Senate votes to make auto loan interest a deduction.

uscitizen

uscitizen

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Senate votes to give a tax break to new car buyers


Feb 3, 8:00 PM (ET)

By DAVID ESPO



WASHINGTON (AP) - The Senate voted Tuesday to give a tax break to new car buyers, setting aside bipartisan concerns over the size of an economic stimulus bill with a price tag approaching $900 billion.

The 71-26 vote came as President Barack Obama said he lies awake nights worrying about the economy, and signaled opposition to congressional attempts to insert "buy American" provisions into the legislation.

Sen. Barbara Mikulski led the successful effort to allow many car buyers to claim an income tax deduction for sales taxes paid on new autos and interest payments on car loans.

http://apnews.myway.com/article/20090204/D964EJHG2.html


Interesting, didn't Reagan take that deduction away from us during his tax cuts?
 
uscitizen said:
Senate votes to give a tax break to new car buyers


Feb 3, 8:00 PM (ET)

By DAVID ESPO



WASHINGTON (AP) - The Senate voted Tuesday to give a tax break to new car buyers, setting aside bipartisan concerns over the size of an economic stimulus bill with a price tag approaching $900 billion.

The 71-26 vote came as President Barack Obama said he lies awake nights worrying about the economy, and signaled opposition to congressional attempts to insert "buy American" provisions into the legislation.

Sen. Barbara Mikulski led the successful effort to allow many car buyers to claim an income tax deduction for sales taxes paid on new autos and interest payments on car loans.

http://apnews.myway.com/article/20090204/D964EJHG2.html


Interesting, didn't Reagan take that deduction away from us during his tax cuts?
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I thought that was Carter that changed it. I think I was about 7 when that law changed...
 
Damocles said:
I thought that was Carter that changed it. I think I was about 7 when that law changed...
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Perhaps. Maybe I am thinking about credit card interest or income averaging.
somewhere around there we also lost the gasoline tax deduction as well.
 
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Damocles said:
And we have a visit from Captain Obvious...

:rolleyes:
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and if the whole idea is getting people out of cars and into public transportation etc. etc. why give tax breaks that encourage purchasing cars?

If it was Reagan who originally took the tax away who knew he was such a forward thinking environmentalist?
 
Well considering Republicans supported bush for years you sort have to hit them between the eyes with a 2x4 to get their attention.

Laugh it up tools, it was not so obvious to you that Bush was a dud, so why should anything else be obvious to you?
 
cawacko said:
and if the whole idea is getting people out of cars and into public transportation etc. etc. why give tax breaks that encourage purchasing cars?

If it was Reagan who originally took the tax away who knew he was such a forward thinking environmentalist?
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Have you seen the latest auto numbers?
 
Dungheap said:
Have you seen the latest auto numbers?
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from what I've seen they suck which is good for those who support less driving and more alternative modes of transportation. (although I'm sure the argument can be made that instead of buying new cars with better gas milege, emissions etc. people are buying older cars which are not up to today's standards) Leaving that aside why encourage more new car buying?
 
cawacko said:
from what I've seen they suck which is good for those who support less driving and more alternative modes of transportation. (although I'm sure the argument can be made that instead of buying new cars with better gas milege, emissions etc. people are buying older cars which are not up to today's standards) Leaving that aside why encourage more new car buying?
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Cars aren't evil per se but overdependence and reliance on cars as the sole means of getting from A to B is a bad thing. Having said that, people need reasonable and practical alternatives. They don't exist in lots and lots of places. That's why I support more funding for transit/rail projects as opposed to throwing more tens of billions of dollars at building new bigger highways and ignoring public transit/rail.

People need cars. You need to build the alternatives first.
 
Dungheap said:
Cars aren't evil per se but overdependence and reliance on cars as the sole means of getting from A to B is a bad thing. Having said that, people need reasonable and practical alternatives. They don't exist in lots and lots of places. That's why I support more funding for transit/rail projects as opposed to throwing more tens of billions of dollars at building new bigger highways and ignoring public transit/rail.

People need cars. You need to build the alternatives first.
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those solutions only work in urban settings. The vast majority of homes can not possibly be served practically without individual transportati.on. Cars=freedom and mobility for the poor rural sect. Please don't punish them because Al Gore flys around scaring people with unsound and unproven predictions of climate models.
 
rails is not even close to a decent answer.
Hybrids, plugin hybrids, biodeisel, wind farms.

This is not Europe, Americans will always drive.
 
Topspin said:
rails is not even close to a decent answer.
Hybrids, plugin hybrids, biodeisel, wind farms.

This is not Europe, Americans will always drive.
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Pretending there is one answer is not even close to a decent answer. Where rail can work it should be promoted.

Sure Americans will always drive, but trying to make is so that Americans don't always have to drive to every single place they would like to go seems like a pretty good idea.
 
In big cities yes,
but your statement that car aren't evil per se is way over the top and retarded.
 
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