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OT- Stimulus Bill new car tax break...

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  • OT- Stimulus Bill new car tax break...

    Just curious, is this going to spur you into getting a new vehicle or were you going to get a new vehicle anyway and were just waiting for this? As I understand it, if one pays cash for the vehicle it doesn't apply. sheesh our government!

    2. Tax deduction for buying a new car. The stimulus law also gives a tax deduction for sales tax if you buy a new car (not a used car). To qualify for the tax deductions, you must buy a new car under $49,500 between the date the law is signed and 12/31/2009. There’s also an AGI limit of $125k (single) or $250k (married filing jointly), and a phase-out range of $10k. You can take advantage of this whether you itemize your deductions or use the standard deduction. Bought When?By Whom?Tax BreakBefore 2/17/2009anybodyNone2/17/2009 - 12/31/2009AGI under $125k/$250k (phase out to $135k/$260k); buy a new car under $49,500tax deduction for sales taxSource: CCH Tax Briefing. Full text of American Recovery and Reinvestment Act of 2009. Patience is greatly rewarded by our government. If you bought your home or car too soon, you get no tax break or you only get a small break. If you waited, not only you get a better price, you also get a much bigger tax break. It makes you wonder if even bigger tax breaks are coming down the road. If I were in the market for a home or a new car, I would not proceed until I know I won’t miss out on a significant tax break.
    http://thefinancebuff.com/2009/02/ta...a-new-car.html
    * A family earning $250,000, would save about $2,500 on a vehicle costing $35,000, assuming a 48-month loan at 7-percent interest. * A family making $150,000 a year would save about $1550 on a $25,000 vehicle assuming a 48-month loan at 8-percent interest. * An individual earning $100,000 would save about $1,460 on a vehicle costing $23,600 * assuming a 60-month loan at 5.5-percent interest.
    http://blogs.consumerreports.org/car...ar-buyers.html
    Last edited by Mike Burdick; 02-28-2009, 12:30 AM.

  • #2
    Originally posted by Mike Burdick
    Just curious, is this going to spur you into getting a new vehicle or were you going to get a new vehicle anyway and were just waiting for this? http://thefinancebuff.com/2009/02/ta...a-new-car.html
    Don't worry, inflation will wipe out any tax breaks.

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    • #3
      I need somebody to buy my Harley and my house - after that I don't care what the gubbmint does. I may offer the Harley with the house to sweeten the deal.

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      • #4
        whats the guy like me makin 40,000 a year get? screwed?

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        • #5
          Originally posted by jclem40c
          whats the guy like me makin 40,000 a year get? screwed?
          You're not screwed -- it's saying that you get to deduct the sales tax from your adjusted gross income, even if you don't itemize.

          Meaning, you get as much of a tax rebate on a new car purchase as anyone else making less than $250,000/year.
          "Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did."

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          • #6
            Originally posted by jclem40c
            whats the guy like me makin 40,000 a year get? screwed?
            You got it...you, and people like you, are the "Forgotten Man"...which just happens to be the title of a new book on the Great Depression by Amity Shlaes. We're the people who support ourselves, and our familys, ask for little, and get no help. There are getting to be fewer and fewer of us all the time.
            Jim

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            • #7
              Originally posted by lazlo
              You're not screwed -- it's saying that you get to deduct the sales tax from your adjusted gross income, even if you don't itemize.

              Meaning, you get as much of a tax rebate on a new car purchase as anyone else making less than $250,000/year.
              It's pretty difficult to feed a family and pay for a new car on $40g/year. Even for a new old stock Yugo sitting in a warehouse in Kansas.

              You'd think for the sake of the planet and Al Gore's minions the morons (we call that assonance) in DC would allow a guy to move on into a car that generates less CO2 even if it's not a newer car than what they already have. Think of the polar bears and the inhabitants of the foundering island of Tuvalu.

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              • #8
                In case nobody noticed, this is all being brought to you by politicians. Also if you didn't notice, their lips were moving. You know what that means.

                In the end, you will get yours, in the end.
                "the ocean is the ultimate solution"

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                • #9
                  Originally posted by steverice
                  In case nobody noticed, this is all being brought to you by politicians. Also if you didn't notice, their lips were moving. You know what that means.
                  Another Senate page has lost his virginity?

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                  • #10
                    I don't see any mention of where that new car must be made. Is there a condition on that? If there is it is illegal under NAFTA and WTO as it would be considered a subsidy.

                    In case nobody noticed, this is all being brought to you by politicians.
                    Would you rather have a monarchy or a military government? I wonder if it has ever occured to anybody that it might be a good idea to set minimum educational standards in order to hold office? In particular a background in business management should be mandatory. Even better would be a successful background in business managment.
                    Last edited by Evan; 02-28-2009, 02:46 AM.
                    Free software for calculating bolt circles and similar: Click Here

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                    • #11
                      Originally posted by Evan
                      I wonder if it has ever occured to anybody that it might be a good idea to set minimum educational standards in order to hold office?
                      I wish we had one for voting.
                      -Dan S.
                      dans-hobbies.com

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                      • #12
                        Originally posted by Evan
                        I don't see any mention of where that new car must be made. Is there a condition on that? If there is it is illegal under NAFTA and WTO as it would be considered a subsidy.
                        There was initially a "Buy American" rider in the bill but the EU said we can't limit our spending of our money to our own products. To be fair US tax payer dollars have to be spent around the world. I bet every nation that's hurting right now feels the same way and will balance their purchases to benefit all the world's people. Can I hear a Kum By Ya?

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                        • #13
                          dupe - what causes that?
                          Last edited by dp; 02-28-2009, 03:01 AM.

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                          • #14
                            Originally posted by Evan
                            In particular a background in business management should be mandatory. Even better would be a successful background in business managment.
                            Voters don't vote on those criterion. The nuveau voter votes his pocketbook - who ever promises to fill it best wins.

                            It would be a big help to eliminate unqualified voters based on simple questions. If you believe the moon has a dark side form a line to the left. Your name will be called.

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                            • #15
                              Well how many people are gonna buy a new car under the great stimulus act of 2009.. not me that's for sure. The people got a whole 13 weak dollars a week to stimulate our world... big whoop . I'd rather they not of gave any borrowed moneys to the boobs that wreck the train . And if your making your own way in life doing the sole proprietor thing things will get a whole lot tighter when they divide the check for the bill. So I guess I'm in the screwed group .
                              Wow... where did the time go. I could of swore I was only out there for an hour.

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