Some good news about the "stimulus" bill for Camaro buyers! - Page 2 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Silver Streak · 02-12-2009, 09:48 AM

That is cool, finally some real stimulus!

gtjacket · 02-12-2009, 09:50 AM

I agree with being able to claim sales tax on all auto purchases, but I wish that they would have put a buy american twist on it and allowed interest to be claimed on american car purchases.

beowulf80 · 02-12-2009, 09:53 AM

Quote:

Well dang... doesn't do me much good in SC... our sales tax is capped at $300. Big deduction there...

Quote:

Not much different in NC where sales tax on auto sales is only 3%.

Wish I had your guy's problems. Where I'm buying sales tax will be 6.25%. At least I don't live in Cook County, they can be up to 10.25%!!!

BTW, I also think this "stimulus" will be a train wreck, just trying to find something good about it....

Mr_Draco · 02-12-2009, 09:56 AM

Quote:

Originally Posted by Croathlete

First it was $7500, sales tax, and loan interest. Then it was sales tax and loan interest. Now it's just sales tax?

At the rate they are going, it wouldn't surprise me in the least if by the time this actually becomes a reality it's changed to a free tank of gas for up to 20 gallons.

Mr_Draco · 02-12-2009, 09:57 AM

Quote:

Originally Posted by josh1147

I'll take it...here in St. Louis, new vehicle taxes for a $38K car will cost me about $2700!!!!

I will definitely take that credit!

You do know you'll only get about $270.

Croathlete · 02-12-2009, 09:59 AM

Quote:

Originally Posted by josh1147

I'll take it...here in St. Louis, new vehicle taxes for a $38K car will cost me about $2700!!!!

I will definitely take that credit!

I don't think it's a credit, but a deduction. So your real world savings would be approximately $2,700 times the % of your highest tax bracket.

IE: $2,700 * 14% = $378 savings

detroitboy · 02-12-2009, 10:19 AM

Quote:

Originally Posted by Mr_Draco

You do know you'll only get about $270.

Holy cow! No wonder people are not buying new cars. 10.25% sales tax is rediculous!

LDGn63 · 02-12-2009, 10:20 AM

$378 wouldnt stimulate me to buy a set of rims....

but like said... it IS better than a sharp stick in the eye.

PQ · 02-12-2009, 10:24 AM

Quote:

Originally Posted by Mr_Draco

At the rate they are going, it wouldn't surprise me in the least if by the time this actually becomes a reality it's changed to a free tank of gas for up to 20 gallons.

Or maybe just a cargo net for the trunk.

ljustin293 · 02-12-2009, 10:26 AM

Quote:

Originally Posted by shockandawe

Just order a Green Camaro. Obama and Palosi are so stupid they won't know the difference!

hehe

rolnslo · 02-12-2009, 10:31 AM

For those of us that live in states that do not have state income tax, this "new" deduction is completely worthless. We are already allowed to deduct sales tax from our income. Big ticket items can be deducted separately from the standard sales tax deduction (unless you really want to track every purchase and itemize). This deduction was added a few years ago to compensate those of us that were unable to deduct state income taxes from our federal return.

If they were going to help out, I wish they would have just left the auto loan interest deduction in there instead. That would have been good for about $5-6k on a 72-month loan ($30k@6%) instead of $1700 in sales taxes.

beowulf80 · 02-12-2009, 10:34 AM

Quote:

Holy cow! No wonder people are not buying new cars. 10.25% sales tax is rediculous!

It sure is. One of the reasons I will never live in Chicago. I feel bad for those of you who do. I'm not sure if it was passed, but they proposed to actually charge you an additional 10 cents on a bottle of water OVER the sales tax.

From wikipedia:
Illinois' system is exceptionally complicated. A brief overview is detailed on the Illinois Department of Revenue website.[36]

The city of Chicago has the highest total sales tax of all major U.S. cities.[37] It is also one of the most complex. 10.25% is levied on all non-perishable goods purchased, while 2% is levied on qualifying food, drugs, medicines and medical appliances.[37] The Illinois Department of Revenue collects a 3% Chicago Soft Drink Tax and a 1% Metropolitan Pier and Exposition Authority (MPEA) "Food and Beverage Tax", on prepared food and beverage purchases in the downtown area (These "downtown" boundaries are: Surf Street on the north, Ashland Avenue on the west, Stevenson Expressway (I-55) on the south, & Lake Michigan on the east. Furthermore, O'Hare and Midway airports also fall under the 1% MPEA tax district).[38] In addition, the Chicago Department of Revenue collects additional sales taxes on items such as fountain drinks, bottled water, liquor, and cigarettes

liquidfire350 · 02-12-2009, 11:39 AM

Quote:

Originally Posted by beowulf80

It sure is. One of the reasons I will never live in Chicago. I feel bad for those of you who do. I'm not sure if it was passed, but they proposed to actually charge you an additional 10 cents on a bottle of water OVER the sales tax.

From wikipedia:
Illinois' system is exceptionally complicated. A brief overview is detailed on the Illinois Department of Revenue website.[36]

The city of Chicago has the highest total sales tax of all major U.S. cities.[37] It is also one of the most complex. 10.25% is levied on all non-perishable goods purchased, while 2% is levied on qualifying food, drugs, medicines and medical appliances.[37] The Illinois Department of Revenue collects a 3% Chicago Soft Drink Tax and a 1% Metropolitan Pier and Exposition Authority (MPEA) "Food and Beverage Tax", on prepared food and beverage purchases in the downtown area (These "downtown" boundaries are: Surf Street on the north, Ashland Avenue on the west, Stevenson Expressway (I-55) on the south, & Lake Michigan on the east. Furthermore, O'Hare and Midway airports also fall under the 1% MPEA tax district).[38] In addition, the Chicago Department of Revenue collects additional sales taxes on items such as fountain drinks, bottled water, liquor, and cigarettes

i still dont understand how people can afford to live in that city

GothamCamaro · 02-12-2009, 11:53 AM

Quote:

Originally Posted by liquidfire350

i still dont understand how people can afford to live in that city

It's brutal, hence I stay in the burbs, many of my co-workers live in Chicago and I don't know how they do it.

Curious, I pay Wisconsin sales tax when I go there to buy right? I live in Dupage which is no better than Cook County and wouldn't want to pay the taxes here.

Of course if i have to, I have to.

Back on topic, I'll take the $200+ bucks, it's better than nothing.

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Good news for vets!!!	TFord	Off-topic Discussions	5	07-07-2008 09:34 PM
JD Power survey: Younger Buyers Avoiding Domestics	Scotsman	General Automotive + Other Cars Discussion	6	12-04-2007 02:31 AM
Edmunds.com review of Holden Commodore... good info.	LSxcellent	General Automotive + Other Cars Discussion	6	07-23-2007 07:49 PM
Good News Boys and Girls	Freedom07	5th Gen Camaro SS LS LT General Discussions	45	01-31-2007 11:08 AM

02-12-2009, 09:48 AM	#15
Silver Streak Drives: 2008 Cobalt SS/TC Join Date: Dec 2008 Location: New Smyrna Bch. Florida Posts: 1,449 View My Garage	That is cool, finally some real stimulus!

02-12-2009, 09:50 AM	#16
gtjacket 2G1FT1EW0A9118618 Drives: 2010 Camaro 2SS Black/IOM M6 Join Date: Dec 2008 Location: Florence, KY Posts: 550 View My Garage	I agree with being able to claim sales tax on all auto purchases, but I wish that they would have put a buy american twist on it and allowed interest to be claimed on american car purchases.

02-12-2009, 10:20 AM	#22
LDGn63 Drives: WNABEE Join Date: Jan 2009 Location: DFW Posts: 538 View My Garage	$378 wouldnt stimulate me to buy a set of rims.... but like said... it IS better than a sharp stick in the eye.

02-12-2009, 10:31 AM	#25
rolnslo Rolling along... Drives: 2011 2SS/RS SGM Join Date: Mar 2008 Location: Houston, TX Posts: 4,366 View My Garage	For those of us that live in states that do not have state income tax, this "new" deduction is completely worthless. We are already allowed to deduct sales tax from our income. Big ticket items can be deducted separately from the standard sales tax deduction (unless you really want to track every purchase and itemize). This deduction was added a few years ago to compensate those of us that were unable to deduct state income taxes from our federal return. If they were going to help out, I wish they would have just left the auto loan interest deduction in there instead. That would have been good for about $5-6k on a 72-month loan ($30k@6%) instead of $1700 in sales taxes.