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Cash for Clunkers? Clunked Twice

August 28, 2009 By Debbie Young

How many people who took advantage of Cash for Clunkers realized that the Obama administration’s $4,500 rebate was going to be taxed – not only once, but perhaps twice? Many of those who jumped on board for the cash rebate are now surprised that this ludicrous program, after putting our nation’s grandchildren $3 billion more in debt on top of the obscene, unsustainable $1 trillion already in play, is being taxed once at the federal level and perhaps once at the state level for “income received.” Most experts agree that the Clunkers program has done nothing economically but replace the car sales that would have taken place anyway this fall. Have we not become, if not already are, a nation of fools? My 91-year-old mother firmly believes that this administration is effecting more harm to this country than any 9/11 terrorist ever thought possible. I’m beginning to think she is right.

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Debbie Young
Debbie Young
Debbie, our chief political writer of Richardcyoung.com, is also our chief domestic affairs writer, a contributing writer on Eastern Europe and Paris and Burgundy, France. She has been associate editor of Dick Young’s investment strategy reports for over five decades. Debbie lives in Key West, Florida, and Newport, Rhode Island, and travels extensively in Paris and Burgundy, France, cooking on her AGA Cooker, driving through Vermont and Maine, and practicing yoga. Debbie has completed the 200-hour Krama Yoga teacher training program taught by Master Instructor Ruslan Kleytman. Debbie is a strong supporting member of the NRA.
Debbie Young
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