Wednesday, August 26, 2009

There's No Such Thing As a Free Lunch, Including Cash for Clunkers

Some Surprised by "Clunker" Tax

But many of those cashing in on the clunkers program are surprised when they get to the treasurer's office windows. That's because the government's rebate of up to $4500 dollars for every clunker is taxable.

"They didn't realize that would be taxable. A lot of people don't realize that. So they're not happy and kind of surprised when they find that out," (Minnehaha County Treasurer Pam) Nelson said.

They didn't think the money was free, did they?