I doubt that’s the point…
I just paid my taxes. So they are going to bribe me with my own money?
Wait…I can go and buy a $400 DPMS, turn it in, get a $2,000 tax credit, and buy a DD rifle and optic…and some beer?
Sounds like a great deal to me… :jester:
Thank you. It’s a credit not a refund which means no one gets anything except for the Dems and the idiots who turn them in.
Someone should propose similar legislation providing tax credits to those who promise not to vote. Maybe a free cell phone.
Just to clear things up a bit. As described above, you’re talking about a tax deduction. From the TurboTax:
What’s the difference between a tax deduction and a tax credit? You might think the two are interchangeable but they aren’t. A tax deduction is something that reduces how much taxable income you claim. A tax credit is something that directly reduces how much tax you owe.
So if you paid $10,000 in federal income tax and actually owed that same about, your return would $0. Now add in a $2,000 tax credit and your tax owed would be reduced to $8,000. As you paid $10,000 but now only owe $8,000, you would get a return of $2,000.
Regardless of whether they use a tax credit or a tax deduction as the incentive, the whole proposal is completely asinine and just illustrates how stupid the sponsors of the bill really are.
A tax deduction reduces taxable income.
A tax credit reduces, dollar for dollar, your tax liability.
A $2,000 credit is worth $2,000 in your pocket.
A $2,000 deduction is worth a percentage of the $2,000 based on your income tax rate. (At a 25% rate it is worth $500 in your pocket).
http://m.kiplinger.com/article/taxes/T054-C001-S001-tax-credit-vs-deduction.html
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This is true.
Unless you paid less than $2000 in taxes due to no income or a ridiculous amount of credits and/or deductions.
I did a lot of tax returns last year for my base (voluntold to be in charge of the base tax program), and there were a few airmen who with the joint standard deduction of $12k or so and a 6 month deployment, had no taxable income for the entire year.
And here I thought our failing economy was the issue these reps needed to do something about, man good thing we have these people to put it all into perspective.
Let the country sink into a an abyss of spending; as long as we spend some more to get those evil rifles that just up and kill people out of people’s hands.
Talk about idiotic.
The dems have lots of great ideas, don’t they? I heard they were going to give our “evil assault rifles” to the “border patrol” to “replace their deadlining equipment”. Coming soon to a Mexican drug cartel near you- the rifle you turned in 6 months ago!
From the text of the bill:
‘‘SEC. 25E. ASSAULT WEAPON TURN-IN CREDIT.
4 ‘‘(a) ALLOWANCE OF CREDIT.—
5 ‘‘(1) IN GENERAL.—In the case of an individual
6 who surrenders a specified assault weapon to the
7 United States or a State or local government (or po-
8 litical subdivision thereof) as part of a Federal,
9 State, or local public safety program to reduce the
10 number of privately owned weapons, on the election
11 of the taxpayer there shall be allowed as a credit
12 against the tax imposed by this chapter an amount
13 equal to $2,000.
14 ‘‘(2) YEAR CREDIT ALLOWED.—The amount of
15 the credit under paragraph (1) shall be allowed 1⁄2
16 for the taxable year during which the assault weapon
17 was so surrendered and 1⁄2 in the next taxable year.
It goes on to say that an individual can only take advantage of this tax credit once.
According to that text from the bill itself buying a $600 brand new M&P Sporter and turning it in will result in a $1,000 credit this year and $1,000 credit next year.
To answer your first question… We don’t and it isn’t…
You know, I could see this working…
I’m going to an accounting forum and start a thread about guns…
Don’t the credits start to phase out or the AMT come into play at some point?
Credits phase out based on AGI and other factors vary among each individual credit. I didn’t see anything in the bill that limited this credit to specific income levels.
I don’t know why we are spending so much time talking about this. Has this even been brought up in a committee yet?
I’ll say!
Besides allowing the $40 “receiver” of evil weapons to count for the $2000 tax credit, the bill goes on and on editorializing about how assault weapons have no sporting purpose.
http://delauro.house.gov/images/pdf/SAFERStreetsAct114th.pdf
16 and a firearm shall not be determined to
17 be particularly suitable for sporting purposes
18 solely because the firearm is suitable for use in
19 a sporting event
Wait… what? So if it’s used at a sporting event that’s not a sporting purpose? I guess my baseball bat isn’t for sporting purposes then either. :rolleyes:
File this with the shoelaces and empty air = machine guns “braintrust” of the dumbocrats.
The definitions at the end are actually hilarious.
These would not pass for fifth grade work; i.e. using a term to define itself.
Some gems:
The term ‘threaded barrel’ means a feature or characteristic that is designed in such a manner to allow for the attachment of a firearm as defined in section 5845(a) of the National Firearms Act
The term ‘pistol grip’ means a grip, a thumbhole stock, or any other characteristic that can function as a grip.
You nailed it! Very well said.