08/28/2009
Blog 2 introduced the Cash for Clunkers program. I hope everybody who took advantage of it, that is, those who had the money anyway for a new car, enjoyed the no negotiation dealer policy for your trade-in clunker and non- or little- negotiation on the new vehicle (everyone for themselves). Usually I can negotiate a minimum of $2,000/2,500 of the new vehicle price, and don’t have a vehicle that is in such bad shape that I wouldn’t get $1500-$2000 for it on a trade-in. So, I don’t feel slighted and will enjoy my perfectly old 1995 and 2003 cars at a lower insurance rate. Plus, we all could take advantage of a manufacturer rebate, so we’ll disregard this. Because, just confirmed today on the trusty news channels (take at your own risk), you lucky participants who chose to let the tax payers give you a voucher get to pay even more taxes for the benefit. Your $3,500/$4,500 voucher will be taxed at your ordinary tax rate on it. By my calculations that could be as much as $900 to $1,500+. Don’t forget to check the easy-to-read Government IRS tax rules too. Because, I believe (I am just a dog), that you might even fall into the estimated tax penalty trap. Do you think Congress will hop on this instead of the so-important overall of the Health Care to give you a pass? What would a Marxist government do? Ca-Ching.
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