Now, why wouldn't ObamaBOY mention that the "cfc" program would be taxed?

[Wicked Jester]

Seriously, why did that incompetent IDIOT fail to mention that those who participated in the "cash for clunkers" would be taxed under "taxable income'?
Let's just see if you moronic liberal Obamabots can figure it out.

 

[bodecea]

ObamaBOY?????

 

[Truthmatters]

Obama has no control on what the states tax

 

[Care4all]

Seriously, why did that incompetent IDIOT fail to mention that those who participated in the "cash for clunkers" would be taxed under "taxable income'?
Let's just see if you moronic liberal Obamabots can figure it out.

Because what you are saying is simply not true and a lie being passed around by the right wing politicos....

We have had a thread on this already btw, a couple of days ago if you want to search for it.

The Cars for Clunkers DOES NOT TAX it as income....there is no income tax on the clunkers rebate for the State or the Federal government.

If your state has a sales tax on cars, and you bought a $19,500 dollar car with a $4500 rebate, your total that you have to pay is 15,000....if your state has a sales tax on cars, you would have to pay the sales tax on the full value of the new car, the $19,500k...

But also in the same stimulus bill as cash for clunkers, for 2009, that the sales tax on any new car you bought in or out of the clunker program, can be used as a deduction on your Income tax, even if you do not file the long form.

This other thread on this has all of the appropriate links confirming what I said.

Care

 

[PLYMCO_PILGRIM]

Obama has no control on what the states tax

truth can you possibly go dig up an article for the OP and myself on that.

Jester can you post a link about what taxes are being charged and where the taxes are coming from?

 

[Truthmatters]

» Cash for Clunkers Tax Rules | Prime Time Money


Federal Income Tax
If you’re talking about federal income taxes, then the answer is no. As a consumer, you won’t owe taxes to the Federal government for the credit you received as a result of the Cash for Clunkers trade-in. The official program website, Cars.gov is very specific about this. See this excerpt from their FAQs:

“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.”

 

[Truthmatters]

some states have decided to tax it

 

[Truthmatters]

Why does my posting in a thread change its tag to old?

 

[Truthmatters]

Killed that little lie didnt it

 

[mal]

ObamaBOY?????

He's a ManChild... It's True.

We could call him a "Chimp" like you Lefties did (43)...



peace...

 

[PLYMCO_PILGRIM]

» Cash for Clunkers Tax Rules | Prime Time Money


Federal Income Tax
If you’re talking about federal income taxes, then the answer is no. As a consumer, you won’t owe taxes to the Federal government for the credit you received as a result of the Cash for Clunkers trade-in. The official program website, Cars.gov is very specific about this. See this excerpt from their FAQs:

“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.”

I dont have a problem with Obama over this issue.

I do have a problem with the program being underfunded (hurts my confidence in these same people making budgets for HR3200) and with the delay in payments to the dealers (they pushed back payments months from now instead of 2 weeks).

But this tax thing is a non-issue. if it was mandated that the money had to be claimed as income on your federal taxes then i'd have an issue.

 

[theDoctorisIn]

» Cash for Clunkers Tax Rules | Prime Time Money


Federal Income Tax
If you’re talking about federal income taxes, then the answer is no. As a consumer, you won’t owe taxes to the Federal government for the credit you received as a result of the Cash for Clunkers trade-in. The official program website, Cars.gov is very specific about this. See this excerpt from their FAQs:

“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.”

This thread has been killed.