Hybrid tax credit bait and switch
#1
Hybrid tax credit bait and switch
Everyone needs to write their Senators and Representatives after reading this article in the San Francisco Chronicle. Click here. Bottom line: Most of us are NOT getting the tax credit.
Here is a link where you can email Congress: Click here.
Here is a link where you can email Congress: Click here.
#2
Re: Hybrid tax credit bait and switch
Everyone needs to write their Senators and Representatives after reading this article in the San Francisco Chronicle. Click here. Bottom line: Most of us are NOT getting the tax credit.
Here is a link where you can email Congress: Click here.
Here is a link where you can email Congress: Click here.
https://www.greenhybrid.com/discuss/...ad.php?t=12060
#3
Re: Hybrid tax credit bait and switch
Well, I bought my TCH knowing full well I wouldn't get a penny of the tax credit....I am in the un-enviable (enviable?) position of not having enough taxable income to have a tax obligation this year....(And I paid cash, at MSRP in July, no financing for me)
I bought my loaded TCH on it's merits: great fuel economy, extremely low emissions, very quiet, Toyota reliability, technological wonder, near luxury, and making a statement regarding our nations dependence on the middle east's oil cartel.
8,000+ miles later, averaging 40.3 mpg overall, and couldn't be happier, with or without the mystical tax credit.
But...I truly feel for those who expected the $2600, and may not get it...very typical of our outdated tax code, and our(?) politicians....but that is another topic....
Thanks for the link and the heads up!
I bought my loaded TCH on it's merits: great fuel economy, extremely low emissions, very quiet, Toyota reliability, technological wonder, near luxury, and making a statement regarding our nations dependence on the middle east's oil cartel.
8,000+ miles later, averaging 40.3 mpg overall, and couldn't be happier, with or without the mystical tax credit.
But...I truly feel for those who expected the $2600, and may not get it...very typical of our outdated tax code, and our(?) politicians....but that is another topic....
Thanks for the link and the heads up!
Last edited by jbollt; 01-30-2007 at 06:39 AM.
#5
Re: Hybrid tax credit bait and switch
Guuaaaud - is that bass ackwards, or what? Yuppers, those millionaires need the tax credits way more than I do. Let me kiss your feet, while I'm at it.
But I'm not bitter. We just might be one of the lucky ones this year, who gets $10 back.
But I'm not bitter. We just might be one of the lucky ones this year, who gets $10 back.
#6
Re: Hybrid tax credit bait and switch
I agree with another point made on this thread. I would the Camry on its merits, regardless of the tax credit. The tax credit made a good decision, a no brainer however.
#7
Re: Hybrid tax credit bait and switch
AG4ever, you KNEW the hybrid credit was tied to the AMT? I ask because in all the reading I did on hybrids, I have never seen this connection made until 2 days ago. I realize anyone ever hit with the AMT does not soon for get it. But it is one thing to know you are going to get bit by the AMT and another to know that your regular tax obligation has to surpass the AMT by $2600 to receive the full credit.
I agree with another point made on this thread. I would the Camry on its merits, regardless of the tax credit. The tax credit made a good decision, a no brainer however.
I agree with another point made on this thread. I would the Camry on its merits, regardless of the tax credit. The tax credit made a good decision, a no brainer however.
Everyones gripe should not be with the hybrid credit, but the AMT.
ALL CREDITS WILL CAUSE THE SAME AMT ISSUES, the hybrid credit is not special. Unfortunatly. most people don't research taxes enough to know, they just plunk the money down for turbo tax, and let it do its thing. I prefer to do it manually so I have some control over how the return is filed. There are thousands of correct ways to file your return and do the math, turbo tax just picks the safest. I pick one of the ways that is still legal and benifits me more, much like a good accountant would do.
(I also read a post on one of the forums somewhere that mentioned it, or it might have been an article, while researching the credit in October.)
#8
Re: Hybrid tax credit bait and switch
Agreed. The AMT is a real pain. Luckily I don't hit it as I am single and only been working full-time for a year and half so I do not make that much.
However, I use TurboTax as I just simply do not have the time to read all the tax law and knowing my dumb luck I would screw it up and get charged lovely fees from the IRS.
Like ag4ever, I also knew that the credit was tied to the AMT. The tax credit was not a deal maker for me and my purchase. The awesome reliability and performance of Toyota was.
Mike
However, I use TurboTax as I just simply do not have the time to read all the tax law and knowing my dumb luck I would screw it up and get charged lovely fees from the IRS.
Like ag4ever, I also knew that the credit was tied to the AMT. The tax credit was not a deal maker for me and my purchase. The awesome reliability and performance of Toyota was.
Mike
#10
Re: Hybrid tax credit bait and switch
I haven't hit the AMT yet, so I am relieved to know that I will get the full tax credit (confirmed with Turbo Tax). I would not have paid list price in August, if not for the credit. I would have TRIED to wait a few months. I do love my jasper pearl TCH.
JoAnn
JoAnn