You can deduct $106,000 from your taxes (in first year) for a Hummer

[JohnWxy]

Costing $110,000. INTERESTINGLY, NOBODY PAYS THE CAR MANUFACTURER 95% OF THE COST OF A CAR IN THE FIRST YEAR. SO YOU REALLY GET ABOUT A $86,000 ADVANCE ON THE COST OF THE HUMMER IN THE FIRST YEAR OF OWNERSHIP!!!!

REPUBLICANS - DON'T YOU LOVE'EM!!!

AND THE NAME OF THE LAW THAT ENABLES THIS IS : The Jobs and Growth Act"!!!(REpublican humor).

http://www.taxpayer.net/TCS/whitepapers/SUVtaxbreak.htm

Prior to enactment of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (Jobs and Growth Act), the 2003 tax code schedule for business depreciation allowed for a deduction of up to $25,000 in the year of purchase of a truck or van weighing over 6,000 pounds, and set a five-year depreciation schedule. In March 2002, Congress passed an economic stimulus package that allowed an additional 30% "bonus deduction."6


With passage of the Jobs and Growth Act, Congress dramatically expanded the already generous SUV loophole by raising the deduction ceiling for certain purchases-including SUVs-from $25,000 to $100,000.7 Under this new rule, the entire cost of all but one large SUV-the Hummer H1-can be deducted. This act also increased the "bonus deduction" from 30% to 50%8, which businesses can utilize in the first year of purchase on the amount above the initial deduction. This bonus deduction was established in addition to the five-year depreciation schedule9, which remained the same.

Under the new plan, a business owner who purchases a $110,000 Hummer H1 in 2003 can now deduct a total of $106,000 in the first year (see table).

[brokensymmetry]

1. Brilliant!

And I'll bet Chimpy's switch grass initiative will fuel all those giant Suvs nicely.

It appears we have evolved from a tragedy to a farce.

[JohnWxy]

5. You realize of course, that "renewable fuels" initiative is only for

rhetorical purposes.. Bush is well known for SAYING he's going to do this or that, but he never proposes MONEY to get it done.

[CottonBear]

2. The original law was meant to benefit people like farmers and contractors

who need big, heavy duty vehicles for their farms, ranches and work.

No horse farm owner, farmer, ranch or contractor that I know owns, wants or needs a Hummer. They drive big 4x4 2500 to 3500 Heavy Duty trucks and Duallies.

The only Hummer owners that I know are doctors and real estate developers and rich frat boys in my college town.

[JohnWxy]

4. I agree. Functional vehicles really meant for work or business -

Si! Hummers and Luxury SUVs for REal Estate salesmen and Socker moms, NO!

[alstephenson]

6. Disgusting gas guzzlers....

Hummers were never meant to be street vehicles. I have to wonder what those who buy and drive these monsters are compensating for.....

[CottonBear]

7. Small penises. n/t

[bloom]

8. and rock stars

John Mellancamp, for instance.

I hear Neil Young has a bio-diesel one or something.

[havocmom]

3. Working class taxpayer supporting the wealthy

yet again.

[SongOfTheRayne]

9. *sigh* oh, dear god....

here's hoping that something in the freedom fries kills him...
:toast: