Thursday, February 03, 2011

Why I'm a conservative #25

Because I understand that the tax code as currently written is rife with fraud.....

About 20% of federal tax credits claimed for alternative and plug-in electric vehicles during the first seven months of 2010 were erroneous, costing U.S. taxpayers more than $33 million, the Treasury Department's inspector general for tax administration said Thursday.

The tax credits are designed to encourage consumers to buy energy-efficient vehicles, such as General Motors' Chevy Volt and the Nissan Leaf, which typically cost more than conventional gas-powered vehicles.

The Obama administration recently announced plans to have 1 million advanced-technology vehicles on the road by 2015.

Taxpayers who purchase eligible vehicles can receive a tax credit worth up to $7,500. The inspector general's report found, though, that most of the erroneous credits were claimed for vehicles that weren't eligible for the tax break.

Ineligible vehicles owned by taxpayers who claimed the credit included the Hyundai Sonata, the Buick Enclave, and a bicycle, the report found.

The report also found that 29 prisoners also received a total of $49,926 in vehicle credits even though they were in prison at the time they claimed them.


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