Ferrari Mailing List: Re: Cash For Clunkers - Some Numbers

[Rick (Forza355]

It's called Obamamath. But wait till you see what the Nasty Pelosi  health 
care bill is going to cost all of us soon if the thing passes the Senate. 
All those young voters last year will see their lifetime tax rates soar to 
cover this monstrosity. Already the jig is up since the left leaning Wash 
Post editorial was  forced to admit this today.


Wash Post Editorial Page Editor Warns PelosiCare Could Bankrupt U.S.

The House passage of health-care reform Saturday night should be a moment of 
celebration.
The bill also could take America a step closer to bankruptcy. And for 
progressives in particular -- for those who believe that government has a 
mission to help the poor and protect the vulnerable -- that prospect should 
be alarming. If federal debt continues rising on its present path, hastened 
by a $1 trillion health-care bill, it is the poor and vulnerable who will be 
most harmed.
http://www.washingtonpost.com/wp-dyn/content/article/2009/11/08/AR2009110817808.html

Rick


----- Original Message ----- 
From: "LarryT" <l02turner [at] comcast.net>
To: "Rick" <Forza355 [at] verizon.net>
Cc: "Ferrari List" <ferrari [at] ferrarilist.com>; <mercedes [at] okiebenz.com>
Sent: Tuesday, November 10, 2009 9:30 PM
Subject: [Ferrari] Cash For Clunkers - Some Numbers


> Thought ya'll might enjoy this -- 
>
> The Plan, The Scam, The Man, Don't ya just love it when a plan comes
> together?
>
> The Scam
> Here is what a learned friend had to say about Democratic Math. It's even
> worse apparently than I first thought:
>
>
> It's way worse than that. Ignore all the gas crap and just look at how the
> stupid car buyer got taken to the cleaners:
>
> If you traded in a clunker worth $3500, you get $4500 off for an apparent
> "savings" of $1000.
>
> However, you have to pay taxes on the $4500 come April 15th (something 
> that
> no auto dealer will tell you).  If you are in the 30% tax bracket, you 
> will
> pay $1350 on that $4500.
>
> So, rather than save $1000, you actually pay an extra $350 to the feds. 
> In
> addition, you traded in a car that was most likely paid for. Now you have 
> 4
> or 5 years of payments on a car that you did not need, that was costing 
> you
> less to run than the payments that you will now be making.
>
> But wait; it gets even better:  you also got ripped off by the dealer. 
> For
> example, every dealer here in LA was selling the Ford Focus with all the
> goodies, including A/C, auto transmission, power windows, etc for $12,500
> the month before the "cash for clunkers" program started.
>
> When "cash for clunkers" came along, they stopped discounting them  and
> instead sold them at the list price of $15,500.  So, you paid $3000 more
> than you would have the month before...  (Honda, Toyota , and Kia played 
> the
> same list price game that Ford and Chevy did).
>
> So let's do the final tally here:
>
> You traded in a car worth:   $3500
> You got a discount of:          $4500
>                                              ---------
> Net so far                           +$1000
> But you have to pay:            $1350 in taxes on the $4500
>                                               --------
> Net so far:                          -$350
> And you paid:                     $3000 more than the car was selling for
> the month before
>                                            ----------
> Net                                      -$3350
>
> We could also add in the additional taxes (sales tax, state tax, etc.) on
> the extra $3000 that you paid for the car, along with the 5 years of
> interest on the car loan, but let's just stop here.
>
> So who actually made out on the deal?  The feds collected taxes on the car
> along with taxes on the $4500 they "gave" you.  The car dealers made an
> extra $3000 or more on every car they sold along with the kickbacks from 
> the
> manufacturers and the loan companies.  The manufacturers got to dump lots 
> of
> cars they could not give away the month before.  And the poor, stupid
> consumer got saddled with even more debt that they cannot afford.
>
> Obama and his band of merry men convinced Joe consumer that he was getting
> $4500 in "free" money from the "government" when in fact, Joe was giving
> away his $3500 car and paying an additional $3350 for the privilege.
> Think this was stupid for those who were crazy enough to swallow this
> wonderful scheme?
>
> Just wait until we get health care with no additional costs over what most
> of us now pay for health insurance and the best medical care in the world.
> Think that scheme  might be designed by the same people who came up with
> Cash for Clunkers?
>
> LarryT
> 74 911
>
> OilAnalysis Time?
> Looking for Weber Parts or Porsche Posters?
> www.youroil.net
>
>
>
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