Then I sell the gold carts.

Sales tax I’ll have to pay and I’m out that (no wait, my customers pay that). But the income tax I’ll have to pay on my golf cart profits I can convert to more golf carts.

It’s Fractal Tax!

- The Cat

P.S.

That means the model in question needs to have side and rearview mirrors and three-point seat belts, and be capable of going at least 15 to 25 mph.

I bet I can find RC Cars that qualify.

It’s not. This is the point that people seem to be missing.

From ABC:

The bailout bill that last year helped keep the U.S. banking system afloat also contained lesser-known provisions to benefit other industries, including the electric car business.

Under the Bush administration’s Emergency Economic Stabilization Act, buying a plug-in electric motor vehicle can make a consumer eligible for a tax credit of at least $2,500 plus additional cash depending on a car’s battery.

http://snipurl.com/ssr6j

It’s from the Bush admin’s Emergency Economic Stabilization Act.

So in this case, we really can … blame Booooosshhh!!!

http://www.gemcar.com/

These things are expensive, the four seaters and “trucks” can run over $9000, but these are neat.

Now I am NOT for this program, not in the least, but these are cool, lots of racers have ‘em for pit vehicles.

Ford, also makes something similar.

And with a women/men ratio of about 7 to 1 in places like The Villages, they are also having a great time doing the “wee wacky woo woo” without dating!

Mr_Magoo on October 26, 2009 at 3:32 PM

lolol

So the government is giving away virtually free golf carts to old white rich men who dress funny. Interesting.

Jeff from WI on October 26, 2009 at 3:28 PM

And with a women/men ratio of about 7 to 1 in places like The Villages, they are also having a great time doing the “wee wacky woo woo” without dating!

Seems like a non-story to me.

sauropod on October 26, 2009 at 2:46 PM

If it’s part of the Porkulus Bill, it is supposed to jumpstart job creation. This would create a handful of temporary jobs on a good day. Sounds like most of it is sucked up in taxes and paperwork processing than real job stimulation. That makes it a story to be told.

Time for the Tee Party Express, subsidized by the Bogey-man in Chief.

Why do we keep having to re-learn the same old lessons of economics over and over again?

ZenDraken on October 26, 2009 at 1:59 PM

Nobody’s re-learning anything. We already know it and liberals haven’t learned the lessons yet in the first place. The left just can’t get to grips with the fact that economics is about predicting both short and long term consequences for as many groups as possible. This is the lesson taught in Hazlitt’s “Economics In One Lesson.” Very simple, but unfortunately not simple enough for liberals.

Seems like a non-story to me.

sauropod on October 26, 2009 at 2:46 PM

If one dollar of my taxes is going to buy golf carts, it’s a story to me.

Also note that the subsidy was included in a bill from the Bush era, so it’s not actually Obama’s doing.

Seems like a non-story to me.

sauropod on October 26, 2009 at 2:46 PM

Regardless of the fact that a Florida golf cart dealer is currently advertising free golf carts or $2000 dollars for people who want to take advantage of this “deal”.

http://villagesgolfcartman.com/id30.html

“Due to the recent press release in overwhelming response caused by an article in the Wall Street Journal we are unable to answer all requests in a timely manner. This email will explain how you can get the most benefit from this program. This program is in conjunction with the Federal Tax Stimulus Program designed by the government to promote eco-friendly electric cars and a greener earth. The cars available for this program have all been federally approved through the IRS and have a specific tax credit based on the model and its features and batteries it carries. You can order one or more of these vehicles but supplies on these vehicles are limited due to the demand and this deal will expire when they are gone.”

Oh and this also:

http://www.energystar.gov/index.cfm?c=tax_credits.tx_index

“Efficient Cars

Starting January 1, 2009, there is a new tax credit for Plug-in hybrid electric vehicles, starting at $2,500 and capped at $7,500 for cars and trucks (the credit is based on the capacity of the battery system). The first 250,000 vehicles sold get the full tax credit (then it phases out like the hybrid vehicle tax credits).”

and there is this:

http://blogs.chron.com/texaspolitics/archives/2009/02/plugin_hyrbid_a_1.html

“The stimulus bill also expanded the type of electric vehicles eligible for federal tax credits to include two-and-three-wheeled electric vehicles and plug-in hybrid conversions. “

Under the Bush administration’s Emergency Economic Stabilization Act, buying a plug-in electric motor vehicle can make a consumer eligible for a tax credit of at least $2,500 plus additional cash depending on a car’s battery capacity.

In April, the Internal Revenue Service confirmed that “neighborhood electric vehicles” or NEVs — a common term for electric-powered golf cars and other low-speed vehicles allowed on public roadways — bought in 2009 qualified for the tax credit. (The IRS indicated that traditional golf carts used mainly on golf courses — as opposed to street-legal vehicles — aren’t eligible for the credit. It said in its April statement that “vehicles manufactured primarily for off-road use, such as for use on a golf course, do not qualify.”)

Morgan said the battery capacity on 12 cars he sells qualifies them for tax credits of $5,335 each….

Morgan said he’s sold 40 cars priced between $6,495 and $10,600 in the last six weeks — more than $260,000 in sales …

http://snipurl.com/ssr6j

So I guess the subsidy can go well above $2500, but only for the nore expensive vehicles with big batteries, which presumably are near the high end of the $8,000-$20,000 price range.

Also note that the subsidy was included in a bill from the Bush era, so it’s not actually Obama’s doing.

Seems like a non-story to me.

You or whoever in your family buys the Golf Cart needs to have at least $5,300 income tax liability within the next 2 years and secondly

I think this is a misunderstanding of how tax “credits” work.

If, I understand this correctly and this is actually a “credit” and not a deduction, then you don’t need any tax liability at all. Don’t owe any taxes? Then the government sends you the $5,300 just like for the “Earned Income Credit”, or “First Time Homebuyer’s Credit”, etc. Its like welfare for the golf-cart buying segment of the population.

Cool, huh?!