Discussion of HR 226 (tax credit buyback)

[Trent]

http://beta.congress.gov/bill/113th-congress/house-bill/226/text?q=h.r.+226

H. R. 226

To amend the Internal Revenue Code of 1986 to allow a credit against
tax for surrendering to authorities certain assault weapons.

...

(1) In general.--In the case of an individual who
surrenders a specified assault weapon to the United States or a
State or local government (or political subdivision thereof) as
part of a Federal, State, or local public safety program to
reduce the number of privately owned weapons, on the election
of the taxpayer there shall be allowed as a credit against the
tax imposed by this chapter an amount equal to $2,000.
``(2) Year credit allowed.--The amount of the credit under
paragraph (1) shall be allowed \1/2\ for the taxable year
during which the assault weapon was so surrendered and \1/2\ in
the next taxable year.

$2k tax credit per "assault weapon"?

Holy crap.

If this passes and weapon prices stay reasonable, I'll have a heck of a way to reduce my taxes.

I mean, that's like a profit of $1400 or so tax credit on your basic model AK.

 

[Trent]

(viii) Hi-Point Carbine

HAHAHA Oh my.

Give me a $2000 tax credit on a $150 gun.

Sign me up, please. And my wife.

I could use a $4,000 tax credit, that costs me $300.

Wait. I just checked GunBroker prices.

Since when do hi-point carbines cost over $500??!?!?!!

Holy CRAP these prices are crazy. In 2009 I was selling them for $159 out the door at my gun shop.

Still, ridiculous the government would waste money when we're in a massive deficit and budget crisis.

 

[Kiln]

I wouldn't give a single rifle to them.

They'll just use the statistic to prove how effective this was at allowing people to turn in scary assault weapons.

 

[Trent]

OH I wouldn't turn in a rifle, ever. But man I have to admit, $2k is tempting, even for me. My annual tax bill is ... quite large.

I could see people falling all over themselves to get in line for THAT amount of money.

Even though the Government is technically buying back the arms, using the taxpayer's own money to do it....

But.. People are dumb, they won't understand that part.

(What's interesting about this, is we finally see a DOLLAR amount, in print, on a proposed buy back plan)

 

[AlexanderA]

The philosophy on exhibit here is that of the gangster: "What I want I take; what I can't take, I buy; what I can't buy, I destroy!" They're at the second stage.

 

[Twiki357]

When I read that one I sent my Representative an email (And Facebook post. - With the introduction of HR 226 by Representative DeLauro (D-CT), I suggest that you introduce a bill mandating that any and all firearms voluntarily surrendered to a federal agency be immediately transferred to the Springfield Armory for sale to the general public under the Civilian Marksmanship Program (CMP).

 

[OARNGESI]

as much money as this country is in debt whoever proposed this bill shoul be fired immediately.

 

[Bubbles]

I'd like to see taxpayers qualify for more than one to get the tax credit, because I'd be turning over a ton I build every year.

 

[Trent]

The British buy back program didn't work so good at Concord.

Gage came out willing to pay for those arms with lead, and ended up paying with blood.

 

[4D5]

Sounds to good to be true

an amount equal to $2,000

First off, how is the value (amount equal to) of the surrendered item appraised? My position would be that it's worth $3000, and the IRS would counter it's worth $300. Guess which one wins.

All of us knowing the mysterious ways in which the IRS works, this may not actually be read/understood by those of us paying taxes the same as IRS interprets it.

It doesn't come right out and say you WILL receive $2000. It could very well be read as up to $2000. Too late if you've already handed over the goods.

Then there's a possibility it could be twisted around and end up as a deduction to income, not a taxable credit, thereby reducing the carrot amount of $2000 significantly.

And finally, I'd full well expect that any moneys realized would have to be counted as taxable income/other the following year.


.

 

[Grump]

The rub is whether the bill calls for the tax credit to be a *refundable* tax credit, like the Child Tax Credit.

Refundable tax credits are equal to government welfare. They are guaranteed to cost "full value", equaling other tax dollars paid OUT. But if that's what Congress wants, that what we get. There's something horribly backwards about that.

To work to disarm those troublesome inner-city dwellers where the illegal killings take place more frequently per population, it would have to be a refundable tax credit.

I don't see it passing for purely fiscal reasons. Sure is interesting to see someone put their money where their mouth is. Oh, wait, that's OUR money!

Haven't read the bill and don't care to.

But to quote the sometimes-great reporter Major Garret: "Why so long?" to show your true confiscatory/banning/disarming the subjects nature?

 

[Spats McGee]

Notice this:

(b) Special Rules.--
``(1) Weapon must be lawfully possessed.--No credit shall
be allowed under subsection (a) with respect to any specified
assault weapon not lawfully possessed by the taxpayer at the
time the weapon is surrendered.

Apparently, someone doesn't want felons in illegal possession of assault weapons to get the tax credit. They'd just rather that the felons keep their guns.

 

[medalguy]

It also states:

allowed as a credit against the tax imposed by this chapter

What does this mean? Against what taxes imposed by what chapter? I too have not read this and also don't intend to waste the time to do so, but there's a lot of unanswered questions here.

 

[OldMac]

I will be glad to turn in my evil romanian sks with assault bayonet for $2k so I can fund my AR project. The stock alone on the sks is proof it has repeatedly assaulted some fixed object like a club. We dont have money to pay our debt, but still add spending for new gun registration, regulation, buyback, and confiscation schemes. On principle, i would have to spend the 2k on 3 mini14s for every sks relinquished. The "legally owned" clause insures that no arms will be taken out of criminal hands and therefore the plan will only reduce safety of law abiding taxpayers.

 

[TFL]

Look at the list of guns. If this bill gets through, there goes 80 to 90% of our guns.

 

[glennv]

I wonder who does this guy's taxes. H&R Block?

 

[Trent]

Well, the man has to protect his spray paint somehow, right?