"Cash For Clunkers" Program A FLOP

[Led Zep Fan]

My Way News - Cash for clunkers program may be running on empty

Government Suspends Popular 'Clunkers' Program - wcbstv.com

"If they can't administer a program like this, I'd be a little concerned about my health insurance," car salesman Rob Bojaryn said.

[allbusinessjoe]

Flop? Don't you mean a huge hit?

"Through late Wednesday, 22,782 vehicles had been purchased through CARS and nearly $96 million had been spent.

It suggested that with about 23,000 dealers taking part in the program, car dealers may already have surpassed the 250,000 vehicle sales funded by the $1 billion program."

[snaredrum]

yeah, it's TOO successful, not a flop...

[SKATTERBRANE]

Wow!!! That money when FAST! THe program was supposed to last to November. I would say it is a HUGE success! It helped clean out inventory, cleared the way for new cars to be made. Saved a few jobs I am sure.

[Beerdog80]

No, he means FLOP. Just like that car dealer quoted. They bit off WAY more than they can chew.

[SKATTERBRANE]

It shows me people DO have money to lend and money to spend. People are just holding out until they can take advantage of some kind of "deal"

[peter679]

Got me out of my 2001 Durango.. I got out of it so my wife could drive a Pilot.. I loved that thing too but it was starting to get a bit expensive..AC all the window motors needed replaced, and a few other things..plus being a dodge with over 100k miles, the trany was probably going to bust out.. I'll miss her..

But my wife gets a nice Pilot in exchange.

P

[Beerdog80]

Originally Posted by SKATTERBRANE

Wow!!! That money when FAST! THe program was supposed to last to November. I would say it is a HUGE success! It helped clean out inventory, cleared the way for new cars to be made. Saved a few jobs I am sure.

Does this program only go for American car companies or can someone go buy a Honda with it?

[peter679]

Originally Posted by Beerdog80

Does this program only go for American car companies or can someone go buy a Honda with it?

I got out of my Durango and into a Honda Pilot.

[Pwozzie]

Dammit! I was going to get a Venza this weekend!

Now I'll settle for a used G35. Oh well.

[SKATTERBRANE]

I bet they will announce another program before winter! I bet it will be a reoccuring program for a while.

[Led Zep Fan]

Originally Posted by Beerdog80

No, he means FLOP. Just like that car dealer quoted. They bit off WAY more than they can chew.

Thank you!!! The program was supposed to last until Nov 1. or until the $1 billion budget ran out. In less than a week $96 mil was spent.

This says a lot about government planning, imagine what will happen when they get their paws on healthcare.

[allbusinessjoe]

Originally Posted by Beerdog80

No, he means FLOP. Just like that car dealer quoted. They bit off WAY more than they can chew.

I hope every business I open from now on "flops" just as hard. Much easier to deal with TOO MUCH business than not enough.

This program was put together to stimulate the economy. Its a plan conceived to repair the incredible amount of damage that was inflicted on the economy before Barack took office. Looks like its working very well and as intended.

[SKATTERBRANE]

And this will set a very bad precident, causing there to be LESS sales when there is no program. Remember what I always say, most government programs cause the exact opposite effect they say they have intended.

[SKATTERBRANE]

And that goes for raising taxes (causes LESS tax collection) and will go for healthcare, it will either increase healthcare costs, (more than they would have anyway) or DECREASE healthcare services or both.

[geochem1st]

Originally Posted by SKATTERBRANE

It shows me people DO have money to lend and money to spend. People are just holding out until they can take advantage of some kind of "deal"

No it means most of us drive peices of shit... me included. If someone is going to underwrite 25% of the cost of upgrading and I am short, then I might be able to afford take advantage of it like in this program.

[AXE]

Originally Posted by geochem1st

No it means most of us drive peices of shit... me included.

Here Here!!!

[geochem1st]

Originally Posted by SKATTERBRANE

And that goes for raising taxes (causes LESS tax collection) and will go for healthcare, it will either increase healthcare costs, (more than they would have anyway) or DECREASE healthcare services or both.

Without raising taxes there will be no way to lower this deficit (of course cutting FED spending at the same time) look at our tax history during time of war.... 80-90% for the upper brackets. Somebody has to pay it doesn't come out of thin air.

[KSG_Standard]

How much more should the "rich" pay?

American Thinker Blog: Making liars of Democrats who complain the rich aren't taxed enough

Now comes new data from the IRS that put to rest the myth that the rich don't pay enough in taxes. In fact, the data shows that the top 1% of taxpayers pay considerably more of their income as a percentage of the whole than the bottom 95% of taxpayers.

The Tax Foundation - Summary of Latest Federal Individual Income Tax Data, 1980 - 2007

“Tax the Rich!” they cried | The Moderate Voice
Tax Burden of Top 1% Now Exceeds That of Bottom 95%

Newly released data from the IRS clearly debunks the conventional Beltway rhetoric that the “rich” are not paying their fair share of taxes.

Indeed, the IRS data shows that in 2007—the most recent data available—the top 1 percent of taxpayers paid 40.4 percent of the total income taxes collected by the federal government. This is the highest percentage in modern history. By contrast, the top 1 percent paid 24.8 percent of the income tax burden in 1987, the year following the 1986 tax reform act.

Remarkably, the share of the tax burden borne by the top 1 percent now exceeds the share paid by the bottom 95 percent of taxpayers combined. In 2007, the bottom 95 percent paid 39.4 percent of the income tax burden. This is down from the 58 percent of the total income tax burden they paid twenty years ago.

How Much More Can We Redistribute: IRS Releases New Data The Foundry

The IRS released data today on the distribution of income taxes. It shows that the highest-earning taxpayers shoulder a considerable burden of the federal income tax.

According to the IRS, the top 1 percent of taxpayers paid over 40 percent of all federal income taxes in 2007. That is a higher share than the bottom 95 percent of taxpayers combined! They paid just over 39 percent.

The top 1 percent, those earning over $410,000, consists of 1.4 million taxpayers, while the bottom 95 percent contains 134 million.

In 2000, before the 2001 and 2003 tax cuts that some claim disproportionately benefited the rich, the top 1 percent paid less than 38 percent of income taxes, while the bottom 95 paid almost 44 percent. Since the tax cuts, the top 1 percent’s share increased over 2 percentage points while the bottom 95 percent’s share decreased 5 percentage points. Those that argue the tax cuts solely benefited the rich are mistaken.

President Obama plans to raise the top 2 marginal tax rates on those making over $250,000 a year, and Chairman Charlie Rangel (D-NY) wants to slap a 6 percent surtax on top of that to partially pay for a government takeover of the health care system. These tax hikes, in addition to damaging the already badly weakened economy, will further shift the burden of the income tax to the highest earners.

In contrast, the bottom 40% of taxpayers pays no income taxes on average. In fact, they get money from the tax code well above anything they paid in because of refundable credits. And President Obama’s Make Work Pay credit, passed as part of the stimulus, will increase the money redistributed to these non-taxpayers.

It’s a dangerous situation when a majority of voters can get services and benefits from the government for no cost, because there is no incentive for them to limit the growth of government. President Obama’s and Chairman Rangel’s redistributive tax policies will further push the burden of income tax to high earners while giving more benefits to non-taxpayers. But as the IRS data show, the economy cannot afford anymore spreading the wealth around.

[Pwozzie]

So it lasted 4 days.... instead of 3 months..

Who would've thought that a tax credit would increase economic activity. lol

[KSG_Standard]

Since we, the American people, own ChrUAWsler, why don't we just give all the "poor" people "free" dodge neons and hope that they all use them to move to Canada or Mexico?

[allbusinessjoe]

KSG Standard,

Just because you're able to find something in print somewhere does not necessarily make it true.

Who ever wrote that article is entitled to their own opinions --- but not their own facts.

[KSG_Standard]

Originally Posted by allbusinessjoe

KSG Standard,

Just because you're able to find something in print somewhere does not necessarily make it true.

Who ever wrote that article is entitled to their own opinions --- but not their own facts.

http://www.taxfoundation.org/publica...how/23408.html

Is the information from the IRS fact or opinion? What I posted was multiple articles, all based on the IRS data...did you look at it?

[geochem1st]

Originally Posted by KSG_Standard

How much more should the "rich" pay?

American Thinker Blog: Making liars of Democrats who complain the rich aren't taxed enough

Now comes new data from the IRS that put to rest the myth that the rich don't pay enough in taxes. In fact, the data shows that the top 1% of taxpayers pay considerably more of their income as a percentage of the whole than the bottom 95% of taxpayers.
...........

Once again, the effective tax rate for the upper 1% is 18%. The majority of their income (billionaire range) is from other sources than reported salary.

[KSG_Standard]

Originally Posted by geochem1st

Once again, the effective tax rate for the upper 1% is 18%. The majority of their income (billionaire range) is from other sources than reported salary.

I agree, Income Taxes only tax those who are trying to get rich...they do not tax the really wealthy (those whose money comes from inheritance, investment, etc.)...in order to share the tax burden, there must be a flat/fair tax/national sales tax or something along those lines. If they choose to just raise capital gains taxes then capital markets will likely dry up.

[Led Zep Fan]

We have to pay more taxes!!! Who else is going to fund this?!?

Stimulus Bill Funds Go to Art Houses Showing 'Pervert' Revues, Underground Pornography - Politics | Republican Party | Democratic Party | Political Spectrum - FOXNews.com

[geochem1st]

Originally Posted by Led Zep Fan

We have to pay more taxes!!! Who else is going to fund this?!?

Stimulus Bill Funds Go to Art Houses Showing 'Pervert' Revues, Underground Pornography - Politics | Republican Party | Democratic Party | Political Spectrum - FOXNews.com

"most of the money is being spent to help preserve jobs in museums, orchestras, theaters and dance troupes that have been hit hard by the recession."

"$50,000 infusion for the Frameline film house,"... out of $80,000,000 that NEA got.

"San Francisco's economy is driven by the arts, which provided nearly 30,000 jobs in the city last year, according to Luis R. Cancel, director of cultural affairs for the San Francisco Arts Council.
"The city's non-profit arts and cultural sector generates $1.03 billion in local economic activity annually and, therefore, it will play a critical role in our recovery,"

[b-squared]

I saw on the news that the House is trying to push another $2B into the CARS program.

BB

[LOVEROCK]

All the vehicles that were traded in should be sold for export only. At least try & recoup some of our taxpayer dollars. I see caravans of vehicles crossing into Mexico frequently on their way to Central America.

[KSG_Standard]

Originally Posted by LOVEROCK

All the vehicles that were traded in should be sold for export only. At least try & recoup some of our taxpayer dollars. I see caravans of vehicles crossing into Mexico frequently on their way to Central America.

I beleive that the cars taken on trade for this program are considered "gas guzzlers" and a menace to mankind...and they are all destroyed.

Scrap value

What happens to the vehicle I trade in?

The CARS Act requires that the trade-in vehicle be crushed or shredded so that it will not be resold for use in the United States or elsewhere as an automobile. The entity crushing or shredding the vehicles in this manner will be allowed to sell some parts of the vehicle prior to crushing or shredding it, but these parts cannot include the engine or the drive train.

CARS.gov - Car Allowance Rebate System - Helpful Q&As for Consumers - Formerly Referred to as “Cash for Clunkers”