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

[edthecynic]

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!

Like I've said, NOBODY plays dumb better than CON$!!!

READ your own title for this thread. You even CAPITALIZED "taxable income" for emphasis!!!!

 

[KittenKoder]

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.

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.

Okay, you are just an idiot, that's clear as day. Where did the money come from? Did Obama himself fork over the millions (or billions) of dollars from his own pocket?

 

[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!

Like I've said, NOBODY plays dumb better than CON$!!!

READ your own title for this thread. You even CAPITALIZED "taxable income" for emphasis!!!!

Because it IS taxable! Read the fucking story linked in the OP, and read my posts after!

NO ONE's CLAIMED IT WAS FEDERAL TAX YOU DOLT!

And I'm NOT a conservative, dummy! FAR from it! You need to check your scorecard.

 

[edthecynic]

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

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

 

[edthecynic]

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.

Okay, you are just an idiot, that's clear as day. Where did the money come from? Did Obama himself fork over the millions (or billions) of dollars from his own pocket?

There is nothing like CON$ervative projection.

Where the money came from has nothing to do with with the fact that it is NOT taxed as INCOME.

 

[Midnight Marauder]

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!

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

ON THE FEDERAL LEVEL



Here's the rest of it, which you keep skipping:

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.

You are CHERRY PICKING BECAUSE YOUR STUPID ASS IS IN A SLING!

This money is TAXABLE INCOME in states where INCOME TAX is collected!

 

[Midnight Marauder]

There is nothing like CON$ervative projection.

KK is a "con" now? What planet are you from?

 

[Midnight Marauder]

Government (And Car Dealers) Hose You Again - The Market Ticker

When you buy a new car you pay tax on the difference between the new car's purchase price and the trade-in you present to the dealer. This is an intentional distortion in the law that is intended to favor dealers over private-party used car sales; if you sell your used car privately the new buyer pays sales tax but you do not get the offset on the purchase of your replacement vehicle - the only way to get that is to trade the car.

Dealers use this, of course, in negotiations, effectively pocketing the sales tax - and why not? It's a real difference to you!

But the "cash for clunkers" is not a trade-in. That's a $4,500 check from the government, basically.

So you get nailed at least once and possibly twice. Specifically, you pay sales tax on the full vehicle price (effectively paying sales tax on the $4,500!) and what's worse those states that tax income (that would be most of them!) might wind up counting this as income for state income tax purposes too, effectively taxing you twice.

 

[edthecynic]

It IS taxable income in states which collect income tax!

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

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

ON THE FEDERAL LEVEL



Here's the rest of it, which you keep skipping:

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.

You are CHERRY PICKING BECAUSE YOUR STUPID ASS IS IN A SLING!

This money is TAXABLE INCOME in states where INCOME TAX is collected!

SALES tax is NOT based on INCOME!!! They are two completely different taxes. But you knew that already.
You are playing dumb because YOU said it was "TAXABLE INCOME."

 

[Midnight Marauder]

SALES tax is NOT based on INCOME!!! They are two completely different taxes. But you knew that already.
You are playing dumb because YOU said it was "TAXABLE INCOME."

You are either retarded, obtuse, dishonest, just plain stupid, or all of the above.

This money is TAXABLE INCOME in states where income tax is collected. So you have TWO taxes on what is essentially your OWN money to start with.

 

[Meister]

SALES tax is NOT based on INCOME!!! They are two completely different taxes. But you knew that already.
You are playing dumb because YOU said it was "TAXABLE INCOME."

You are either retarded, obtuse, dishonest, just plain stupid, or all of the above.

This money is TAXABLE INCOME in states where income tax is collected. So you have TWO taxes on what is essentially your OWN money to start with.

He's all the above, MM. The only thing I can think of that his state dosen't have a state income tax, like the state of Wa.

 

[edthecynic]

Government (And Car Dealers) Hose You Again - The Market Ticker

When you buy a new car you pay tax on the difference between the new car's purchase price and the trade-in you present to the dealer. This is an intentional distortion in the law that is intended to favor dealers over private-party used car sales; if you sell your used car privately the new buyer pays sales tax but you do not get the offset on the purchase of your replacement vehicle - the only way to get that is to trade the car.

Dealers use this, of course, in negotiations, effectively pocketing the sales tax - and why not? It's a real difference to you!

But the "cash for clunkers" is not a trade-in. That's a $4,500 check from the government, basically.

So you get nailed at least once and possibly twice. Specifically, you pay sales tax on the full vehicle price (effectively paying sales tax on the $4,500!) and what's worse those states that tax income (that would be most of them!) might wind up counting this as income for state income tax purposes too, effectively taxing you twice.

So, just because other CON$ parrot your lie that makes it true???
I gave you a link to the gov site explaining the bill, and you gave a link to a CON$ervative liar with no link to ANYTHING from the gov.

 

[Meister]

Government (And Car Dealers) Hose You Again - The Market Ticker

When you buy a new car you pay tax on the difference between the new car's purchase price and the trade-in you present to the dealer. This is an intentional distortion in the law that is intended to favor dealers over private-party used car sales; if you sell your used car privately the new buyer pays sales tax but you do not get the offset on the purchase of your replacement vehicle - the only way to get that is to trade the car.

Dealers use this, of course, in negotiations, effectively pocketing the sales tax - and why not? It's a real difference to you!

But the "cash for clunkers" is not a trade-in. That's a $4,500 check from the government, basically.

So you get nailed at least once and possibly twice. Specifically, you pay sales tax on the full vehicle price (effectively paying sales tax on the $4,500!) and what's worse those states that tax income (that would be most of them!) might wind up counting this as income for state income tax purposes too, effectively taxing you twice.

So, just because other CON$ parrot your lie that makes it true???
I gave you a link to the gov site explaining the bill, and you gave a link to a CON$ervative liar with no link to ANYTHING from the gov.

Ed...I'll try and make this clear to you. MM is not talking about a state sales tax...he is talking about a state, not federal income tax. DO YOU SEE THE DIFFERENCE?

 

[edthecynic]

SALES tax is NOT based on INCOME!!! They are two completely different taxes. But you knew that already.
You are playing dumb because YOU said it was "TAXABLE INCOME."

You are either retarded, obtuse, dishonest, just plain stupid, or all of the above.

This money is TAXABLE INCOME in states where income tax is collected. So you have TWO taxes on what is essentially your OWN money to start with.

The law says it is NOT INCOME. Nowhere does the law limit it to only the Federal allowing States to tax it as INCOME.

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

 

[Ravi]

This thread is cracking me up.

Say you have a $2,000 clunker that you get to trade in and receive a $4,500 rebate...your STATE income tax (if you have one) would force you to declare $2,500 as income.

Which you would turn around and deduct from your federal income tax owed...making any out of pocket tax negligible, and this certainly would not be enough to make any sane, reasonable person not take the cash for clunkers deal.

Sanity is in short supply on this thread.

Hey, kids...if you win the lottery you have to pay tax on that too! And if you live in Florida, please pay the lottery often as it helps pay for my daughter's scholarship.

Edit: Edthecynic pointed out that it looks like only sales tax will be charged. But it isn't really clear, someone will have to read the actual bill.

 

[edthecynic]

Government (And Car Dealers) Hose You Again - The Market Ticker

So, just because other CON$ parrot your lie that makes it true???
I gave you a link to the gov site explaining the bill, and you gave a link to a CON$ervative liar with no link to ANYTHING from the gov.

Ed...I'll try and make this clear to you. MM is not talking about a state sales tax...he is talking about a state, not federal income tax. DO YOU SEE THE DIFFERENCE?

Of course! The rebate is only subject to sales taxes in states that have sales taxes. If a state has an income tax but no sales tax the consumer pays NO tax on the rebate.
Get it???

 

[Meister]

SALES tax is NOT based on INCOME!!! They are two completely different taxes. But you knew that already.
You are playing dumb because YOU said it was "TAXABLE INCOME."

You are either retarded, obtuse, dishonest, just plain stupid, or all of the above.

This money is TAXABLE INCOME in states where income tax is collected. So you have TWO taxes on what is essentially your OWN money to start with.

The law says it is NOT INCOME. Nowhere does the law limit it to only the Federal allowing States to tax it as INCOME.

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

The federal law does not state that unemployment benefits are taxable...UNDER FEDERAL TAX, but it is taxed as state income and will be taxed as such. Feds and the state are two independent entities in these matter.

 

[Ravi]

SALES tax is NOT based on INCOME!!! They are two completely different taxes. But you knew that already.
You are playing dumb because YOU said it was "TAXABLE INCOME."

You are either retarded, obtuse, dishonest, just plain stupid, or all of the above.

This money is TAXABLE INCOME in states where income tax is collected. So you have TWO taxes on what is essentially your OWN money to start with.

The law says it is NOT INCOME. Nowhere does the law limit it to only the Federal allowing States to tax it as INCOME.

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

Huh...I didn't even notice that. So the only tax you might get hit up for is sales tax, which as I pointed out earlier in my case would be $270. Sweet deal, I only wish my son's car would have qualified.

 

[Care4all]

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?

 

[edthecynic]

You are either retarded, obtuse, dishonest, just plain stupid, or all of the above.

This money is TAXABLE INCOME in states where income tax is collected. So you have TWO taxes on what is essentially your OWN money to start with.

The law says it is NOT INCOME. Nowhere does the law limit it to only the Federal allowing States to tax it as INCOME.

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

The federal law does not state that unemployment benefits are taxable...UNDER FEDERAL TAX, but it is taxed as state income and will be taxed as such. Feds and the state are two independent entities in these matter.

Unemployment benefits ARE income, the rebates are specified in the law as NOT being income.