Am I the only person who thinks the tax credit is really, really tricky for many to get, anyway? Do they realize this? For those buying this year, remember you will need to OWE more than $7500 in taxes. That will take preplanning for a lot of folks. You don't get a refund for it.
You don't need to OWE $7,500. You need to have a total tax liability of that amount. For actual employees, most pay taxes with every check they receive, thus likely will add up to over $7,500 over the course of a year. If the government somehow, someway has gotten, or is getting at least $7,500 of what you earned, then there's a better chance you'll be eligible for the tax credit. But even then, not everyone is eligible. I pay well over $7,500 per year in taxes and unfortunately, due to other deductions I'm entitled to, I end up not getting the benefit of the tax credit. Always hated the whole tax credit as it just allows manufacturers to charge more for the cars, then advertise "after credit" pricing. Then, magically, when their cars are no longer eligible for tax credits, the prices of those cars decline. Thus, the money is just going to the manufacturer, not the buyers.
And on a separate note......
I still get annoyed with these high horse people claiming its unethical to take a profit on something you own. I guess we should never buy real estate, stocks, classic cars or anything else that we might earn a profit on as it would be unethical for us to make smart purchases and earn a profit on them. Can always go live in Russia if you don't agree with the American way of life!! If you own something, you have every right to sell it at MARKET VALUE, which is what BUYERS ARE WILLING TO PAY. Nobody is forcing buyers to pay for something.
