Economic Stimulus Tax Breaks

angelh84 · 02-14-2009, 01:30 PM

That stinks! I just read another article that pretty much says the same thing. Oh well, I had higher hopes.

"A car buyer's savings will vary depend on financing terms, state and local sales tax rates and the buyer's income. Mikulski's office estimated a family with an income of $250,000 a year would save about $600 on a new $35,000 car.

Tax preparer Jackson Hewitt Tax Service Inc. estimated that a single taxpayer earning $40,000 a year would save $300 in taxes on the purchase of a $20,000 car. A taxpayer earning $80,000 annually would save $485 in taxes when buying a $30,000 car.

Dealers say they will use the tax deduction as a selling point, but they don't see it as a major boost to sales, which fell 37 percent in January compared to the previous year, dropping to the lowest levels in nearly three decades. In January, Chrysler's U.S. sales dropped 55 percent and General Motors saw U.S. sales fall 49 percent."

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Another GTR Transmission Breaks!	AK370Z	Other Vehicles	4	01-24-2009 07:06 PM
Samurai Speed Breaks Their GT-R's Transmission!	sbsmoov	Other Vehicles	7	12-25-2008 11:02 AM

02-14-2009, 01:30 PM	#4 (permalink)
angelh84 Base Member Join Date: Feb 2009 Location: San Diego Posts: 2 Drives: Eclipse 1.8 base Rep Power: 18	That stinks! I just read another article that pretty much says the same thing. Oh well, I had higher hopes. "A car buyer's savings will vary depend on financing terms, state and local sales tax rates and the buyer's income. Mikulski's office estimated a family with an income of $250,000 a year would save about $600 on a new $35,000 car. Tax preparer Jackson Hewitt Tax Service Inc. estimated that a single taxpayer earning $40,000 a year would save $300 in taxes on the purchase of a $20,000 car. A taxpayer earning $80,000 annually would save $485 in taxes when buying a $30,000 car. Dealers say they will use the tax deduction as a selling point, but they don't see it as a major boost to sales, which fell 37 percent in January compared to the previous year, dropping to the lowest levels in nearly three decades. In January, Chrysler's U.S. sales dropped 55 percent and General Motors saw U.S. sales fall 49 percent."