Clunkers Taxable
March 7th, 2010If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
Question: Is there tax on the "cash for clunkers" $4,500 rebate?
In researching this I found that the answer was yes and no. Several web sites said it is taxable as personal income. A few said no it is not taxable as personal income. Apparently the state charges tax on the full amount of the car. If this is taxable, tax time in 2010 will not be happy. The tax relief Obama gave, aproximately $13 a week, which adds up to $624 in a year, is only valid up to $400 for the year so you have to pay back the difference wihich is $224 more you owe in taxes. If the C/C is taxable also that would really raise the taxes owed.
Answer: Well why not? Hell they tax Unemployment! If that's not a kick in the head!
I do have to laugh at these gullible people though.
Have a good evening can-am erican.
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