Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

'Super' SUV [Hummer-H1] Tax Break Could Reach $75,000.00-Fuel Economy Alert!
Detroit Auto News Insider ^ | January 21, 2003 SGT | Jeff Plungis

Posted on 01/21/2003 6:35:08 AM PST by ewing

Presdient George W. Bush's economic growth plan could triple the size of a little known tax loophole that some small business owners are using to finance purchases of large SUV's.

One of President Bushs proposed tax cuts would raise from $25,000.00 to $75.000.00 the amount small business owners can write off when buying an SUV for business purposes.

Since the SUV loophole was first reported by the Detroit News last month, several consumer groups and lawmakers have raised concerns about the fairness of the provision.

(Excerpt) Read more at detnews.com ...


TOPICS: Business/Economy; Constitution/Conservatism; Extended News; Government; News/Current Events; US: Michigan
KEYWORDS: bushplan; growth; hummer; smallbusiness; suv; taxes
Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-8081-93 next last
To: isthisnickcool
At 106K you should at least get an XM Satellite radio!
41 posted on 01/21/2003 7:19:49 AM PST by ewing
[ Post Reply | Private Reply | To 39 | View Replies]

To: ewing
A "big trucks for working people" bump!
42 posted on 01/21/2003 7:20:29 AM PST by wasp69
[ Post Reply | Private Reply | To 1 | View Replies]

To: StriperSniper
Dont worry, the market will come back in no time.
43 posted on 01/21/2003 7:20:36 AM PST by ewing
[ Post Reply | Private Reply | To 36 | View Replies]

To: isthisnickcool
How do you figure that YOU are paying for part of this?

Unless they are planning on cutting government spending any soon, I am paying for it. Interest on the debt accrued from people taking this tax break is paid off by all of us taxpayers. If these folks take a $88,000 deduction, and pay $33,000 less in taxes. My share of the added debt is increased relatively speaking. 100,000 people take advantage of this loop hole, and the cost is $3.3 billion to everybody else who doesn't qualify.

44 posted on 01/21/2003 7:22:30 AM PST by dogbyte12
[ Post Reply | Private Reply | To 38 | View Replies]

To: ewing
But timing being everything in markets(when you don't have lots of 'staying power'{capital}), no time, could be too long. :(

O.K. - I'll cheer up. :)

45 posted on 01/21/2003 7:25:12 AM PST by StriperSniper (Start heating the TAR, I'll go get the FEATHERS.)
[ Post Reply | Private Reply | To 43 | View Replies]

To: ewing
The new Range Rover is getting closer and closer....to my garage!
46 posted on 01/21/2003 7:29:01 AM PST by clintonh8r (It's better to be feared than to be respected.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Petronski
I'm really disgusted by the way in which "loophole" has been redefined by the liberals to include everything they want to illegalize. As far as I'm concerned, we should start calling it the "UN weapons inspection LOOPHOLE" that allows Iraq to continue stalling the day of (w)reckoning.
47 posted on 01/21/2003 7:29:31 AM PST by coloradan
[ Post Reply | Private Reply | To 22 | View Replies]

To: ewing
Yep saw it. There's a poll there, too, and some, uh, interesting comments.
48 posted on 01/21/2003 7:31:24 AM PST by Clinging Bitterly (If the Eugene City Council were in charge of the Middle East, they'd very soon be out of sand.)
[ Post Reply | Private Reply | To 40 | View Replies]

To: dogbyte12
Why Nevada?
49 posted on 01/21/2003 7:33:47 AM PST by ewing
[ Post Reply | Private Reply | To 27 | View Replies]

To: clintonh8r
Good for you!
50 posted on 01/21/2003 7:34:17 AM PST by ewing
[ Post Reply | Private Reply | To 46 | View Replies]

To: dogbyte12
That's the same logic the Democrats use.

You should be happy to see anyone pay less taxes anytime.

51 posted on 01/21/2003 7:35:32 AM PST by B Knotts
[ Post Reply | Private Reply | To 44 | View Replies]

To: Dave in Eugene of all places
This is going to drive the Dims beserko!

H1-Hummers compliant with new fuel standards getting 26 MPG with dielsel fuel running them over in their VW buggies

52 posted on 01/21/2003 7:35:41 AM PST by ewing
[ Post Reply | Private Reply | To 48 | View Replies]

To: dogbyte12
Interest on the debt accrued from people taking this tax break is paid off by all of us taxpayers.

Well, that's a good enough reason to me to chuck the system and go to a flat tax or sales tax. Or, better yet, just take the tax burden then divide it by the population and send everyone a bill:)

BTW, if you consider this money out of "your pocket" then you are getting hit from all sorts of areas. Whenever there is a deduction you can't take advantage of. If I agree with your premise then so am I. And I don't agree with your premise since when someone takes advantage of this deduction YOUR taxes don't increase because of that. I don't see where someone says "isthisnickcool just purchased another huge box on wheels! Call dogbyte12 and tell him/her their tax bill is going up".

But I do get your point and I'll agree with it long enough to take the time to thank you for my new wheels. Just kidding:)

53 posted on 01/21/2003 7:36:48 AM PST by isthisnickcool
[ Post Reply | Private Reply | To 44 | View Replies]

To: B Knotts
I honestly think Rove puts this stuff in there to antagonize the Dims, while they are fighting this..ANWAR slides through the Senate in March.
54 posted on 01/21/2003 7:36:49 AM PST by ewing
[ Post Reply | Private Reply | To 51 | View Replies]

To: Centurion2000; ewing; dogbyte12
The IRS gets cranky if your "business" doesn't make a profit after three years or so. Loopholes like this are best left for people who run profitable businesses.

I don't like SUVs, so I wish this applied to cars. If my income goes up significantly, it might make me consider the new Range Rover, which Car magazine (UK) raves about.

If you're audited, I think you have to keep some kind of records to verify that you're using the vehicle only for business. You're a lot less likely to be audited, from what I understand, if you also mention that you have a separate vehicle for personal use.

However, this is just the same tax deduction that lets me write off my PowerBook and other computer purchases. I'm glad it's getting bigger, because that means I can protect more of my income from the 'rats.

Like any other tax cut, this program simply ensures that government has less money to spend, which quite frankly is the only way we're going to get spending down. As a result, I reject the argument saying that we are collectively paying for it. That would only be true if government spending could not be reduced.

It's also not entirely a zero sum game, since each hummer purchased ensures additional employment at the Hummer factory, and higher profits for GM.

D
55 posted on 01/21/2003 7:37:37 AM PST by daviddennis (Visit amazing.com for protest accounts, video & more!)
[ Post Reply | Private Reply | To 37 | View Replies]

To: ewing
At 106K you should at least get an XM Satellite radio!

The H1's don't come with XM radio but it can be added.

56 posted on 01/21/2003 7:42:17 AM PST by isthisnickcool
[ Post Reply | Private Reply | To 41 | View Replies]

To: coloradan
I'm really disgusted by the way in which "loophole" has been redefined by the liberals to include everything they want to illegalize.

That chaps my hide as well. I've decided to fight back by defining a "loophole" as any provision in the tax code which results in some portion of my income being taxable and Uncle Sam getting his grubby hands on it!

57 posted on 01/21/2003 7:47:06 AM PST by Still Thinking
[ Post Reply | Private Reply | To 47 | View Replies]

To: dogbyte12
If they earn the money, fine... spend it. Don't make me pay for it as a person who isn't in that category though.

Exactly how are you paying for it? I didn't see that they just buy a luxury SUV and the government pays for it. They still have to earn the money (as you point out) and then pay for the vehicle. And you can be self employed as easily as can I (I am). The reason I don't rush out to buy one of these "free" Suv's is that I would still have to cough up the 100,000 or so dallars for it out of my gross earnings.

58 posted on 01/21/2003 7:47:07 AM PST by templar
[ Post Reply | Private Reply | To 27 | View Replies]

To: dogbyte12
Unless they are planning on cutting government spending any soon, I am paying for it.

By that logic, I am paying for your children, the food you feed them, your medical care, the charitible and church contributioins you make, etc. So ... HEY GUY ... You're the one taking my money.

59 posted on 01/21/2003 7:50:39 AM PST by templar
[ Post Reply | Private Reply | To 44 | View Replies]

To: templar
I think there is a difference here.

If this tax break was for just vehicles for business, I would have no problem. But basically, subsidizing almost the entire amount of luxury vehicles is a joke. If you name me a lawyer an accountant, or what have you, who needs a Super Hummer in order to fill out their paperwork, and therefore it must be subsidized to such an extent, I am all ears. There should be a baseline here. Not the price of a yugo mind you, but a medium range $35k car should be about it. Joe Lawyer wants to drive in something nicer, he has to pay for it.

60 posted on 01/21/2003 7:58:43 AM PST by dogbyte12
[ Post Reply | Private Reply | To 59 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-8081-93 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson