[jderekgeorge]

I was reading the Rules and Regulations of the camaro giveaway and it says MSRP $40,000. " Grand Prize vehicles’ APPROXIMATE RETAIL VALUE (ARV) is based on forecasted 2009 Manufacturers Suggested Retail Price (MSRP) of a base model Chevrolet Camaro." Wasn't the Camaro suppose to be close to it's competition which is the Mustang? I hope it is not that much, especially for a base price.:BangHead:

 

[brandonppr]

I would still expect the Camaro to be in the price range planned from the start.

The $40k is for the bumblebee car. They have to give an extimate for tax purposes and they based the estimate off the estimated base price to get the price for this special edition which is $40k estimated.

Its kinda like if Ford was to give away a car that didn't have a MSRP lets just say its a Special Edition Shelby GT500 for the 2010 Mustang and they said it was valued at
$80k based of the base mustang's estimated price for 2010. That does not mean the base mustang is going to be $80k.

Also there is another thread that we have discussed it here:
http://www.5thgen.org/forum/showthread.php?t=3120&highlight=hate+bad+news

 

[Jak]

Actually, you think about $40,000 for a sepcial very limited (3) edition car isn't that bad a price. The special paint has to take a big chunk of the price, pluse options? No 40 isn't really that bad, I myself wouldn't or couldn't see paying that much, but it does give me hope that a v-8 Camaro is going to be very affordable even with the few option I want.

 

[Terrell]

What all taxes would the winners of the Bumblebee Camaro have to pay? I could see sales tax (at least in states like FL where there is a sales tax but not an income tax) which would be $2400 here.

$40000*.06=$2400 (FL sales tax is 6%)

Would there be other taxes to pay on this car? (I don't think of insurance, title, and regisration as taxes in this sense)

 

[OctaneZ28]

On anything you win you have to claim as income, so federal and state income taxes will be due.

 

[CamaroSS]

Aw that sucks, cuz I live in Ontario, where the tax is 14%

 

[OctaneZ28]

Well, that's ok because sales tax isn't the issue, it's income tax.
Here in the states the income tax on $40,000 will be about $9,600.

 

[Jak]

Gee, I don't feel so bad now. Here in NY our tax was 9.8%, but luckly after about four years our Reps decided we were paying too much and dropped it down to 9.5%. Gotta tell ya, people were dancing in the streets when they heard the news.:lol:

 

[Terrell]

On anything you win you have to claim as income, so federal and state income taxes will be due.

Thanks. Since I live in FL that just means Federal income tax, as my state doesn't have an income tax.

 

[altoid]

Thanks. Since I live in FL that just means Federal income tax, as my state doesn't have an income tax.

Which is why a huge number of athletes and other types of big-dough celebrities declare Miami as their residence.

 

[Terrell]

Which is why a huge number of athletes and other types of big-dough celebrities declare Miami as their residence.

You don't have to be a "big money" guy to not want to have to pay income taxes to both federal and state governments on your income. Regardless of your tax bracket, you're going to pay less income taxes (in total) if you live in a state without income tax, than if you live in a state that has them unless the federal government were to allow you to deduct 100% of your state income taxes from what you have to pay in federal taxes.

 

[altoid]

You don't have to be a "big money" guy to not want to have to pay income taxes to both federal and state governments on your income. Regardless of your tax bracket, you're going to pay less income taxes (in total) if you live in a state without income tax, than if you live in a state that has them unless the federal government were to allow you to deduct 100% of your state income taxes from what you have to pay in federal taxes.

But you do need to have decent cash to own a residence in Miami in addition to one wherever you actually live.

 

[Terrell]

But you do need to have decent cash to own a residence in Miami in addition to one wherever you actually live.

Miami isn't the only place in FL to get or rent a home if you wish to be a resident. How much you spend on a home here depends largely on where you choose to buy/rent same as any other state. What's to say that one's FL home isn't a double-wide in a trailer park? I was thinking in terms of someone who is in the military and stationed overseas, using FL as his place of residence so as to avoid paying state income taxes. (I'm not sure of the exact legalities necessary to do this, but when I was in the AF I had heard of people supposedly doing so).