To: vto
"Golly George, your buddies down in Crawford like Hummers and Caddies?"
- - -
Not Cadillacs - dummy - they don't break the 6k lb. trigger.
Anyhow, the author of this article mistates that 'people' are buying these things.
The tax break is for 'business', not for 'individuals'.
All of these heavy-weight vehicles are owned by small business.
The only thing that can be called a 'loophole' is the fact that
the H2 is one of, if not the only, 'passenger' vehicle that breaks the 6k lb limit.
2 posted on
01/01/2004 6:13:31 AM PST by
DefCon
To: DefCon
I believe the Escalade qualifies, weightwise. But what the article doesn't say is, this type of deduction, as far as I understand it, is not "just for" cars. It's for the type of acquisition that is normally depreciated over time, but now you can take it all at once. In the case of vehicles, if they make the weight requirement, you can write them off in the year of purchase. But I believe it would apply to any other legit business purchase--small building, servers, whatever.
To: DefCon
Golly George, your buddies down in Crawford like Hummers and CaddiesI noticed that snide remark, too.
All I'll say is this- increased sales and economic activity are good for everyone... more is better than less.
To give you some perspective, I recently bought one of these for $3,500:
...and while I was hunting parts to bring it up to snuff, I chanced by the local Hummer dealer... noticed the sticker price on one was $110,000 and recalled that was what I paid for a large house on deep water, on a private island, in the 1980's here.
Visions of me driving my old house around have haunted me ever since then...
7 posted on
01/01/2004 6:20:55 AM PST by
backhoe
(Just an old Keyboard Cowboy, ridin' the TrackBall into the Sunset...)
To: DefCon
The only thing that can be called a 'loophole' is the fact that the H2 is one of, if not the only, 'passenger' vehicle that breaks the 6k lb limit. I bought a new pickup for my business for just this reason...
However, my new Volvo XC90 T6 AWD (SUV) also qualifies with a GVW of 6080 lbs.
To: DefCon
Actually, this tax break is abused a lot. You're quite right that there was actually a good reason for the tax break initially, that farmers, construction folks, and others who depend on heavy vehicles could use the tax break., But the auto manufacturers and their customers aren't dumb, and everyone soon realized that there was a ripe opportunity here. The loop hole needs to be closed, but I won't hold my breath.
42 posted on
01/01/2004 7:52:57 AM PST by
mewzilla
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson