Thursday, February 5, 2009
Response(NEW CAR TAX CUT?!?!?)
I thought awhile about whether or not to use this article as my post, because of its length. But then i realized how meaningful almost $11 billion dollars could potentially be to the American people. This article interested me greatly, enough for me to do extra research (that's pretty darn interesting, if you didn't know).
NEW CAR TAX CUT?!?!?
The U.S. Senate has ordered a Bill for an $11 billion dollar tax cut towards new cars. If Passed, the Bill would make all interest payments tax deductable. Congress hopes to get the Bill to President Obama by the end of this month.
Individuals making less than $125,000 annually will be eligable, as well as couples who make less than $250,000 annually. Savings will be varied due to differences in state and loca tax rates, as well as the yearly income of the buyer or buyers in question and their financing.. For example, buying a new car which costs around $25,000 would return about $1,500. Buyers would recieve their savings when they file 2009 taxes later this year, however, people buying in states which do not have sales taxes would save considerably less.
In the case of luxury cars, the sales tax deductions and interest deductions would apply onluy to the first (as if it weren't enough) $49,500 of the prchase price/amounts borrowed, respectively.
The National Automobile Dealers Association claims that any significant increase in auto sales would bring the country one step closer to a better economy.
Individuals making less than $125,000 annually will be eligable, as well as couples who make less than $250,000 annually. Savings will be varied due to differences in state and loca tax rates, as well as the yearly income of the buyer or buyers in question and their financing.. For example, buying a new car which costs around $25,000 would return about $1,500. Buyers would recieve their savings when they file 2009 taxes later this year, however, people buying in states which do not have sales taxes would save considerably less.
In the case of luxury cars, the sales tax deductions and interest deductions would apply onluy to the first (as if it weren't enough) $49,500 of the prchase price/amounts borrowed, respectively.
The National Automobile Dealers Association claims that any significant increase in auto sales would bring the country one step closer to a better economy.
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