Tuesday, February 09, 2010

More on the Title Tax

Yes, 30 House Democrats voted for this hypothetical tale of 2 sales:

A new 2009 Lexus LX utility has a MSRP of $75,505.  Under the existing sales tax structure, this purchase will mean a $5,300 sales tax bill - and the annual ad valorum tax.  Under HB 480, the tax would be capped at $2,000 - ensuring that this buyer receives at least a $3,500 - $4,000 tax benefit.

A father gives his teenage son a 2004 Chevy Silverado pickup truck.  Edmonds currently lists a private sale "apprisal price" of $12,474.  Transferring the title to his son is a minimal fee under our existing rules.  But, with the passage of HB480, the son will now have to pay a new $873 tax to transfer the title.

Heck'uva job Democrats!

...adding, oh and thanks for the one-time exemption on the death of a spouse.  If your husband dies, and happens to own more than one car, you get to pay the 7% tax to transfer the title on the second car!

Even more awesome.
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