In Tax Twist, Big Vehicles Get the Bigger Deductions

Ok...I admittedly own an SUV. It gets decent mileage, it's built on a minivan (vs truck) frame, and we only almost never drive it in the city, only trips out of the city (Hamptons, Po-town, Illinois, etc). That said, this article on the NYTimes disgusts me. The gist is that due to a confluence of normal tax laws plust incentives passed after the thing last year, self-employed people and small business owners who buy the mega-SUVs can deduct over USD $24,000 from their income this year where in the past they could deduct maybe $7k-8k. Basically in the we have to wreck the ecology to save the economy mood of the past year, any vehicle over $24,000 generates a $24,000 capital tax credit. If you buy a Hummer, you can deduct up to $34,912 of the $48,000 vehicle price. (If you buy a Hummer and drive in in the streets of NYC you are absolutely insane).

In Tax Twist, Big Vehicles Get the Bigger Deductions

Ok...I admittedly own an SUV. It gets decent mileage, it's built on a minivan (vs truck) frame, and we only almost never drive it in the city, only trips out of the city (Hamptons, Po-town, Illinois, etc). That said, this article on the NYTimes disgusts me. The gist is that due to a confluence of normal tax laws plust incentives passed after the thing last year, self-employed people and small business owners who buy the mega-SUVs can deduct over USD $24,000 from their income this year where in the past they could deduct maybe $7k-8k. Basically in the we have to wreck the ecology to save the economy mood of the past year, any vehicle over $24,000 generates a $24,000 capital tax credit. If you buy a Hummer, you can deduct up to $34,912 of the $48,000 vehicle price. (If you buy a Hummer and drive in in the streets of NYC you are absolutely insane).