Author: Gary Ivey

August 27, 2009

Now that “Cash for Clunkers” has rolled to a stop and the dealerships are still waiting for most of their reimbursements, the consumers who rushed out to take advantage of the government giveaway got some distressing news today: Apparently the money they saved on their shiny new cars will be taxed at regular income tax rates!

So if a family’s Federal tax rate is 25% and their state tax rate is 15% they will owe approximately $1,200 if they merely got $3,000 off and about $1,700 if they got $4,500 off!

And of course the taxes will be cash, even though they just got a discount at the dealership.

Ah, well. The government giveth and the government taketh away!

August 26, 2009

Believe it or not, there was a time when I agreed with Ted Kennedy that the US needed socialized medicine. Then I had my 13th birthday and with my increased maturity came clarity and I realized that freedom was more important than giving the government control over life and death.

Okay, maybe it was my 20th birthday.