Americans who participated in the Cash For Clunkers trainwreck are in for yet another surprise. Not only is there a lot of paperwork. Not only is there a long delay. But there is a hidden tax.This will work just like the change Obama made earlier in the year on withholding tables. Everyone got a little more money in their paychecks, but few realize their actual tax liability was not reduced. They'll still owe that money when they file their income taxes.KELO-TV in South Dakota reported “many of those cashing in on the clunkers program are surprised when they get to the treasurer’s office windows. That’s because the government’s rebate of up to $4,500 for every clunker is taxable.”
Taxable?
Minnehaha County Treasurer Pam Nelson: “They didn’t realize that would be taxable. A lot of people don’t realize that. So they’re not happy and kind of surprised when they find that out.”
As Gomer Pyle said: Surprise, surprise!
Even worse, the rebate is taxed as regular income, Rick Moran reported.
Moran asked if we want these people running our health care.
Heck, I don’t want them running my government.
Many, many Americans will end up writing much bigger checks to the government than they had planned.
Good times ahead.
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1 comment:
This is just another one of those OBAMA ploys. The left hand really doesn't know what the right hand is doing when it comes to the U.S. Taxpayer. The Obama Administration keeps putting the carrot on a stick out in front of the taxpayer and he thinks he is really going to get something for free, what a joke. Watch out folks, PAYDAY is coming and it won't be nice.
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