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Seattle Post-Intelligencer
Monday, May 19, 2003
SUV tax cut
SEATTLE POST-INTELLIGENCER EDITORIAL BOARD
The complete article is currently (3/27/04) available
on the Seattle P-I website at-- http://seattlepi.nwsource.com/opinion/122382_suv19.html
... Forget the little Cooper. Think big. Ogle a truck, an SUV, even a Hummer II.
How much would that vehicle cost? Say, up to $100,000.
But the price doesn't matter as much because if you buy the right vehicle -- a truck or SUV weighing at least 6,000 pounds
-- the federal government will make it affordable.
Under current tax law, it's permissible to write off $25,000 from your taxes in the first year after the purchase of a
6,000-pound truck or SUV. (Then there's the gravy of 20 percent a year after that.)
But the Senate bill increases the tax deduction to $100,000. ...
©1996-2004 Seattle Post-Intelligencer
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Taxpayers for Common Sense
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October 3, 2003 |
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SENATE COMMITTEE SHRINKS SUV TAX BREAK
To read the complete article, click
on-- http://www.taxpayer.net/TCS/PressReleases/2003/10-03SUV.htm
Excerpt--
Washington, D.C. - The Senate Finance Committee voted earlier this week to shrink
a tax deduction for large Sport Utility Vehicles from $100,000 to $25,000, according to Taxpayers for Common Sense, a national
budget watchdog organization.
“While this hummer of a tax break needs to be run over and killed, shrinking
of it is a good first step,” said Keith Ashdown, Vice President of Policy at Taxpayers for Common Sense. “In light
of record budget deficits, the Senators did the right thing in trying to limit one of the biggest giveaways in the tax code.”
...
The original $ 25,000 break was created to help farmers purchase light trucks
and tractors without having to pay a tax assessed on other expensive vehicles. But, the provision can provide massive financial
benefits: the write-off for a 6,000 pound SUV can translate to a windfall of $33,000. Car dealers handling the heavier SUVs
quickly took advantage of the loophole. The Joint Committee on Taxation estimated that closing the loophole could generate
nearly $ 1.3 billion in revenue over 10 years. ...
The SUV provision is part S. 1637, the “Jumpstart Our Business Strength
(JOBS) Act |
Taxpayers for Common Sense (TCS) is a non-partisan budget watchdog. TCS
is dedicated to cutting wasteful spending and subsidies in order to achieve a responsible and efficient government that lives
within its means.
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