Been eying a new car lately, but also eying your expenses? The Senate passed a bill today giving consumers an incentive to ditch their old rides. In an impressive win of 71-26, The Senate voted to allow many car buyers to claim an income tax deduction for the cost of automobile sales taxes and interest payments on car loans.
Who loves the bill?
Automakers
Consumers who need new cars
Autoworkers
Anyone whose job is connected to the automobile industry
Who hates the bill?
The GOP of course
I'm not suggesting this is a perfect solution to the financial crisis facing the country, but it's a step. It's not a bailout. It's a nudge. Automakers would still face the need to make better fuel-efficient cars, but it might help alot of folks keep their jobs. The bill is smart , forward-thinking and it kills more than two birds with one stone.
Read more about the bill here:
http://www.cnsnews.com/public/content/article.aspx?RsrcID=42957
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