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Thread: Some Surprised By 'Clunker' Tax

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    Re: Some Surprised By 'Clunker' Tax

    Quote Originally Posted by Redress View Post
    It should not have to be brought up. It's how car rebates have worked in the past.
    No, it's not. This go-round, the taxes on the rebate aren't factored into the loan amount. It has to be paid out of pocket by the buyers. The article clearly says that.

    Looks like free money ain't free, afterall.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Some Surprised By 'Clunker' Tax

    Imagine that, having to treat Free Money as income.
    "You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)

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    Re: Some Surprised By 'Clunker' Tax

    Quote Originally Posted by SouthernDemocrat View Post
    Imagine that, having to treat Free Money as income.
    Doesn't surprise me, but I bet the folks that bought cars through cash for clunkers aren't going to be too thrilled when they have shell out 300 bucks at the DMV. That oughta win the Libbos more votes.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Some Surprised By 'Clunker' Tax

    Quote Originally Posted by RightinNYC View Post
    edit: Or maybe I'm still misreading that, and they're simply saying that you had to pay sales tax on the total amount before you subtract the $4500?
    Well, of course you would. The $4,500 was eseentially down payment help from the Feds. If you buy a $20,000 car you pay taxes on $20,000! Imagine that.
    Wow. Am I awesome or what?

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    Re: Some Surprised By 'Clunker' Tax

    Quote Originally Posted by stekim View Post
    Well, of course you would. The $4,500 was eseentially down payment help from the Feds. If you buy a $20,000 car you pay taxes on $20,000! Imagine that.
    You're missing the point. The sales tax on the price of the car will be added to the loan amount. The tax on the $4,500 will come out of their pockets. The rebate and the price of the car, are two different things.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Some Surprised By 'Clunker' Tax

    Quote Originally Posted by apdst View Post
    You're missing the point. The sales tax on the price of the car will be added to the loan amount. The tax on the $4,500 will come out of their pockets. The rebate and the price of the car, are two different things.
    The cost of the car is not the loan amount. They are two entirely different things. You do not pay taxes on the loan amount, you pat taxes on the cost of the car. Now, how exactly is it the governments fault that people where ignorant of something as basic as this?

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    Re: Some Surprised By 'Clunker' Tax

    Quote Originally Posted by Redress View Post
    The cost of the car is not the loan amount. They are two entirely different things. You do not pay taxes on the loan amount, you pat taxes on the cost of the car. Now, how exactly is it the governments fault that people where ignorant of something as basic as this?
    Thanks. It's the simplest things that are so complicated!

    Once again: If you buy a $20,000 car you have to pay taxes on $20,000. It does not matter how much your down payment is or who pays your down payment. It does not matter how much you finance or if you finance at all. Your trade in does not matter. If the car costs $20,000 you pay taxes on $20,000. I'll type it slower this time: If the car costs $20,000 you pay taxes on $20,000. But by all means let's blame Obama for state tax laws that have been on the books since before his birth (in Kenya, of course).
    Wow. Am I awesome or what?

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    Re: Some Surprised By 'Clunker' Tax

    Quote Originally Posted by Redress View Post
    The cost of the car is not the loan amount. They are two entirely different things. You do not pay taxes on the loan amount, you pat taxes on the cost of the car. Now, how exactly is it the governments fault that people where ignorant of something as basic as this?
    I never said that you pay taxes on the loan amount. I said, that the sales taxes on the price of the car are added into the loan.

    The difference being, that the sales tax on the price of the car is a totally different animal from the taxes that are going to be collected on the $4,500 that is going to be recorded as income.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Some Surprised By 'Clunker' Tax

    Quote Originally Posted by apdst View Post
    I never said that you pay taxes on the loan amount. I said, that the sales taxes on the price of the car are added into the loan.

    The difference being, that the sales tax on the price of the car is a totally different animal from the taxes that are going to be collected on the $4,500 that is going to be recorded as income.
    You really need to fact check. Source: 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.

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    Re: Some Surprised By 'Clunker' Tax

    Looks like the article could be BS, then.

    I guess we'll just have to see.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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