Friday, July 13, 2012
The Volt Tax Scam
Are you broke? Need to raise cash in a hurry? Obama and GM have a deal for you? General Motors has announced a 60 day money back guarantee on its Chevy Volt. I'm sure no one noticed that IRS tax form 8936, for plug-in motor vehicle credit, does not have any minimum time requirement for buyers to own their qualified vehicles. So buy the Volt, drive it for 60 days then return it and pocket the $7,500 tax credit. Pretty slick, eh. GM can boast that its Volt sales have spiked, Obama can claim that his decision to bail out GM and force it to build cars no one wants has been vindicated, you have $7,500 in your pocket less registration fees and sales tax.