Some good news about the "stimulus" bill for Camaro buyers!

[beowulf80]

I guess you didn't understand the joke.

No, I got it. Sorry if my sarcasm didn't come through on the post. Internet + Tone = Epic Fail. You'll notice in the link that Dems are calling it a tax cut, which in my opinion is an overt attempt to spin the truth. You are exactly right, it is welfare, pure and simple.

[Mr_Draco]

Originally Posted by carfansince73

As rolnslo said, that deduction is already there for some, but the only catch is you have to itemize to take advantage. So for some it may sound like they are getting a tax deduction, but they won't be able to take advantage. When they calculate their taxes, their standard deduction will be larger even with the sales tax added to their list of itemized deductions.

Not true. If you read the bill it says that the deduction is for everyone even if they don't itemize.

[Rodrunner]

^^^Right, even tax filers that don't itemize will get the break.

Originally Posted by Mr_Draco

You have a choice, you can either pay the sales tax where you buy it or where you live. If you pay the sales tax where you buy it, you have to have documentation that you paid the sales tax there before the DMV office can issue you your tag and title.

I just want to point out that when I bought my 350Z in VA, they made me pay MD(state of residence) sales tax. Documentation showing the tax paid to the state of purchase gives your state of residence $0 revenue. It's hard to believe that would be acceptable, and one has the choice as to which state they pay the tax.

[PQ]

Geuss I just don't understand. The tax is at the city, county and state level. What does this have to do with the Feds? From what I am gathering, the Feds have given money to the states and are now requiring states to let us deduct this tax from our taxes, even at the state level? This is too much Fed invovement in states affairs. What the hell is going on?

[NeedMyFix]

Last time I checked, Federal income taxes were put in place to pay for The Civil War. I guess 144 years later the war still isn't paid for.........go figure.

[R1Ecko]

I hope you can deduct it without doing a whole itemized return. Because my standard deduction is ALWAYS more than everything added up. $2640 is a pretty big deduction for me.

[Mr_Draco]

Originally Posted by R1Ecko

I hope you can deduct it without doing a whole itemized return. Because my standard deduction is ALWAYS more than everything added up. $2640 is a pretty big deduction for me.

Read above. Yes you can do it without itemizing.

Roadrunner, that's the first time I've ever heard of that happening. My uncle buys and trades cars about once every 6 months all over eastern US and never has had a problem with just paying the sales tax of other states if they was lower. My manager just bought a car in Kentucky while she was on a trip to see her parents and she was also told she could pay Kentuckys sales tax if she wanted.

[fastball]

Here's hoping this bill stimulates your package!

[PQ]

Originally Posted by NeedMyFix

Last time I checked, Federal income taxes were put in place to pay for The Civil War. I guess 144 years later the war still isn't paid for.........go figure.

Actually, it was for the big 4. The four responsibilities of the Constitution. Establish justice, Provide for the common defense, Promote the general welfare, Secure the blessings of liberty. The Feds should be limited beyond that but they do need tax money. Problem is they spend beyond those four.

[R1Ecko]

I think the rule in Texas is that if you purchase a car in another state and you register the car in your county then you have to pay the difference if there's a big one in sales tax. Don't quote me on that though. I know the tax in OK is lower so people were trying to purchase their cars there and then being shocked when they had to register in TX.

[Rodrunner]

Originally Posted by Mr_Draco

Read above. Yes you can do it without itemizing.

Roadrunner, that's the first time I've ever heard of that happening. My uncle buys and trades cars about once every 6 months all over eastern US and never has had a problem with just paying the sales tax of other states if they was lower. My manager just bought a car in Kentucky while she was on a trip to see her parents and she was also told she could pay Kentuckys sales tax if she wanted.

I can see dealers being able to do that since they, the buyer, don't register the car in the home state. She was "told" she could pay KY sales tax? That counts for little. I don't know, maybe I got ripped off.

Originally Posted by irpq11

Actually, it was for the big 4. The four responsibilities of the Constitution. Establish justice, Provide for the common defense, Promote the general welfare, Secure the blessings of liberty. The Feds should be limited beyond that but they do need tax money. Problem is they spend beyond those four.

We think alike!

[Mr_Draco]

Originally Posted by Rodrunner

She was "told" she could pay KY sales tax? That counts for little. I don't know, maybe I got ripped off.

Yes. Before she bought the car she called our local DMV office to found out how it would work as she never has bought a new car before and the dealer said if she registered in another state she would have to pay both states sales taxes. It was the DMV office who told her she had a choice as long as she has documentation that the sales tax was paid.

[chadrcr]

Originally Posted by irpq11

Geuss I just don't understand. The tax is at the city, county and state level. What does this have to do with the Feds? From what I am gathering, the Feds have given money to the states and are now requiring states to let us deduct this tax from our taxes, even at the state level? This is too much Fed invovement in states affairs. What the hell is going on?

You just do NOT have to pay FEDERAL taxes on the OTHER taxes you paid to local/city/state..... IRS 'deducts' that amount from your taxable 'income'

[etrigan]

Originally Posted by R1Ecko

I think the rule in Texas is that if you purchase a car in another state and you register the car in your county then you have to pay the difference if there's a big one in sales tax. Don't quote me on that though. I know the tax in OK is lower so people were trying to purchase their cars there and then being shocked when they had to register in TX.

This is true. I purchased my last car in OK and brought it to Dallas county. It didn't dawn on me at the time of purchase that I wasn't charged tax. So, when I went to register, I got a bill for 2500.00.