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Oprah Car Giveaway Not Totally Free

Leave it to the Government to screw up a great gift:

It turns out that free car wasn't so free.

That's because while Pontiac agreed to pay for most of the local charges -- things like state sales tax and licensing fees -- the recipients have to report the cars as income once tax time comes.

By adding $28,500 to someone's income, it can push them into a higher tax bracket -- which means they will have to pay about 25 percent or more of the car's value in taxes. And for a nearly $30,000 car, that probably means, for most of the recipients, shelling out $7,125 for the "free car."

Full Story.

Posted by Jake on 09/22/04 @ 12:15 PM
Posted in Stupid | Permalink



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