Secure Firearms Act Proposed

[MNIceMan]

Ther will be many safes purchased by non-gun owners unless there is a means to prove you own a firearm.

Why would a non gun owner purchase a gun safe?

A safe is a safe as a safe is.

[yuppiejr]

Before people get excited, a tax DEDUCTION is what's being proposed... not a credit:

"The Secure Firearms Act will provide up to a $1,200 federal income tax deduction for the purchase of a gun safe, or other safety devices, through Dec. 21, 2014."

Which means you are reducing your tax obligation (assuming you itemize) by up to $1,200 along with your other deductions (mortgage interest, IRA contributions, etc..).

Rate Single Filers Married Joint Filers Head of Household Filers
10% $0 to $8,925 $0 to $17,850 $0 to $12,750
15% $8,925 to $36,250 $17,850 to $72,500 $12,750 to $48,600
25% $36,250 to $87,850 $72,500 to $146,400 $48,600 to $125,450
28% $87,850 to $183,250 $146,400 to $223,050 $125,450 to $203,150
33% $183,250 to $398,350 $223,050 to $398,350 $203,150 to $398,350
35% $398,350 to $400,000 $398,350 to $450,000 $398,350 to $425,000
39.6% $400,000 and up $450,000 and up $425,000 and up

So those folks in the median income range for the state would effectively see %15 of $1,200 ($180) if they took the full deduction, $300 for those the next bracket up, etc... Note that since this is a FEDERAL program it may not be mirrored in your state tax obligation since they don't necessarily have to provide the same deduction. It's a far cry from the $3500-$4500 vehicle purchase credit that went along with the 2009 CARS program.

[Thunder71]

Yep, exactly. It seemed some were thinking they got up to $1500 back... not even close.

[LarryFlew]

Ther will be many safes purchased by non-gun owners unless there is a means to prove you own a firearm.

Why would a non gun owner purchase a gun safe?

So they can sell it to a gun owner for a profit. Assuming they will not tell uncle sam they sold it.

[liferefugee]

I have had my eye on a little safe for ammo storage. This would be a great reason to purchase it, not that I really need an excuse, more like a little extra incentive for the budget committee (wife).

[ex-LT]

Ther will be many safes purchased by non-gun owners unless there is a means to prove you own a firearm.

Why would a non gun owner purchase a gun safe?

Do you only put guns in your gun safe? In addition to guns, I have important papers (will, insurance documents, jewelry appraisals, title abstract, previous year tax returns and associated documentation, etc) in mine.

[Lights]

Ther will be many safes purchased by non-gun owners unless there is a means to prove you own a firearm.

Why would a non gun owner purchase a gun safe?

To put your important papers and valuables in might be one reason.

[Heffay]

Ther will be many safes purchased by non-gun owners unless there is a means to prove you own a firearm.

Why would a non gun owner purchase a gun safe?

Do you only put guns in your gun safe? In addition to guns, I have important papers (will, insurance documents, jewelry appraisals, title abstract, previous year tax returns and associated documentation, etc) in mine.

I don't have a gun safe (or any safe for that matter). Well, a small locker under my desk for my Glock. But if this passes, I'm going out and getting myself the biggest honkin' safe I can fit through the door!

Otherwise they just stay in the closet.

[Mn01r6]

I don't have a gun safe (or any safe for that matter). Well, a small locker under my desk for my Glock. But if this passes, I'm going out and getting myself the biggest honkin' safe I can fit through the door!

Otherwise they just stay in the closet.

$1,200 doesn't buy you much of a safe, and assuming median income, you will only save a few hundred bucks. It's pretty much like waiting for your chosen safe to go on sale, except you have to wait until you file next year's taxes to get the "sale" price.

[Heffay]

$1,200 doesn't buy you much of a safe, and assuming median income, you will only save a few hundred bucks. It's pretty much like waiting for your chosen safe to go on sale, except you have to wait until you file next year's taxes to get the "sale" price.

Now I can take advantage of a sale price AND gin up a fake receipt to get credit for the full value!

Only suckers pay retail.

[xd ED]

This will be cash for clunkers part II - a complete waste of tax dollars and perversion of the free market. This MIGHT lead to 10% more safes being sold, but with increased demand will come increased prices, nullifying the tax incentive or possibly even making the safes cost the consumer more than if no tax break existed. I am sick of supply shortages in the firearms market and this will just trigger another one.

Alll of the above, plus, you just got in bed with those advocating subsidies for windmills, solar panels, organic food, and whatever else makes just one child safer. Enjoy your troughmates.

[AR-15collector]

This will be cash for clunkers part II - a complete waste of tax dollars

What!?!?!? You actually expect the government to be efficient?

[Icmgwot]

Alll of the above, plus, you just got in bed with those advocating subsidies for windmills, solar panels, organic food, and whatever else makes just one child safer. Enjoy your troughmates.

Seriously, this. After all the small government griping I've seen on here, I'm horrified to see people get behind this.

I take it the objections to all the other government waste was that you guys simply weren't receiving any of it?

[Ron Burgundy]

Before people get excited, a tax DEDUCTION is what's being proposed... not a credit:

"The Secure Firearms Act will provide up to a $1,200 federal income tax deduction for the purchase of a gun safe, or other safety devices, through Dec. 21, 2014."

Which means you are reducing your tax obligation (assuming you itemize) by up to $1,200 along with your other deductions (mortgage interest, IRA contributions, etc..).

Rate Single Filers Married Joint Filers Head of Household Filers
10% $0 to $8,925 $0 to $17,850 $0 to $12,750
15% $8,925 to $36,250 $17,850 to $72,500 $12,750 to $48,600
25% $36,250 to $87,850 $72,500 to $146,400 $48,600 to $125,450
28% $87,850 to $183,250 $146,400 to $223,050 $125,450 to $203,150
33% $183,250 to $398,350 $223,050 to $398,350 $203,150 to $398,350
35% $398,350 to $400,000 $398,350 to $450,000 $398,350 to $425,000
39.6% $400,000 and up $450,000 and up $425,000 and up

So those folks in the median income range for the state would effectively see %15 of $1,200 ($180) if they took the full deduction, $300 for those the next bracket up, etc... Note that since this is a FEDERAL program it may not be mirrored in your state tax obligation since they don't necessarily have to provide the same deduction. It's a far cry from the $3500-$4500 vehicle purchase credit that went along with the 2009 CARS program.

^^^^^this. Deduction does not equal credit, folks. Well done

[Heffay]

I thought we were for lower taxes? Why can't people around here maintain some sort of consistency? You know how tiring it is to try to keep up?