| Do you think that the people that got $4,500.00 for cash-for-clunkers know they are going to have to pay taxes on that money? |
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Do you think that the people that got $4,500.00 for cash-for-clunkers know they are going to have to pay taxes on that money?
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United States
Many will hope that someone else will pay the taxes - and they are partly right.
I believe it is the dealers paying the tax, not the people buying the cars?
http://www.autoblog.com/2009/08/01/doh-dealers-learn-cash-for-clunkers-rebates-count-as-taxable-in/
I don't know the exact tax rate, but at 9% tax then someone receiving $4,500.00 will pay $405 in Tax....still a pretty good deal don't ya think??
Then you have to pay for new tags and registration on your car...depending on what state your in thats could be another $100 or so....Still a pretty good deal.
This comment was deleted.
[1 point] 2 years ago by deleted user ReplyThe rebate is definitely taxable, either to the person buying the car or the dealership. The question does not specify which, only that that someone is going to have to pay.
See this article.
http://www.autoblog.com/2009/08/01/doh-dealers-learn-cash-for-clunkers-rebates-count-as-taxable-in/
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[2 points] 2 years ago by deleted user ReplyI tried to tell him.
Here is yet another article showing that the $4500.00 is taxable. I was not trying to "get around" anything by wording the question the way I did, the point of the question was that the money was going to be taxed and I do not think that "people" thought about that. It seems that the "community" loves to remove questions that make the government look bad.
http://www.keloland.com/NewsDetail6162.cfm?Id=0,89084
This comment was deleted.
[2 points] 2 years ago by deleted user Reply