Bad Obama Economy growing Worse!!!

[PLC1]

Dang... I guess this is going to p*ss some people off--turns out that $4,500 Cash-for-Clunkers is... TAXABLE!

http://www.keloland.com/NewsDetail6162.cfm?Id=0,89084

The story that I got was that it's "taxable income" in states with state income tax; the folks buying were so giddy for free money that the dealerships charged them full sticker price; AND, the dealerships charged them sales tax on the full amount, including the $4,500 worth...

That might mean that they only get taxed twice on it...

Details, details, details... ever the bane of the common man!

Do they pay income tax to the state, or to both state and federal? The feds really can't decree that the states not tax money that they give away, after all.

Of course, if the recipients of cash for clunkers dough are unemployed, or not in a position to buy a new car on their own, then they're going to be in a very low tax bracket anyway.

 

[Pidgey]

No federal tax.

At least, not that we know of yet.

 

[PLC1]

No federal tax.

At least, not that we know of yet.

OK, that sounds about right. Some of the states are collecting income taxes on the cash for clunkers money.

What other money do we get that isn't taxed by the federal government? Cash for clunkers still sounds to me like a really good deal. If I had an old beater that I wanted to get rid of, I'd certainly have used the program.

Of course, I'd have griped about that 8% California would have charged me, but it still would have been a good deal.


Or, is California one of the states that charges?

 

[Pidgey]

Don't know which or how bad yet. That's always been one of the crappy things about getting significant prizes--there's always some way that the taxman gets you, even on those silly game shows. Guess we'll wait and see on this one, probably won't be too long before more reports come out.

 

[asur]

Pidgey - the state taxes collected was one of the reasons this program was pushed
by demorats. They love collecting taxes from the peons.

And by the way some dealers reportedly jacked the sales price up to negate the rebates.

 

[asur]

Pidgey good point about the Social Security Checks.

Even though we have no inflation, old peoples medicine, etc still increased in
price I suspect. The old people getting harmed under Obama. Never before has
this cost of living been withheld. It's sorta mean!

I think Obama wishes old folk just die, cause they are the ones that didn't
care for his policies. It's called CHANGE!

 

[asur]

More proof economy is hurtin

By John Wagner
Washington Post Staff Writer
Tuesday, August 25, 2009

Maryland state employees will be forced to take as many as 10 days of unpaid leave, and more than 200 will be laid off, as part of a new round of budget cuts that Gov. Martin O'Malley plans to announce Tuesday, aides said.

The roughly $470 million in midyear cuts, which a state panel is poised to approve Wednesday, will include reductions in state aid to local governments and additional cuts to state agencies. The latest round of reductions is part of an effort to close a $700 million shortfall in the state's $13 billion budget that emerged just weeks into the new fiscal year.

Under O'Malley's plan, state government would shut down nonessential services for five days -- around Thanksgiving, Christmas and other holidays -- between now and June. Most of the state's 80,000 employees would forgo pay for those days, resulting in a salary reduction of about 2 percent.

State employees would be forced to take as many as five additional furlough days, with higher-paid employees taking more unpaid leave than their lower-paid counterparts. Those making more than $100,000 a year would lose a total of 10 days of pay, with the number gradually reduced for those who make less.

Less information about the planned layoffs emerged Monday, but aides confirmed that the number would exceed 200, the largest single reduction since O'Malley (D) took office in 2007.


There is some irony in that the majority of these state employees probably voted for Obama.

They will feel the pain of Obama's CHANGE!

He ain't done with his CHANGE yet!

 

[Pidgey]

Well, here we go... seems like I warned about this earlier somewhere:

http://www.bloomberg.com/apps/news?pid=20601083&sid=a_7xC2NrTkkU

 

[Pidgey]

Incidentally... screwing over foreigners has caused a backlash. Now... I know that many of you have absolutely no frikkin' clue how the real world works, but go ahead and read this anyhow:

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSSP47327420090831?sp=true

 

[Pidgey]

Y'all were wondering about how retail's doing with same store y-o-y and w-o-w sales during the annual back-to-school sale period, right:

http://bloomberg.econoday.com/byshoweventfull.asp?fid=437630&cust=bloomberg&year=2009#top

 

[Mr. Shaman]

Obama and the Fed are lying about the state of the US economy.

There is no stabilization, it is getting worse actually.
No exaggeration needed here.

Yeah....we need to get the Government outta everyones' lives, right?

​

"Back during the heyday of the credit bubble, they were the financiers who earned huge bonuses for creating, trading and investing other people's money in those complex securities that resulted in trillions of dollars in losses and brought global financial markets to their knees. And now they're out there again hustling for investors and hoping to make another score buying and trading the same securities.

Like golfers who treat themselves to a second drive after hooking the first one deep into the woods, these guys play on without apology or penalty. The maddening thing is that they're getting away with it and nobody seems to carehttp://www.washingtonpost.com/wp-dy...9/01/AR2009090103847.html?hpid=topnews&sub=AR."

Let's hear it, "conservatives".....

DEREGULATION, NOW.....DEREGULATION, TOMORROW.....DEREGULATION, FOREVER!!!!

​

 

[Mr. Shaman]

Just be happy the market is so volatile right now. It has gotten fairly easy to read, do yourself a favor and make some easy money day trading.

Ah, yes.....$hort-term-profit$.....the mainstay of "conservative"-Economics.

How well they've served our Country.

​

 

[Mr. Shaman]

I'd be willing to bet that the deficit will decrease in the coming couple of years as the economy recovers and revenue increases.

The deficit will, of course, still be there, just as it has been for several years now, but it will actually start to shrink.

We've been here, before.....remember...back before The Adults took-over D.C., in 2000??​

"The economic argument for debt reduction is clear, say its backers: A sharp drop in the debt would lead to lower interest rates and more business investment...."

Yet.....the Elephants always seem to forget.....​

"Clearly, this is a job-killer in the short-run. The impact on job creation is going to be devastating." — Rep. Dick Armey

"Instead, the president explained, the $5.7 trillion national debt has been reduced by $360 billion in the last three years -- $223 billion this year alone."

Yeah.....ol' DICK Armey is quite the Patriot/in-house Psychic.

​

 

[Mr. Shaman]

Let's hope so, as the current level of spending is not sustainable. In fact, the level of spending we had before the recession was not sustainable. Sooner or later, the piper will have to be paid.

....And...as usual...the voters have put the proper-people at-the-helm...again.​

 

[BigRob]

Ah, yes.....$hort-term-profit$.....the mainstay of "conservative"-Economics.

How well they've served our Country.

​

The horror! Making money when the opportunity presents itself is such a terrible thing.

I know that you would rather just sit tight, go in to debt, and not turn a profit, but some of us would rather not.