'Super' SUV [Hummer-H1] Tax Break Could Reach $75,000.00-Fuel Economy Alert!

Detroit Auto News Insider ^ | January 21, 2003 SGT | Jeff Plungis

[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.

[ewing]

I think the diesel H1 gets 25 MPG if you can swing the layout of the 100 grand, and do 50% of your business on the road.

[ewing]

Hold muh diesel fuel can and stimulate the economy bump!

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[ewing]

Link http://www.detnews.com/2003/autosinsider/0301/20/a01-64218.htm

[ewing]

Ah, looks like Chelsea in 20 years!

[krodriguesdc]

wow - great news!

[ewing]

Gotta get that economy going again..

[heavy12773]

great. i've been claiming this deduction for the last 5 or 6 years on my clients' tax returns, and now some reporters and politicians decide to make hay out of this. funny they didnt say anything about the slated increase to 40,000 in 1998 that was part of a tax reduction bill that was eventually vetoed by clinton.

[JohnGalt]

Flat tax bump.

[newgeezer]

Giant SUVs suck ping.

(corrected link to complete story)

[ewing]

The SUV dealers says this will practically make the cars free.

[ewing]

The Dims said they will declare 'war on hummers' LOL!

[ewing]

Steve Forbes rises again!

[biblewonk]

So they get a tax break only if they buy suvs? You have got to be kidding me! This is more fith than not taxing CEO pay or however that works.

[StriperSniper]

Good news! Now you can even look at the H1(the bigger, badder Hummer!) as a chase vehicle!

[isthisnickcool]

"little known tax loophole?" It might be news to some but this is the first thing my accountant told me about when I was looking at SUV's last month. In business you take every legal break you can use. Especially in the "toy" area. You can even accelerated depreciation on aircraft after 2002. The horror!

We we really need is to simply chuck the whole tax system and implement a very simple system. For both personal and corporate taxes. But that won't happen because it takes the social engineering and grifting out of the hands of Congress.

[ewing]

(almost) Free tanks for everyone! Now that is the American Way..

[The Great RJ]

I hope people keep buying these things and hasten global warming. The predicted HIGH temp out here on the northern tundra for Thursday is only supposed to be -1. I thought with all the ozone holes caused by SUV's I'd be living in the tropics by now.

[krodriguesdc]

yeah - nothing like a great big tax break for SUV's to do that!

[ewing]

I love it, normal Americans making the rules work for them!