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$100,000 tax deduction...obscene !
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Posted by Ravi (more from Ravi) on Wed, 12 Nov 2003 10:00:01 Share Post by Email
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Sad story in today's business section of the Globe and Mail.

In the 1940's to help out farmers during and after the war, US Congress passed a tax bill that allowed self-employed folks to deduct from their taxes up to $25,000 of the cost of any vehicle above 6000 lbs. In those days, tractors, combines etc. were the only thing that weighed that much or cost that much, so the intent was pretty clear.

Fast forward to 2003. George Bush's stimulus package quadrupled the deduction to $100,000, but did not raise the weight limit. Farm tractors now weigh double or quadruple the original 6000 lb cutoff. In the mean time there are now 30 consumer oriented vehicles in the US that weigh over 6000 lbs. Hummers, Caddy's, M-class etc.

So guess what ? A doctor, lawyer, consultant etc. (anyone who is self employed) can buy a Hummer and deduct the entire cost from their taxes. Buy a hybrid vehicle and you get a $2000 deduction. Buy a Saab and get zip. Dealerships all over the US are now advertising with this specific tax loophole in bold, and urging people to buy now as the Democrats are trying to close it by year end. It's estimated that if 100,000 people buy these vehicles it will cost the US Treasury almost a billion dollars this year alone.

Sigh. We're going to need to invade another oil producing country just to fuel all those behemoths.

Ravi

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