Cash for Clunkers TAX!
Many people who have participated in the Cash for Clunkers or CARS program, are now surprised that they need to pay a tax on the rebate they received! It seems now this incentive they received will be less than what they expected, because they will need to pay taxes.
Some reports are saying that some people will need to pay double taxes for the rebate they received! Sales taxes on the price of the car and state income tax for the amount of the rebate (cash for clunkers taxable income).
Why is so many people confused right now? It seems the government did a good job promoting the program and helping the car industry, but when it comes to the people they simply didn’t take time to inform them about how taxes would be handled.
Many people are surprised and angry - with a reason. Where you aware of the Cash for Clunkers tax?
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