Biden & Dems Look To Squeeze More Taxes From You, Spy On Your Spending

[upsgrunt]

In Illinois when you buy a car we pay sales tax, and when you trade the same car in we pay income tax for the allowance. How many times can we get taxed on the same money? Ridiculous!

 

[Wally]

In Illinois when you buy a car we pay sales tax, and when you trade the same car in we pay income tax for the allowance. How many times can we get taxed on the same money? Ridiculous!

Dang! Shouldn't the new buyer pay the sales tax?

 

[upsgrunt]

Dang! Shouldn't the new buyer pay the sales tax?

You'd think the dealer would, but no.

Anybody in this country who is legal and works for a paycheck gets taxed.
If they spend any of it, they get taxed.
If they save any of it, they get taxed.
If they invest any of it, they get taxed.
When they retire and tap into what they were already taxed on, they get taxed more.
When they die, their heirs get taxed.

When does the madness stop; why can't the elite in Washington see the stupidity?
They won't, because it never affects them.

 

[Up In Smoke]

At What Income Does a Minor Have to File an Income Tax Return?

Even if your kids are young enough to be your dependents, they may still have to pay taxes. In some cases, you may be able to include their income on your tax return; in others, they'll have to file their own tax return. The need to file depends on both the amount and source of the minor's income.

turbotax.intuit.com

I believe you are wrong.

I still have kids on my phone plan that pay me their share via the cash app. Am I supposed to pay taxes on that reimbursement?

I was specifically addressing babysitting. Minors with payroll incomes obviously pay in accordance to IRS laws.

 

[upsgrunt]

I was specifically addressing babysitting. Minors with payroll incomes obviously pay in accordance to IRS laws.

I don't think it matters as long as they reach the threshold of income.

 

[Wally]

You'd think the dealer would, but no.

Anybody in this country who is legal and works for a paycheck gets taxed.
If they spend any of it, they get taxed.
If they save any of it, they get taxed.
If they invest any of it, they get taxed.
When they retire and tap into what they were already taxed on, they get taxed more.
When they die, their heirs get taxed.

When does the madness stop; why can't the elite in Washington see the stupidity?
They won't, because it never affects them.

So you pay tax on something worth less that when you bought it? Has to be Democrats behind that?

 

[Babagounj]

In Illinois when you buy a car we pay sales tax, and when you trade the same car in we pay income tax for the allowance. How many times can we get taxed on the same money? Ridiculous!

Massachusetts some years ago was attempting to place an additional sales tax on the total selling price of liquor.
That is after the mandated federal and state are applied.
So they were trying to put a sales tax on an already taxed product.

 

[Re-Raise]

Dang! Shouldn't the new buyer pay the sales tax?

You are the buyer..of the new car. They are making you pay the total sales tax on the new vehicle, even if your trade in reduces the purchase price. If you buy a 60k vehicle and trade in a 40k vehicle.. you pay sales tax on 50k because you are maxed out at a 10k allowance now for sales tax purposes.

Before this law, you would only pay sales tax on the20k difference.

You might be able to negotiate down the sale price in connection with a reduced trade in value to get around some of it.

 

[Babagounj]

You are the buyer..of the new car. They are making you pay the total sales tax on the new vehicle, even if your trade in reduces the purchase price. If you buy a 60k vehicle and trade in a 40k vehicle.. you pay sales tax on 50k because you are maxed out at a 10k allowance now for sales tax purposes.

Before this law, you would only pay sales tax on the20k difference.

You might be able to negotiate down the sale price in connection with a reduced trade in value to get around some of it.

My state does not have this allowance you speak of.
We pay 6.25% on the final price of all vehicles.

 

[oldngray]

My state does not have this allowance you speak of.
We pay 6.25% on the final price of all vehicles.

The new car and trade in are 2 different transactions.

 

[Wally]

You are the buyer..of the new car. They are making you pay the total sales tax on the new vehicle, even if your trade in reduces the purchase price. If you buy a 60k vehicle and trade in a 40k vehicle.. you pay sales tax on 50k because you are maxed out at a 10k allowance now for sales tax purposes.

Before this law, you would only pay sales tax on the20k difference.

You might be able to negotiate down the sale price in connection with a reduced trade in value to get around some of it.

A trade in doesn't reduce the sales price, it only reduces what you owe?

What if you sell privately?

 

[Re-Raise]

A trade in doesn't reduce the sales price, it only reduces what you owe?

What if you sell privately?

The buyer pays a transfer tax on a private sale

 

[upsgrunt]

So you pay tax on something worth less that when you bought it? Has to be Democrats behind that?

I'm in southern Illinois, but unfortunately the state is controlled by the northern 1/5 of the state.

 

[Wally]

The buyer pays a transfer tax on a private sale

Thought so. So there is no tax on a trade in. They just eliminated the trade in tax break.

 

[Re-Raise]

Thought so. So there is no tax on a trade in. They just eliminated the trade in tax break.

Exactly

 

[PCM Troll]

It's not about taxes. It's about gathering information on people.

 

[Working4the1%]

The idea that this is about collecting taxes is laughable.

The idea that this is a conspiracy is laughable

 

[DriveInDriveOut]

The idea that this is a conspiracy is laughable

Don't worry buddy, you work for FedEx so you don't even have 600 bucks, the new law doesn't apply to you.

 

[Working4the1%]

Don't worry buddy, you work for FedEx so you don't even have 600 bucks, the new law doesn't apply to you.

Inheritance…AC and letters.