1. Attention: We have put together a thread with tips and a tutorial video to help with using the new software. Please take a moment to check out the thread here: Trapshooters.com Tutorial & Help Video.
    Dismiss Notice

OT-Senate approves Tax break for auto loan int.

Discussion in 'Off Topic Threads' started by trim tab, Feb 3, 2009.

Thread Status:
Not open for further replies.
  1. trim tab

    trim tab Active Member

    Joined:
    Jul 23, 2007
    Messages:
    1,424
    Location:
    Las vegas
    BIG STEP IN THE RIGHT DIRECTION The U.S. Senate voted today to make loan interest and sales taxes on vehicle purchases deductible from federal income taxes.
    The proposal, championed by the National Automobile Dealers Assn. was added to an economic stimulus bill under debate in the Senate. The vote was 71-26. The provision was not in a House-passed version of the more than $800 billion package of spending increases and tax cuts.
    A conference committee will decide whether the provision stays in. The bill is a top priority of Pres. Barack Obama.
    It the measure passes, taxes on auto loans will be duducaible for the first time since 1986. The provision on duductibility of loan interest is the first significant measure aimed at getting consumers back into showrooms and buying vehicles to get action from Congress. NADA says the measure will save consumers about $1,500 on a $25,000 vehicle. Some experts have criticized the provision for not having enough up-front punch. Too many worried would-be buyers aren't thinking ahead to cutting future tax bills, they argue. But the measure is a nignificant incentive and NADA had to focus on what could be accomplished politicallly , an organization spokesman said today.
     
  2. waterhouselake

    waterhouselake TS Member

    Joined:
    Apr 2, 2006
    Messages:
    291
    People wonder why the tax code is thick as a phone book? This is more tinkering with a broken system to feather the parochial interests of a few at the expense of the many.
     
  3. hmb

    hmb Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    9,423
    Big deal. Most of the loans now a days are interest free and the sales tax is already deductable in most cases. HMB
     
  4. Bocephas

    Bocephas Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    1,019
    And who was the guy that did away with this and a lot of other bills.

    I suppose everyone has forgot.

    Bocephas
     
  5. halfmile

    halfmile Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    15,643
    Location:
    Green Bay Wisconsin
    This will benefit the bankers, just what we need.

    HM
     
Thread Status:
Not open for further replies.