http://abcnews.go.com/Business/story?id=3326593&page=1&CMP=OTC-RSSFeeds0312

come one this better pass!!!

fav quote from the article

here is my favorite quote: He predicts that the provision will give back to the government about $750 million over five years,
This politician assumes the money was the governments to begin with and given to the business owner in the form of a tax break. What party is he in?

Does that rule apply to new vehicles only? Do pickups fall into the same category?

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1974 240D 3.0L 4(M) - 250K -OM617.910 + 300D FW + Rajay turbo power!
1977 6.9 3(A) - 84k

I think so.

I knew someone who owned a small business, in Central California, an autobody shop, who, when he heard about this, ran right out and bought a new Lincoln Aviator SUV that he didn't really need. He let me try it out, and it was pretty nice, for what it was. I have to admit that.

Unexpected manna from heaven for him, and why not? He was able to write the whole thing off.

Everyone else, though, hands around your ankles, as usual.

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1991 560 SEC AMG, 199k <---- 300 hp 10:1 ECE euro HV ...

1995 E 420, 170k "The Red Plum" (sold)

2015 BMW 535i xdrive awd Stage 1 DINAN, 6k, <----364 hp

1967 Mercury Cougar, 49k

2013 Jaguar XF, 20k <----340 hp Supercharged, All Wheel Drive (sold)

I always love that statement. By such logic.........."writing it off".........business owners should purchase just about every piece of capital equipment that they could possibly find.

Do they realize that they still pay 60% of the bill.........??

Keep up such behavior.........purchasing depreciating assets in a heavy handed way...........and you'll surely be bankrupt.

Yet another good reason to toss out the broken income tax code.

There's a better way:
http://www.fairtax.org

Sheesh I'm sounding like a broken record.

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1985 380SE Blue/Blue - 230,000 miles
2012 Subaru Forester 5-speed
2005 Toyota Sienna
2004 Chrysler Sebring convertible
1999 Toyota Tacoma

A few points:

(1) He's a dumbass who blew $50k on a truck just so he could get a write-off? Does he know what a write-off is? Has this idiot ever heard of getting whacked by depreciation on a new truck?
(2) You don't get to decide who "needs" what - technically, you don't "need" a 1991 560SEC that sucks down all of "our" gas (irony, intended).
(3) This loophole has been around since the 80s, and the Congress recently made it so that the deduction could be taken in one year rather than over five years. This loophole will not be going away soon.

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- Brian


1989 500SEL Euro
1966 250SE Cabriolet
1958 BMW Isetta 600

I think it was also changed to one year for machine tools as well.

i hope this bill passes.

too many hummers and escalades polluting the roads in so cal.

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'O=00=O'
bmw 2002.
long live the legend

Lets do the math here. $750MM bucks translates to 30,000 vehicles over 5 years. 6,000 per year. Do they actually sell that many (and remember-this is only business sales)? Plus the H3 does not qualify since it is too light. So do they sell 6,000 H1 and h2's to businesses per year that are doing it to scam taxes?

How many BUSINESSES will run out and buy a Hummer as a business vehicle, if it didn't do the task of the business? Thats stupid. If it can be used by the business, then it is a legitimate tax deduction. I imagine there are those out there doing this, but my guess it is a minority, and the repeal of the tax is just a P.R. act for some politician.

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MB-less

My Mercedes is my business vehical and a write off. I can get away with writing off quite a lot.

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2016 Corvette Stingray 2LT
1969 280SE
2023 Ram 1500
2007 Tiara 3200

The owner wants a SUV, and gets a healthy tax break for buying a more expensive one.

Who would buy a 40K car if you can buy a 60K SUV and get 25K off?

That only works if it is a direct tax CREDIT. If it is a deduction, then it depends on your tax bracket how much you actually save in taxes. So you spend an extra 20k to get a 25k deduction. Assume 30% thats 6-7k of tax savings. Not very smart.

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MB-less

If I get a tax deduction, it's getting well over 30% off. Probably more like 40%. That would definitely influence my purchasing decision.