Tax credit complaints - Page 2 - GreenHybrid

Kraken · #11 (**permalink**) 02-03-2007, 11:12 AM

I think we should open a few MORE tax threads...LOL!

If driving hybrids is all about "doing the right thing," why are so many people in an uproar? Take consolation in the fact that you ARE doing the right thing, and move on.

snax · #12 (**permalink**) 02-04-2007, 08:20 AM

Well fortunately I've not seen a single person comlain about the hybrid they purchased with regard to this issue.

We really liked our FEH and will likely get another hybrid very soon even if the IRS has no intention of honoring their misleading tax credit information.

ag4ever · #13 (**permalink**) 02-05-2007, 06:20 AM

Quote:

Originally Posted by Dan

Don't forget that corporate slaves like me only see half of what the government gets. If I payed $2000 in taxes, my company also paid around $2000 in taxes. So because I'm working, the government got $4000. That's what burns me most about taxes. The IRS actually collects twice as much as is shown on your pay stub.

Since I've started my own biz, it becomes ohh too clear how much gets paid. But I couldn't agree more... It's better to make a lot and keep a little, than to only make a little!

I could be wrong, but I thought Federal INCOME tax was paid 100% by the employee. FICA, Social Security, etc... that is all shared cost between the company and the employee, but neither party ever sees any of that come back. The only thing we get refunded or have to pay more on is the federal income tax (this does not take into account state taxes since I live in Texas where we don't deal with that hassle).

Dan · #14 (**permalink**) 02-05-2007, 07:35 AM

Quote:

Originally Posted by ag4ever

FICA, Social Security, etc... that is all shared cost between the company and the employee, but neither party ever sees any of that come back.

My further research proved you correct. Employee pays INCOME TAX, Employer contributes to NON-INCOME TAX (aka FICA, SS). But we both agree that our SS payments will never come back.

My mistake was the fact that FICA and SS are ingrained to me as a TAX and not an annuity, since I have little faith of recouping what I put in (plus inflation).

lars-ss · #15 (**permalink**) 02-05-2007, 10:52 AM

Regardless of who got or did not get the full benefit of the tax credit, here is a solid truth:

1. There was no "bait and switch" because the tax code did not change from the beginning. It was the same from Day One. And it was FAR better than what the people in 2004 got, which was a mere "deduction" for the Hybrid.

Anyone who bought a hybrid ONLY because of the tax break, well, I think your heart was in the wrong place. Nothing personal, but there are better tax shelters if you wanted to save $3,000 on your taxes.