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Monday, December 01, 2003 :::

The opposite of forward-thinking.
The Bush Adminstration is lame. Part of the new tax cut package they passed allows huge tax breaks for buying gas-guzzling/environmentally-destructive SUVs. So rich people are now rewarded for killing the environment with unneccesarily large monstrosities that keep us even more dependent on foreign oil. Do people who can afford a $38,000 truck even need a tax break?

Taking the advice of her accountant, Carolyn Hodgson found a way to reduce her federal taxes this year: She spent $38,117 on a sport-utility vehicle. After deducting the cost of the 2002 GMC Yukon Denali from her 2003 income, Hodgson figures she'll end up saving about $14,000... The incentive, part of President Bush's economic stimulus package approved by Congress earlier this year, is gaining attention from car dealers and accountants across the country... For years, business owners have been able to use vehicle purchases as tax write-offs for equipment, but now the rules have changed dramatically... In a move intended to encourage businesses to invest in new equipment, Congress is allowing a full deduction of as much as $100,000 for business equipment. For those who buy smaller vehicles, the tax benefit is much less attractive. The maximum deduction businesses can take this year for a new car weighing less than 6,000 pounds is $10,710. And while the deduction for large vehicles can be taken in a single year, the deduction for smaller cars must be spread out over five years.

::: posted by dan at 1:46 PM :: [ link ] :: (0) comments Social Bookmark Button

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