As I have posted toooooo many times to count, nobody plays dumb better than CON$!!!

The link was already posted in this thread, but SOMEHOW you missed it.

You should know by now that your CON$ervative sources are completely unreliable even when they are first hand, so 3rd hand is less than worthless.

I "missed it" because I did not read through the thread. I only entered the thr3ead as I saw the "last post" was from an old friend..paperview.

But please...continue the assumptions.

 

[edthecynic]

We have a wonderful ponzi scheme here. One that had to be intentional. I wonder what percentage of the 3000 million that went into this, winds up being revenue whether it be state, local or federal?

They take OUR tax dollars, "spread it around" then tax us again on it!

Some dealers gave matching rebates and the purchaser still had to pay sales tax on the dealers rebate. Rebates have ALWAYS worked like that.

For example, I bought a 100 pack of CDs for $19.99. They came with a $20.00 rebate from the store that sold them. I still had to pay sales tax on the $19.99.
Only CON$ would try to exaggerate a typical sales tax transaction into paying income taxes at the highest rate on a rebate.

 

[Midnight Marauder]

We have a wonderful ponzi scheme here. One that had to be intentional. I wonder what percentage of the 3000 million that went into this, winds up being revenue whether it be state, local or federal?

They take OUR tax dollars, "spread it around" then tax us again on it!

Some dealers gave matching rebates and the purchaser still had to pay sales tax on the dealers rebate. Rebates have ALWAYS worked like that.

For example, I bought a 100 pack of CDs for $19.99. They came with a $20.00 rebate from the store that sold them. I still had to pay sales tax on the $19.99.
Only CON$ would try to exaggerate a typical sales tax transaction into paying income taxes at the highest rate on a rebate.

MATCHING rebates, I can understand. This money from the government, that is OURS to start with, should have been in the form of a GRANT so states couldn't do the ol' double bite.

That's all I'm asserting. It gives the appearance of a con job.

 

[PubliusInfinitum]

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....

Well it shouldn't come as a surprise to anyone...

It's income... and it's part of the value exchanged which calculates sale tax.

Those who live in states which tax income, will be paying the sales tax on the 4500 and will no doubt be adding that 4500 to their income for both state and federal taxation.

Ain't socialism grand?

Now the cool part is, that when your 'free health-care' comes to pass, you'll be taxed on both state and federal levels... for every inflated cent of it.

But remember... The BOY King promised to not raise your taxes ONE CENT!

Hey Yogi! It's Deja vu all over again!

Ya have to understand that the ideological left is effectively a cross between PMS and GPS...
.
.
.
.
.
.
.
.
.
.
.
.

A crazy bitch that can find you anywhere...

ROFL...


Leftists...

 

[Oldandtired]

We have a wonderful ponzi scheme here. One that had to be intentional. I wonder what percentage of the 3000 million that went into this, winds up being revenue whether it be state, local or federal?

They take OUR tax dollars, "spread it around" then tax us again on it!

Some dealers gave matching rebates and the purchaser still had to pay sales tax on the dealers rebate. Rebates have ALWAYS worked like that.

For example, I bought a 100 pack of CDs for $19.99. They came with a $20.00 rebate from the store that sold them. I still had to pay sales tax on the $19.99.
Only CON$ would try to exaggerate a typical sales tax transaction into paying income taxes at the highest rate on a rebate.

MATCHING rebates, I can understand. This money from the government, that is OURS to start with, should have been in the form of a GRANT so states couldn't do the ol' double bite.

That's all I'm asserting. It gives the appearance of a con job.

Yes....excellent point. You are paying a sales tax on money that was originally tax money.

But some people simply want to ignore that part and simply mention the few on baords such as this that believed AND repeated that it was an "income tax".....

Those that capitalized on the plan are paying a tax on their tax dollars....sort of.

No big deal..but certainly unusual.

 

[Midnight Marauder]

Some dealers gave matching rebates and the purchaser still had to pay sales tax on the dealers rebate. Rebates have ALWAYS worked like that.

For example, I bought a 100 pack of CDs for $19.99. They came with a $20.00 rebate from the store that sold them. I still had to pay sales tax on the $19.99.
Only CON$ would try to exaggerate a typical sales tax transaction into paying income taxes at the highest rate on a rebate.

MATCHING rebates, I can understand. This money from the government, that is OURS to start with, should have been in the form of a GRANT so states couldn't do the ol' double bite.

That's all I'm asserting. It gives the appearance of a con job.

Yes....excellent point. You are paying a sales tax on money that was originally tax money.

That was the entire point, to me it's humorous.

But some people simply want to ignore that part and simply mention the few on baords such as this that believed AND repeated that it was an "income tax".....

Those that capitalized on the plan are paying a tax on their tax dollars....sort of.

No big deal..but certainly unusual.

Part of the humor, when the expected unexpectedly happens.

 

[strollingbones]

instead of worrying about the amount of taxes one pays...should one not be worried about the amount of services received from said taxes?

 

[Midnight Marauder]

instead of worrying about the amount of taxes one pays...should one not be worried about the amount of services received from said taxes?

It's always both.

The mantra should be, stolen from James Carville, "It's the SPENDING stupid!"

 

[edthecynic]

Well it shouldn't come as a surprise to anyone...

It's income... and it's part of the value exchanged which calculates sale tax.

Those who live in states which tax income, will be paying the sales tax on the 4500 and will no doubt be adding that 4500 to their income for both state and federal taxation.

Ain't socialism grand?

Now the cool part is, that when your 'free health-care' comes to pass, you'll be taxed on both state and federal levels... for every inflated cent of it.

But remember... The BOY King promised to not raise your taxes ONE CENT!

Hey Yogi! It's Deja vu all over again!

Ya have to understand that the ideological left is effectively a cross between PMS and GPS...
.
.
.
.
.
.
.
.
.
.
.
.

A crazy bitch that can find you anywhere...

ROFL...


Leftists...

NO DOUBT the CONS will just keep repeating this lie no matter how many times the truth is posted in the same thread. And then projecting conclusions based on this lie.

CARS.gov - Car Allowance Rebate System - Helpful Q&As for Consumers - Formerly Referred to as “Cash for Clunkers”

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.
back to top

 

[KittenKoder]

Well it shouldn't come as a surprise to anyone...

It's income... and it's part of the value exchanged which calculates sale tax.

Those who live in states which tax income, will be paying the sales tax on the 4500 and will no doubt be adding that 4500 to their income for both state and federal taxation.

Ain't socialism grand?

Now the cool part is, that when your 'free health-care' comes to pass, you'll be taxed on both state and federal levels... for every inflated cent of it.

But remember... The BOY King promised to not raise your taxes ONE CENT!

Hey Yogi! It's Deja vu all over again!

Ya have to understand that the ideological left is effectively a cross between PMS and GPS...
.
.
.
.
.
.
.
.
.
.
.
.

A crazy bitch that can find you anywhere...

ROFL...


Leftists...

NO DOUBT the CONS will just keep repeating this lie no matter how many times the truth is posted in the same thread. And then projecting conclusions based on this lie.

CARS.gov - Car Allowance Rebate System - Helpful Q&As for Consumers - Formerly Referred to as “Cash for Clunkers”

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.
back to top

Wow ... you need a visit from captain obvious. The money came from taxes, therefore even though it's already been paid, everyone paid for it. I'm pissed that my taxes were wasted on something I don't even use, ever.

 

[Midnight Marauder]

You should know by now that your CON$ervative sources are completely unreliable

Especially when they are NOT "conservative sources" and you don't bother reading them!

For if you had, you would know that the source linked in the OP laid it all out accurately, that some folks would see this as taxable income on the state level, depending on what state they lived in.

And they do. They get taxed again, on money that was theirs to start with, from past and future taxes collected by the Fed.

The gubmint gives you $4500 as incentive to buy a new car, $4500 that came from the taxpayer mind you -- then makes it in a form that WILL be taxable at the state level. Instead of making it a grant.

Again, I would like to know how much of our $3000 million spent here, wound up in general funds of the states.

Let's take Ravi's example, she said in her state it would be $270 on her. Were that true for all of these deals, it comes out to TWO MILLION of it, going to the states.

Small potatoes when you're talking $3000 million. But it's still a double tax. But everyone benefits, right? Spreading the wealth around! You, the dealer, the manufacturer, and the states!

I simply don't think it's fair to take a tax hit on money that's mine to start with.

 

[edthecynic]

Well it shouldn't come as a surprise to anyone...

It's income... and it's part of the value exchanged which calculates sale tax.

Those who live in states which tax income, will be paying the sales tax on the 4500 and will no doubt be adding that 4500 to their income for both state and federal taxation.

Ain't socialism grand?

Now the cool part is, that when your 'free health-care' comes to pass, you'll be taxed on both state and federal levels... for every inflated cent of it.

But remember... The BOY King promised to not raise your taxes ONE CENT!

Hey Yogi! It's Deja vu all over again!

Ya have to understand that the ideological left is effectively a cross between PMS and GPS...
.
.
.
.
.
.
.
.
.
.
.
.

A crazy bitch that can find you anywhere...

ROFL...


Leftists...

NO DOUBT the CONS will just keep repeating this lie no matter how many times the truth is posted in the same thread. And then projecting conclusions based on this lie.

CARS.gov - Car Allowance Rebate System - Helpful Q&As for Consumers - Formerly Referred to as “Cash for Clunkers”

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.
back to top

Wow ... you need a visit from captain obvious. The money came from taxes, therefore even though it's already been paid, everyone paid for it. I'm pissed that my taxes were wasted on something I don't even use, ever.

It's OBVIOUS that your rant has nothing to do with CON$ falsely claiming the rebate will be taxed as INCOME by both the State and Federal govs.

 

[Midnight Marauder]

Well it shouldn't come as a surprise to anyone...

It's income... and it's part of the value exchanged which calculates sale tax.

Those who live in states which tax income, will be paying the sales tax on the 4500 and will no doubt be adding that 4500 to their income for both state and federal taxation.

Ain't socialism grand?

Now the cool part is, that when your 'free health-care' comes to pass, you'll be taxed on both state and federal levels... for every inflated cent of it.

But remember... The BOY King promised to not raise your taxes ONE CENT!

Hey Yogi! It's Deja vu all over again!

Ya have to understand that the ideological left is effectively a cross between PMS and GPS...
.
.
.
.
.
.
.
.
.
.
.
.

A crazy bitch that can find you anywhere...

ROFL...


Leftists...

NO DOUBT the CONS will just keep repeating this lie no matter how many times the truth is posted in the same thread. And then projecting conclusions based on this lie.

CARS.gov - Car Allowance Rebate System - Helpful Q&As for Consumers - Formerly Referred to as “Cash for Clunkers”

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.
back to top

It IS Income on the STATE level and IS taxed! That was and IS the beef!

No one's asserted it's federal.

But keep repeating your OWN lie.

 

[Midnight Marauder]

It's OBVIOUS that your rant has nothing to do with CON$ falsely claiming the rebate will be taxed as INCOME by both the State and Federal govs.

No one's made that claim, however. READ the thread!

 

[edthecynic]

MATCHING rebates, I can understand. This money from the government, that is OURS to start with, should have been in the form of a GRANT so states couldn't do the ol' double bite.

That's all I'm asserting. It gives the appearance of a con job.

Yes....excellent point. You are paying a sales tax on money that was originally tax money.

That was the entire point, to me it's humorous.

But some people simply want to ignore that part and simply mention the few on baords such as this that believed AND repeated that it was an "income tax".....

Those that capitalized on the plan are paying a tax on their tax dollars....sort of.

No big deal..but certainly unusual.

Part of the humor, when the expected unexpectedly happens.

Like YOU being one of those who claimed it was taxable INCOME!!!

 

[Midnight Marauder]

Yes....excellent point. You are paying a sales tax on money that was originally tax money.

That was the entire point, to me it's humorous.

But some people simply want to ignore that part and simply mention the few on baords such as this that believed AND repeated that it was an "income tax".....

Those that capitalized on the plan are paying a tax on their tax dollars....sort of.

No big deal..but certainly unusual.

Part of the humor, when the expected unexpectedly happens.

Like YOU being one of those who claimed it was taxable INCOME!!!

It IS taxable income in states which collect income tax!

On the STATE level! That's been the ONLY assertion and it IS accurate!