IRS credit to citizens who allow government to confiscate their firearms

zack991 · Jan 18, 2013

http://beta.congress.gov/bill/113th-congress/house-bill/226/text?q=h.r. 226
On January 13, 2013, H.R. 226 was introduced in the House of Representatives by Connecticut Democrat Rep. Rosa DeLauro. The bill will amend the 1986 IRS code and allow a credit if taxpayers “surrender” their guns to the government.

Cited as the “Support Assault Firearms Elimination and Reduction for our Streets Act,” the proposed legislation represents another effort to convince citizens that they must voluntarily turn in their guns as a civic duty and to do their part to reduce “gun violence” and protect children, as Obama said yesterday.

The bill is yet more evidence that federal and state governments are now pulling out all stops short of door-to-door confiscation in their coordinated effort to disarm the American people.

Strikingly honest language included in the legislation specifies that the bill is part of the government’s “program to reduce the number of privately owned weapons,” in short, a program to disarm the American people.
The bill contains an exhaustive list of so-called “assault weapons” that will garner a $2,000 tax credit, including the much demonized Bushmaster AR-15 allegedly used in the Newtown Sandy Hook massacre.

The bill was referred to the Committee on Ways and Means on January 14, 2013.

PistolPackingMomma · Jan 18, 2013

So the government wants to credit me back my own money in exchange for my property?

This forum does not have an emoticon sufficient to express my feelings on this matter...

WalkingWolf · Jan 18, 2013

PistolPackingMomma said:
So the government wants to credit me back my own money in exchange for my property?

This forum does not have an emoticon sufficient to express my feelings on this matter...

And a credit is not going to put much of your own money in your pocket. Let's say after deduction you make 80 grand, the credit will drop you to 78 grand. That is only going to work out to about 600 dollars back.

I don't see many people taking them up on this BS credit. As for the emoticon a fickle finger of fate would be appropriate...

davidmcbeth · Jan 18, 2013

WalkingWolf said:
And a credit is not going to put much of your own money in your pocket. Let's say after deduction you make 80 grand, the credit will drop you to 78 grand. That is only going to work out to about 600 dollars back.

I don't see many people taking them up on this BS credit. As for the emoticon a fickle finger of fate would be appropriate...

A tax credit is a tax credit - not a deduction .... 2K tax credit = lowering tax 2K.

I would buy extra guns at 1K to get to a tax bill of zero....but it only allows for 1.

I see MAC 10's are there -- they cost way less than 2K ... I would buy one and get the tax credit

If the stupid law passes....which it should not.

JoeSparky · Jan 18, 2013

WalkingWolf said:
And a credit is not going to put much of your own money in your pocket. Let's say after deduction you make 80 grand, the credit will drop you to 78 grand. That is only going to work out to about 600 dollars back.

I don't see many people taking them up on this BS credit. As for the emoticon a fickle finger of fate would be appropriate...

Actually, per the text of the proposed law, it is a tax credit with would reduce your taxable liability by the proposed amount (1/2 the first year and 2nd 1/2 on the next year). No mention made as to if this "credit" is REFUNDABLE however. So, for those with a tax liability of less than $1000, the most you would get is the amount of tax you actually owed! Still, it is not a good "limited government, 2nd amendment supporting law"!

zack991 · Jan 18, 2013

davidmcbeth said:
A tax credit is a tax credit - not a deduction .... 2K tax credit = lowering tax 2K.

I would buy extra guns at 1K to get to a tax bill of zero....but it only allows for 1.

I see MAC 10's are there -- they cost way less than 2K ... I would buy one and get the tax credit

If the stupid law passes....which it should not.

So we thought about Obama care, I never believe that anymore. Just because they are consertive does not make it 100% NO vote

WalkingWolf · Jan 18, 2013

JoeSparky said:
Actually, per the text of the proposed law, it is a tax credit with would reduce your taxable liability by the proposed amount (1/2 the first year and 2nd 1/2 on the next year). No mention made as to if this "credit" is REFUNDABLE however. So, for those with a tax liability of less than $1000, the most you would get is the amount of tax you actually owed! Still, it is not a good "limited government, 2nd amendment supporting law"!

I don't trust them for a even a second~If it indeed was as you point out. We and the firearms industry could bankrupt the government. Let's say Bushmaster kicks up their production, and everybody that can pass a background check buys a AR platform for a grand, yet gets back two grand for every household would be a windfall for everybody but Obama.

That is like Obama's claim he was not raising taxes on earners under 200 grand, it does show that Obama is clearly trying to disarm America.

Armed4Life · Jan 18, 2013

Words of wisdom

Those that beat their swords into plowshares will plow for those that didn't

zack991 said:
http://beta.congress.gov/bill/113th-congress/house-bill/226/text?q=h.r. 226
On January 13, 2013, H.R. 226 was introduced in the House of Representatives by Connecticut Democrat Rep. Rosa DeLauro. The bill will amend the 1986 IRS code and allow a credit if taxpayers “surrender” their guns to the government.

Cited as the “Support Assault Firearms Elimination and Reduction for our Streets Act,” the proposed legislation represents another effort to convince citizens that they must voluntarily turn in their guns as a civic duty and to do their part to reduce “gun violence” and protect children, as Obama said yesterday.

The bill is yet more evidence that federal and state governments are now pulling out all stops short of door-to-door confiscation in their coordinated effort to disarm the American people.

Strikingly honest language included in the legislation specifies that the bill is part of the government’s “program to reduce the number of privately owned weapons,” in short, a program to disarm the American people.
The bill contains an exhaustive list of so-called “assault weapons” that will garner a $2,000 tax credit, including the much demonized Bushmaster AR-15 allegedly used in the Newtown Sandy Hook massacre.

The bill was referred to the Committee on Ways and Means on January 14, 2013.

Carry a Sig · Jan 18, 2013

So would you take it to the local IRS office to get a receipt to prove you could take the credit. Let your Representatives know that if it hits the floor to vote NO.

kdt1970 · Jan 18, 2013

Hitler must have been reincarnated into Obama's body.

PistolPackingMomma · Jan 18, 2013

WalkingWolf said:
And a credit is not going to put much of your own money in your pocket. Let's say after deduction you make 80 grand, the credit will drop you to 78 grand. That is only going to work out to about 600 dollars back.

I don't see many people taking them up on this BS credit. As for the emoticon a fickle finger of fate would be appropriate...

The amount of money back is irrelevant and not my point; the fact is they are offering to "pay" us our own damn money for OUR property.

If a mugger takes my wallet and then offers to buy my watch using the cash he just took from me, should I consider that a deal?

WalkingWolf · Jan 18, 2013

PistolPackingMomma said:
The amount of money back is irrelevant and not my point; the fact is they are offering to "pay" us our own damn money for OUR property.

If a mugger takes my wallet and then offers to buy my watch using the cash he just took from me, should I consider that a deal?

Ohh I understand your point and agree, I just do not trust them to even do what they claim. The only intent of government is to gain more control, to gain more power, to become more elite. It is sad that most people just can't see it.

motoxmann · Jan 18, 2013

interesting; semi-auto rifle capable of accepting detachable magazine that has a forward grip, defined as a grip forward of the trigger mechanism that functions as a pistol grip. I can think of plenty of super cheap rifles to attach a cheap forward grip to. I also know of plenty of cheap handguns a forward grip can be attached to.

I really wish I bought stock in all the major firearms companies the moment Obama was re-elected.

JoeSparky · Jan 18, 2013

gutshot said:
No, No, No. If you have a total tax liability of $500 and receive a $1000 credit, you get a $500 refund. I think this is a great law. I have several semi automatic hand guns capable of accepting a magazine with a capacity of more than 10 rounds that I will take $1000 for. I'll keep the magazines and buy another handgun.

Some tax credits are "refundable" and some are not. I didn't see in the proposed bill where it was a "refundable" credit ANYWHERE. So if your total tax liability is $500.00 and you try to take the $2,000 credit over 2 years. The first year your tax bill would be zero and if nothing changes on the next year if you owed another $500 then they take the 2nd half of your remaining $1000 credit, leave you with a zero balance of tax owed, but your out the whole $1000 NOT dispensed.....

And you are limited to a single credit.... NO MATTER HOW MANY YOU TURN IN!

I suspect that there may be some sarcasm in your post but just in case, I replied!

CharleyCherokee · Jan 18, 2013

I always had the understanding that a tax credit was treated as if you had PAID that amount in, but that a tax deduction could only be taken up to the amount of tax you owed.

JoeSparky · Jan 18, 2013

CharleyCherokee said:
I always had the understanding that a tax credit was treated as if you had PAID that amount in, but that a tax deduction could only be taken up to the amount of tax you owed.

When I have my taxes done or do them myself "deductions" are from income not from taxes owed.

motoxmann · Jan 18, 2013

JoeSparky said:
When I have my taxes done or do them myself "deductions" are from income not from taxes owed.

yes, in certain circumstances. a tax deduction is applied to the taxable income. a tax credit is typically applied directly to the total amount paid into taxes. it seems this bill is for a tax credit.

in regards to what others have said in regards to it being refundable or not, well, heh, I'm a subcontractor, I dont pay taxes out of paychecks because I don't get paychecks, I pay my taxes in one lump sum. so for someone like me, it would be a direct deduction from the high amount of taxes I would owe hehe

:banana:

davidmcbeth · Jan 18, 2013

motoxmann said:
.

I really wish I bought stock in all the major firearms companies the moment Obama was re-elected.

I did better with coal stocks .... Obama hates coal as much as guns ...

motoxmann · Jan 19, 2013

I saw on the news the other day that Ruger's stock has risen by more than 800% in the last decade, more than half of that was just since obama's re-election, and I think it was Colt that has risen more than 300% since Obama's re-election

randian · Jan 19, 2013

This is a back-door semi-ban. It will have the same effect Cash for Clunkers did, raise the minimum price, in this case to approximately $2k. Guns originally priced over $2k will probably raise their prices to keep their relative market position. This will keep such guns financially out of reach of most people, which is the point of the bill.

If you wanted to make money off the bill you'd have to buy now, because if the bill did become law there would be no more cheap guns to buy.

IRS credit to citizens who allow government to confiscate their firearms

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