From the Opinion page of the Wall Street Journal (10/17/09):
We thought cash for clunkers was the ultimate waste of taxpayer money, but as usual we were too optimistic. Thanks to the federal tax credit to buy high-mileage cars that was part of President Obama’s stimulus plan, Uncle Sam is now paying Americans to buy that great necessity of modern life, the golf cart.
Yes, that’s right. The IRS has ruled that golf carts fall under the electric-car credit and therefore are eligible for a $4,200 to $5,500 subsidy from the federal government. Given the right conditions, you could actually get one for free:
In South Carolina, sales of these carts have been soaring as dealerships alert customers to Uncle Sam’s giveaway. “The Golf Cart Man” in the Villages of Lady Lake, Florida is running a banner online ad that declares: “GET A FREE GOLF CART. Or make $2,000 doing absolutely nothing!”
Golf Cart Man is referring to his offer in which you can buy the cart for $8,000, get a $5,300 tax credit off your 2009 income tax, lease it back for $100 a month for 27 months, at which point Golf Cart Man will buy back the cart for $2,000. “This means you own a free Golf Cart or made $2,000 cash doing absolutely nothing!!!” You can’t blame a guy for exploiting loopholes that Congress offers.
There is NO limit to the number of these a person can buy. So maybe you can go out and start your own business re-selling these babies at near retail and put a little cash in your pocket.
Aren’t government subsidies grand?
Yes, I’m being sarcastic.