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

[Oldandtired]

Now, I have heard people "demonize" certain large corporations, especially financial firms.

Are you a board member at one of those?

And has Obama, Pelosi or anyone for that matter made it clear to the public that not ALL people in the fianncial world are greedy?

Try being wealthy in NYC......it sux ass. You are stared at in restaurants, given the finger throiugh the window by passersby......have beer thrown on you at ball games when in your box seats.....have peole call you "Jew" when waiting on line at a Broadway show...

And what have I done? Acheived success?

I pay big bucks in taxes....yet I have yet to hear Obama do anything but take credit for taking MY money and giving it to others.

Maybe...JUST maybe...if he said that MOST oif the rich earned it, deserve it, and pay 90% of the tax revenue of this country, people would be a bit more civil to us.

It sux.

Listen man, I'm not poor by any means, and I live and work in NYC. I really have no clue what you're talking about. "Stared at in restaurants"???? People call you "Jew"???

When you say "NYC" you do mean New York City, right?

Seriously, you need to either lay off the pot, or the talk radio. One of them is getting to you really badly.

And tax revenue is from wealth. If someone is paying 90% of the revenue, then they have 90% of the wealth.

Of course, what you folks always ignore when it comes to this subject is Payroll Taxes which are at about 6% (12% if you count employer contributions) for people making up to 80K and are then capped. So someone with an income of 800k is effectively paying .6% in Payroll taxes.

And, since SS money is being used for other things, and it's likely I'm never going to see any of it, Payroll Taxes have effectively become the same as Income tax.

When you include Payroll Taxes in larger pie, the percentage "the Rich" pay is much less.

They have 90% of the wealth...yes...but they EARN 90% of the wealth.
I am an emp;loyer...so yes, I have the statatory costs for an employee that amounts to about 17% of salary...but I do not see where you are going with that.

I take a salary...and pay my6 share as well as my "employer" share....and then I ytake distributions...usually monthly...and pay quarterly taxes to stay up to date...

But when all is aid and done....we pay about 150K to federal and state...and thenl, of course, FICA...which is now maxing out at I believe 104K...(I remember when it was 60K)....

As for my complaints....sure I love my pot...never listen to talk radio.....but do you have box seats at the stadium? I do. This year I have seen fellow box seat holders get dumped on with beer nearly every game..and yes, it happened to me once. Never saw it hapopen over the past 8 years I have had tickets.

I do nto appreciate your assumption that I am delusional...I am not. It happens and it is reported frequently in the post and newsday...Times and WSJ dont touch it.

Recall the busloads of people that went to the AIG homes? It spread like a cancer to many of those that are frrustrated with the economy...and they blame the rich.

They have a right to be frustrated......but they need to get real and understand that we are not to blame....we are there to help...and we do.....

But where is our leadership? All I hear is how Obama is a great man by taking MY money and giving it to someone else.

Maybe Obama should be like Favre....thank his line and not take all the credit? It may quiet the masses down and maybe even open the door for support from someone like me.

 

[veritas]

A rebate is what you didn't have to spend to get something..........retroactively. So when you get the rebate, it's a price break. So it isn't taxable, is it? Or is it, because money changed hands?

I think the main mistake was destroying the clunkers. This means the states get no money on the potential registrations because the cars were destroyed. It effectively takes durable goods out of the system, and ancillary churn like insurance and lower entry into the potential market. So they take a value added item and make it into scrap. Makes no sense.

But the scrap dealers profited. They strip those cars of anything resaleable, like batteries, as well as any copper. Besides, registration on older vehicles is much less than new ones, right? So that part is probably a wash. Same with insurance.

Those "clunkers" were means of transportation for those that could not afford a new car.
The inventory of affordable used cars was diminsihed by tens of thousands....incrqasing the price of a used car to those that certainly can not afford an increase in price.

Next, we will need a program to offer the less financially stable a free or cheap used car so they can get to work.

Oldandtired and I agree here. My friend and I looked at the specs for the program and noted that the car had to be continuously insured for one year in order to qualify, which effectively means the car was serviceable. They changed the mileage specs, and in fact changed the original EPA ratings [what you see on the sticker] in the middle of the first round of C4C. In fact they upped them. This locked some people out. We also noted that there are cars [offered by Ford no less] in Europe that get extremely good gas mileage, made in Turkey but not sold here, to include diesel light truck body utility vans. It appears Ford may offer the gas powered ones that get 25mpg, but the diesels get 35mpg. So we're being screwed. And we're being screwed six ways to Sunday. Diesel is restricted by formula as well. A diesel in CA is not the same in the rest of the country. Mercedes came out with the blue-tec which is a very clean operating unit. Diesel is cheaper to make and you get more diesel Gals out of a barrel of crude than you do gas. Less refinement means less emissions and less energy to convert in the first place. Those Dodge Sprinters [really mercedes] get 25 mpg. I have a Eurovan that gets 25mpg, they are no longer imported. You see them all the time in foreign news clips as ambulances and police vehicles and delivery vehicles. Try and get one. I bought mine 5 years ago used for 19k and it's worth 25k now. Ever see a diesel BMW? I bet not, but they're out there.

As to the salvage aspect of the C4C, the dealers have to verify crushing. There is no provision for chopping down for parts inventories. In my state there are no more junkyards. The state taxes on every title after 30 days. Cars have to be stripped in those 30 days and the car verified as crushed and sent to be melted down. This is obviously to discourage keeping older cars in working condition, which is crap IMO as Oldandtired and I agree on this because it locks out lower priced transportation options. There's a lot of Mercedes around here, lots of old 300Ds, 30 years old or so, still chugging around looking good and getting good gas mileage. I have a Kompressor, which is supercharged but it gets at least 25-30 mpg and it is a heavy car. I also have an older Passat which gets about 50mpg highway. I also have a gas hog, hot rod ML55 AMG. But I don't feel bad about that since all the other vehicles are thrifty and I am thrifty about driving it, I don't commute in it. There aren't any new cars I'd even want. I'd go out and get me an old 300D or an older Passat and drive one of those. I've never bought a new car for that matter. I know somebody has to, but it isn't me that will.

 

[MaggieMae]

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.

Yes, it's still a tax, and yes, it was unusual, passed as part of the 2009 Supplemental Appropriations (aka Omnibus bill). But it also passed by a vote of 91-5 in the Senate.

Persoanlly, I am not complaining about it and I think I made that clear. Look...I pay a hell of a lot per year in taxes.....between my wife and I we pay over 150K in taxes AFTER all of our deductions and exemptions.....and that does not include the payroll taxes I pay for my employees.

I have no problem paying taxes and I have no problem when others have to pay taxes on something that my tax dollars support. And I have NEVER complained about tax increases....

I DO have a problem with the government demonizing me for making enough money to pay 150K a year in taxes...employing over 20 poeple....offering insurance for 20 people...paying unemployment insurance for 20 people...paying bonuses to 20 people...etc...etc...etc.

I do not mind programs to help ease the pain of those less fortunate than I am during times of recessions...But I DO have an issue with an adminsitration taking credit for it....

Sure....demonize me as you tax me more and tell the people "Look at what the government does for you".

Perhaps Obama would have a little more support if he said "we should thank those that are paying their taxes and allowing us to help ease your pain during these hard times.

But no.....not a word about that from him. No...instead...we are all grouped in that same category...riuch evil greedy business owners that are unpatriotic becuse they dont like to pay taxes.

Yeah...I have a chip on my shoulder.....but perhaps now you see why?

I do, but you must realize that you're one in a million, I hope. Most people who are that fortunate don't voluntarily offer anything to those less fortunate. They don't support their local food shelf, homeless shelter, school mentoring programs, etc., etc. I constantly see postings here and elsewhere by people who claim that they are "always willing to help those in need," which is bull. All talk/no action. If it happened on any measurable scale, I'd know about it. I'm not saying it's always been that way, because it hasn't. There indeed was a time when neighbor looked after neighbor in hard times, even those we didn't particularly pal around with. But those days are GONE, my friend.

I don't think Obama's initial proposals for reducing the burden for small businesses has changed much in eight months, but the economic landscape has. We need revenue from somewhere, so it's probably a done deal that the Bush tax cuts will be allowed to expire in 2011, but that simply means that rates in effect during the Clinton administration for every dollar of income over $250,000 will be restored.

From 1979 to 2006, after-tax incomes rose by $863,000 (over 250%) for the top 1% percent of households, compared with $9,200 (21%) for middle-income households. The rationale is one I'm sure you're aware of and that is to counter years of rising inequality in which wealth has been concentrated at the top of the income scale. There will be many in between such as yourself which will fall through the cracks, just as many fall through the cracks trying to rise out of poverty to the next rung (not poor enough, not rich enough).

Government services can't be paid for equally by everyone. That's just a simple, albeit unfortunate, fact.

 

[Care4all]

And has Obama, Pelosi or anyone for that matter made it clear to the public that not ALL people in the fianncial world are greedy?

Try being wealthy in NYC......it sux ass. You are stared at in restaurants, given the finger throiugh the window by passersby......have beer thrown on you at ball games when in your box seats.....have peole call you "Jew" when waiting on line at a Broadway show...

And what have I done? Acheived success?

I pay big bucks in taxes....yet I have yet to hear Obama do anything but take credit for taking MY money and giving it to others.

Maybe...JUST maybe...if he said that MOST oif the rich earned it, deserve it, and pay 90% of the tax revenue of this country, people would be a bit more civil to us.

It sux.

Listen man, I'm not poor by any means, and I live and work in NYC. I really have no clue what you're talking about. "Stared at in restaurants"???? People call you "Jew"???

When you say "NYC" you do mean New York City, right?

Seriously, you need to either lay off the pot, or the talk radio. One of them is getting to you really badly.

And tax revenue is from wealth. If someone is paying 90% of the revenue, then they have 90% of the wealth.

Of course, what you folks always ignore when it comes to this subject is Payroll Taxes which are at about 6% (12% if you count employer contributions) for people making up to 80K and are then capped. So someone with an income of 800k is effectively paying .6% in Payroll taxes.

And, since SS money is being used for other things, and it's likely I'm never going to see any of it, Payroll Taxes have effectively become the same as Income tax.

When you include Payroll Taxes in larger pie, the percentage "the Rich" pay is much less.

They have 90% of the wealth...yes...but they EARN 90% of the wealth.
I am an emp;loyer...so yes, I have the statatory costs for an employee that amounts to about 17% of salary...but I do not see where you are going with that.

I take a salary...and pay my6 share as well as my "employer" share....and then I ytake distributions...usually monthly...and pay quarterly taxes to stay up to date...

But when all is aid and done....we pay about 150K to federal and state...and thenl, of course, FICA...which is now maxing out at I believe 104K...(I remember when it was 60K)....

As for my complaints....sure I love my pot...never listen to talk radio.....but do you have box seats at the stadium? I do. This year I have seen fellow box seat holders get dumped on with beer nearly every game..and yes, it happened to me once. Never saw it hapopen over the past 8 years I have had tickets.

I do nto appreciate your assumption that I am delusional...I am not. It happens and it is reported frequently in the post and newsday...Times and WSJ dont touch it.

Recall the busloads of people that went to the AIG homes? It spread like a cancer to many of those that are frrustrated with the economy...and they blame the rich.

They have a right to be frustrated......but they need to get real and understand that we are not to blame....we are there to help...and we do.....

But where is our leadership? All I hear is how Obama is a great man by taking MY money and giving it to someone else.

Maybe Obama should be like Favre....thank his line and not take all the credit? It may quiet the masses down and maybe even open the door for support from someone like me.

part of the problem comes from those on the right, that come to your defense...fighting to no end, to keep you from having to pay 'any' in taxes...they are the ones that CLAIMED those on the left hated the rich and wanted to tax the rich as punishment for success because they were going to tax you more....dems didn't start this fight, the pawns for the wealthy did....this then gets those on the left riled and you, the monkey in the middle, get a bad rap...

if you don't want this to happen and don't mind paying your taxes or more taxes so that you can come to your country's aid in these dire fiscal times as you said, then shoot down those pawns that are out there causing this trouble for you by making up lies about the dems wanting to punish you for your success....

that's just how i see it ending!

care

 

[Ravi]

Try being wealthy in NYC......it sux ass. You are stared at in restaurants, given the finger throiugh the window by passersby......have beer thrown on you at ball games when in your box seats.....have peole call you "Jew" when waiting on line at a Broadway show...

Oh my...it will take me several boxes of tissues to get over feeling weepy about this.

 

[BolshevikHunter]

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!

We have a winner! ~BH

 

[Oldandtired]

Yes, it's still a tax, and yes, it was unusual, passed as part of the 2009 Supplemental Appropriations (aka Omnibus bill). But it also passed by a vote of 91-5 in the Senate.

Persoanlly, I am not complaining about it and I think I made that clear. Look...I pay a hell of a lot per year in taxes.....between my wife and I we pay over 150K in taxes AFTER all of our deductions and exemptions.....and that does not include the payroll taxes I pay for my employees.

I have no problem paying taxes and I have no problem when others have to pay taxes on something that my tax dollars support. And I have NEVER complained about tax increases....

I DO have a problem with the government demonizing me for making enough money to pay 150K a year in taxes...employing over 20 poeple....offering insurance for 20 people...paying unemployment insurance for 20 people...paying bonuses to 20 people...etc...etc...etc.

I do not mind programs to help ease the pain of those less fortunate than I am during times of recessions...But I DO have an issue with an adminsitration taking credit for it....

Sure....demonize me as you tax me more and tell the people "Look at what the government does for you".

Perhaps Obama would have a little more support if he said "we should thank those that are paying their taxes and allowing us to help ease your pain during these hard times.

But no.....not a word about that from him. No...instead...we are all grouped in that same category...riuch evil greedy business owners that are unpatriotic becuse they dont like to pay taxes.

Yeah...I have a chip on my shoulder.....but perhaps now you see why?

I do, but you must realize that you're one in a million, I hope. Most people who are that fortunate don't voluntarily offer anything to those less fortunate. They don't support their local food shelf, homeless shelter, school mentoring programs, etc., etc. I constantly see postings here and elsewhere by people who claim that they are "always willing to help those in need," which is bull. All talk/no action. If it happened on any measurable scale, I'd know about it. I'm not saying it's always been that way, because it hasn't. There indeed was a time when neighbor looked after neighbor in hard times, even those we didn't particularly pal around with. But those days are GONE, my friend.

I don't think Obama's initial proposals for reducing the burden for small businesses has changed much in eight months, but the economic landscape has. We need revenue from somewhere, so it's probably a done deal that the Bush tax cuts will be allowed to expire in 2011, but that simply means that rates in effect during the Clinton administration for every dollar of income over $250,000 will be restored.

From 1979 to 2006, after-tax incomes rose by $863,000 (over 250%) for the top 1% percent of households, compared with $9,200 (21%) for middle-income households. The rationale is one I'm sure you're aware of and that is to counter years of rising inequality in which wealth has been concentrated at the top of the income scale. There will be many in between such as yourself which will fall through the cracks, just as many fall through the cracks trying to rise out of poverty to the next rung (not poor enough, not rich enough).

Government services can't be paid for equally by everyone. That's just a simple, albeit unfortunate, fact.

You are dead wrong maggie.

Our PTA has many of my wealthy friends oin the board.

I was a board mamebr of our local Pop Warner football league withmy wealthy friends.

My friends and I...well two others.....chartered planes and flew physically and mentally challanged kids to Disney World 2 years ago.....and WE were the pilots which was a pisser mind you. Those kids will NEVER forget sitting in the cockpit.

I am on the board of dozens of phianthropic organizations ranging from One in Nine to local clothes drives....all with other well of people that want to give back.

Gates is a pohilanthropist.

Trump is.

I can go on....

Sorry...but that, to me, is a talking point...Rich people are not evil selfish people.

But...many people are.....you just hear about those that are rich becuse they are in the publics eye.

 

[BolshevikHunter]

Most of the rich folks that I know give alot of money to charity annually. ~BH

 

[Oldandtired]

Charge me 10% of my income for governemnt services and charge someone making 80K 10% and we are paying the same tax rate...but not the same taxes.

It is something that would work.

 

[Oldandtired]

Most of the rich folks that I know give alot of money to charity annually. ~BH

And whewn we do we are told by many on boards like this that the ONLY reason we do it is for the write off.

Meanwhile, I was chastised by my mom 2 months ago for not making a donation to The ACS on line for my neice who was sponsoring a drive.

Yep...my mom....who kows me well but is quite liberal.

Meanwhile...I said to her....you see the list of donations under her name? You see the $500 that has no name? That was mine

Why did I do it that way? I did not want my brother or my sister to feel like I "outdid them" as they could only afford to donate 50 each...

ANd I did not give a crap about the deduction.

We are not evil people. The rich have some bad seeds....but they are AMERICAN bad seeds...not RICH bad seeds.

 

[MaggieMae]

This arguement reminds me of the joke about teaching a pig to dance. It is a waste of time and annoys the pig.
I want someone to tell me how to borrow and spend my way out of debt. I dint care if you're Dem. Or Rep. Just tell me how going 2 trillion dollars in debt this year and approx. 12 trillion over the next decade is going to get us out of this mess?
The budget deficit can be reduced, as well as the national debt, but we will never be debt-free, so you should just accept that as a fact of life. Government programs can shift money around so that it is spent more wisely, for one thing. Agencies that overlap or non-performers can be eliminated in one fell swoop. PAYGO can work, and work well, once the current economic hump is crossed.

Kind of reminds you of the Roman Empire doesn't it ? Keep the public fat(wow almost free cars) and happy( Big Brother is going to keep my bank open and my house payment made for me) and entertained ( you've got to be kidding me! ) and you can do anything you want. I'm sorry that my grand kids will have to pay for this horrible mess. We ( the people of this fine country) fucked up. We allowed corrupt people to take this country over without firing a shot. Just so you Obama folks don't feel left out, have you realized that nobody can criticize him with out being called; (a) neocon (b) Bushite,(c) racist.
I've never called anyone a neocon unless s/he was one (you can use Bill Kristol type dogma as the general characterization), nor have I ever called anyone a racist unless s/he exhibited direct evidence. And as far as injecting George Bush into any conversation, I learned early on that most people (the ones who post here at least) like to pretend that the current situation the country is in has nothing to do with the previous administration's policies, so I rarely even use the comparison anymore.

Just as a point of clarification, I have a son in Afghanistan right now and I really would like all those boys and girls to come home. NOW!! I don't care who's war you call it, I want it over and done with. Let those people fight it out and we will take on the winner.

I too feel that Afghanistan is probably going to be a losing proposition, and I hate to see more loss of life in yet another ancient land operating by ancient rules. But if it weren't for the danger of Pakistan and Iraq, both of which continue to be potential "homes" for Islamic terrorists, I don't see that we have any choice but to maintain a heavy footprint in the region. God Bless your son. My heart has always gone out to the soldiers and Marines, and their families, who seem to be the only ones who are making supreme sacrifices in the "war on terror."

 

[BolshevikHunter]

And whewn we do we are told by many on boards like this that the ONLY reason we do it is for the write off.

Meanwhile, I was chastised by my mom 2 months ago for not making a donation to The ACS on line for my neice who was sponsoring a drive.

Yep...my mom....who kows me well but is quite liberal.

Meanwhile...I said to her....you see the list of donations under her name? You see the $500 that has no name? That was mine

Why did I do it that way? I did not want my brother or my sister to feel like I "outdid them" as they could only afford to donate 50 each...

ANd I did not give a crap about the deduction.

We are not evil people. The rich have some bad seeds....but they are AMERICAN bad seeds...not RICH bad seeds.

And you did right by your Brother and Sister my friend. ~BH

 

[Oldandtired]

And whewn we do we are told by many on boards like this that the ONLY reason we do it is for the write off.

Meanwhile, I was chastised by my mom 2 months ago for not making a donation to The ACS on line for my neice who was sponsoring a drive.

Yep...my mom....who kows me well but is quite liberal.

Meanwhile...I said to her....you see the list of donations under her name? You see the $500 that has no name? That was mine

Why did I do it that way? I did not want my brother or my sister to feel like I "outdid them" as they could only afford to donate 50 each...

ANd I did not give a crap about the deduction.

We are not evil people. The rich have some bad seeds....but they are AMERICAN bad seeds...not RICH bad seeds.

And you did right by your Brother and Sister my friend. ~BH

and I would do it again...and probably be chastised by my mom again.

But what the heck...I am well off...successful...so I guess I have earned the right to be dragged through the mud...even by my own mother.

 

[BolshevikHunter]

and I would do it again...and probably be chastised by my mom again.

But what the heck...I am well off...successful...so I guess I have earned the right to be dragged through the mud...even by my own mother.

Yeah, I can relate bro. You gotta take the good with the bad when it comes to Mom. ~BH

 

[ba1614]

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!

fyi...i found this on it, apologize if someone else has posted this information already, NOTE, I have not read the entire thread!

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

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.

And if you do have to pay state sales tax for it, this can be written off on your federal income taxes, if you use the long form, I believe?

I was using the information from the article in the first post. My humblest of apologies if the info was wrong.

 

[Vast LWC]

They have 90% of the wealth...yes...but they EARN 90% of the wealth.

Generally by profiting from the labor of other people. Right? One problem on the right-hand side of the fence is that there seems to be a general belief that rich folks always "earn" their way, and that everyone else is jst "lazy".

I am an emp;loyer...so yes, I have the statatory costs for an employee that amounts to about 17% of salary...but I do not see where you are going with that.

I take a salary...and pay my6 share as well as my "employer" share....and then I ytake distributions...usually monthly...and pay quarterly taxes to stay up to date...

But when all is aid and done....we pay about 150K to federal and state...and thenl, of course, FICA...which is now maxing out at I believe 104K...(I remember when it was 60K)....

And if you were not paying those taxes on behalf of your employees, you would pass that on to them in the form of more pay, correct?

In the meantime, the average worker has that deducted from what they would otherwise be paid, and then has an additional 6% deducted from their income.

And they will most probably NEVER SEE MOST OF THAT MONEY, because it has been spent on other expenditures. Which means that all that money is basically the exact same as income tax.

This changes that whole "90%" figure by a huge amount, as Rich folks don't pay payroll taxes past the cutoff, which is 80K for a single person I believe.

As for my complaints....sure I love my pot...never listen to talk radio.....but do you have box seats at the stadium? I do. This year I have seen fellow box seat holders get dumped on with beer nearly every game..and yes, it happened to me once. Never saw it hapopen over the past 8 years I have had tickets.

And that's because of anger over the recent changes in ticket prices and policies at the new stadiums, not just because you're rich.

I do nto appreciate your assumption that I am delusional...I am not. It happens and it is reported frequently in the post and newsday...Times and WSJ dont touch it.

Recall the busloads of people that went to the AIG homes? It spread like a cancer to many of those that are frrustrated with the economy...and they blame the rich.

Anger at AIG executives have nothing to do with general sentiment toward the rich. They are a very specific group of indivduals that are perceived to have ripped off the American Public. That has nothing to do with "the rich", as a group.

They have a right to be frustrated......but they need to get real and understand that we are not to blame....we are there to help...and we do.....

But where is our leadership? All I hear is how Obama is a great man by taking MY money and giving it to someone else.

Maybe Obama should be like Favre....thank his line and not take all the credit? It may quiet the masses down and maybe even open the door for support from someone like me.

I know a whole bunch of folks that are more wealthy than I in NYC, and as I said, I'm not poor. None of them feel persecuted due to their wealth, except one guy who works at News Corp, lol.

 

[Vast LWC]

Well, here's my solution to the tax issue.

A flat tax.

I know, I know, "A Flat Tax proposed by a leftie?" you say.

Yes, I am indeed behind a "Flat Tax" of about 27%.

This would include

All payroll taxes,
All sales taxes,
All Capital Gains Taxes,
and eliminate all loopholes for any reason.

I would consider that to be fair.

Objections?

 

[Vast LWC]

The funny thing is, with my proposal, richer folks, for the most part will probably end up paying more due to the Capital Gains increase, and middle class folks less, due to the Payroll tax decrease.

 

[Ravi]

Well, here's my solution to the tax issue.

A flat tax.

I know, I know, "A Flat Tax proposed by a leftie?" you say.

Yes, I am indeed behind a "Flat Tax" of about 27%.

This would include

All payroll taxes,
All sales taxes,
All Capital Gains Taxes,
and eliminate all loopholes for any reason.

I would consider that to be fair.

Objections?

Since the well off effectively pay between 5 and 10 percent this will never fly. Heck, no one pays that now...why would anyone go for it?

 

[Citizen]

Not quite, nice try.

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.

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.

Wrong, you normally only pay sales tax on the difference between your trade-in and the purchase price of the car you are purchasing.

For example, if you purchase a car that costs $10,000, and your trade-in is alloted $3,500 you only pay sales tax on the actual difference of $6500, not on the sales price of $10,000.