• Nov 12, 2008
When automakers are throwing thousands of dollars of incentives on the hoods of their wares in an effort to stimulate sales, what good would another $1,500 on a $25,000 car do? As the recent sales numbers show, buyers aren't being taken in by the constant sounding of the "SELL SELL SELL!" klaxon. Great deals on new cars are out there to be had, if only anyone had some money.
Senator Barbara Mikulski of Maryland thinks that the economic panic can be partially abated by allowing buyers of new vehicles to deduct auto loan interest, fees, and sales tax related to the purchase of a new car from their income tax. The proposed initiative would run from now through the end of 2009, and is only for families earning less than $250,000, or individuals making $125,000. Hey, nobody is really going to complain about getting a tax break, but it seems that buyers have already shown that they're wary, even with fantastic deals to be had.

[Source: Kicking Tires]


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  • 32 Comments
      • 6 Years Ago
      I'm from MD, and the only reason that old bat is still in office is because her opponent in the last election was a guy that nobody had heard of. I believe i still voted for him though, because she is a major retard.
      • 6 Years Ago
      Why do we keep electing stupid people to the senate?

      This is STUPID. Encouraging Americans who are already broke to go buy a new car just because of a tax credit is stupid!

      People who can AFFORD a new car will buy a new car, they don't need some dipsh#t senator helping families go DEEPER in debt.

      Its this kind of thinking that got millions of idiots who couldn't afford a house into mortgages they couldn't afford and now need a bailout.

      She's a DEMOCRAT BTW. Yet another STUPID democrat. You would think we would have learned to not elect these liberals, but we keep doing it! We gave the white house to a socialist!

      Pelosi/Reid/Obama now run the country. Heaven help us.

      R.I.P. America
      7/4/1776 - 11/4/2008
      Cause: Suicide.

      p.s.- has anyone ever stopped to think maybe the reason we don't need so many new cars is they last forever and the cost of everything else has gone up and wages are in the toilet because of companies like WALMART buying so much crap made in china?

      If this senator gave two sh#ts she would fix the real problem and stop trying to bandaid the effect!

      FIX THE CAUSE!!! You want socialism fine, do this. Have the government force a law that a large corporation cannot own more than 10 stores. Done. You increase ownership, opportunity, etc. Mandate a percentage of goods sold must be American made.

      They used to do it with radio stations, you could only own so many. Now we have only a few corporations owning every radio station! It has screwed us in more ways than one, the most recent electing Obama. We now have a chinese-like state run media system!

      Stop allowing big corporations to get bigger, government to get bigger and the average small american business to go out of business.

      Stop them now, or enjoy working for one in the future. Making crap money, being a slave to them with no freedom and no liberty.
        • 6 Years Ago
        A couple of comments:

        hgoigoi:

        socialism

        • noun, a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.

        Not sure how this relates to any current polictian's political philosophy, Democrat or Republican. If you don't like some one, you are well within your rights to offer a dissenting opinion. I only wish that when we make those choices, we attempt to become well-versed in our assertions before we spread potential slander. In addition, both Democrats and Republicans have all offered ridiculous solutions to a plethora of problems since, well, forever--some made in earnest, some reeking with a populist sentiment for political gain. Please don't assume that one party has all the answers, because it doesn't. Stupid people can be red, blue. or any other color in the rainbow.

        Neither Republicans nor Democrats are the model for fiscal restraint. One way or the other, our tax dollars are spent on a variety of things that you may disagree with. Under a concurrent Republican and Democratic government (Executive and Legislative), we've seen our civil liberties compromised like in no other time in recent memory. Who you choose to lay the blame with is a personal choice; often though, it depends on your own political philosophy.

        Lastly, negativity breeds negativity. I staunchly disagree with anyone who offers a dissenting opinion without a viable solution. For everyone's sake, I hope your dissapointment in recent events will/have spur(red) you to participate in the political process.

        BoxerFanatic:

        hgoigoi's comments were replete w/ charges of socialist and/or communist Democratic leadership. That wasn't simple dissent, but rather an assertion that is a bit far fetched. Accusing someone of comunist zeal in the U.S. is akin to yelling 'fire' in a crowded theatre--a call for chaos. It's simply unproductive. Again, if you disagree, participate in the process.
        • 6 Years Ago
        Actually, hgoigoi, he makes several good points. Maybe you should actually READ what he says, rather than just react because he doesn't like Obama.
        • 6 Years Ago
        Correction.

        Roughly 80% of the people that voiced their opinion to congress on the bail out plan, were negative.

        And additionally, as we can see, it gives the SecTreas FAR more power that the constitution allows an agent of the executive branch. Not that the Legislative branch, or Judicial branch are acting particularly responsibly, either.

        But the US Constitution is just a piece of paper... not like it is the foundation of the government or the law that the rule of law relies on, or anything.
        • 6 Years Ago
        WTF are you on about?

        You've got so many dogmas and isms going on I'm afraid you might have a coniption.

        You're so busy blaming liberals/democrats for everything you don't even notice you then go on to blast the global corps (btw, I agree) which is anathema to the current oligarchy, oops, the republicans.

        Let's keep it simple. This whole mess is the result of greed. Poor people thinking they could live like the people on reality tv. Greed of the rich who thought they could just take and take with no consequences. Greed of the politicians of both parties who allowed themselves to fiddle while Detroit burned while they fed at the trough of lobbyists.

        Greed of all us.

        In the words of that nutjob Rev. Wright: The chickens have come home to roost.

        Hopefully, Obama will be able to get us out of this. Otherwise, we're screwed.
        • 6 Years Ago
        @VegasStyleGuy...

        All of us?

        SPEAK FOR YOUR SELF. I am not over-extended. I have very little debt, and I am well ahead of schedule on the remnants of my student loan debt, and my completely appropriate fixed rate mortgage.

        I am not greedy. According to most statistics, I am quite UNDER-paid, but that is my issue, not anyone elses. But that is not "greedy."

        I have paid off cars that are not brand new, I have done all of my home improvements with cash. I have been saving for retirement, and that has been evaporating with no input from me. I don't have HDTV, I don't have credit card debt. I don't go out for dinner very often. I buy what I can afford, and that is decreasing every day due to inflation.

        I DO what I need to do, and I live responsibly. The same cannot be said of the government that is supposed to represent me.

        So stop this collective blame BULLCRAP. This is NOT everyone's fault. There is plenty of blame to go around, but not on everyone.

        I CLEARLY said that the Republicans have been NO BETTER than the democrats.

        But the Democrats are the ones pushing bail outs, and threatening to seize ownership in everything from the oil industry to health care, to the big 3 now.

        I am calling socialists what they are.

        I am calling irresponsible people irresponsible.

        3 months have added 5 Trillion dollars to our debt. THE LAST THREE MONTHS.

        That is 50% of the debt that this country has accrued in more than TWO HUNDRED YEARS.

        The time is at hand to be honest, and to look things in the face, and call them what they are.

        RE-READ the comments that I, and other conservatives and libertarians are posting, and LEARN SOMETHING before it is too late. It might already be too late.

        If Socialism is too difficult a word for you people, then get a fricken back bone. It is real, and it is at hand.
        Lil_O
        • 6 Years Ago
        hgoigoi I see you are upset we have Obama in the White House get over it you sound stupid anyway
        • 6 Years Ago
        "Yet another STUPID democrat. You would think we would have learned to not elect these liberals, but we keep doing it! We gave the white house to a socialist!"

        Yea, things were so good before we elected all those demi-crats :)

        Seriously though, you bash liberals, then complain about free trade, propose government interferring in markets and mandating ownership and size limits for corporations.

        Be careful or someone might mistake you for one of those liberals you hate so much.
      • 6 Years Ago
      Are we all surprised that the election is over and T Boone Pickens has put his wind power project on hold? How about the overturn of President Bush's executive order to allow oil drilling off shore and the congressional oil drilling bill. In ten years we will see if we have energy independance. I'll bet at the end of the next four energy will be right where it is now or worse. If you don't live in New England you probably wouldn't know that we have OIL FIRED electrical plants. NUKE and TRASH to energy also. We don't use a whole lot of COAL or Natural Gas up here. I haven't heard a thing about any new type of plants up here that will power all these electric cars. Welcome to the third world.
      • 6 Years Ago
      that's funny, I thought lowering taxes and encouraging people to buy buy buy things that they don't need were planks in the republican platform...
      • 6 Years Ago
      I'll say it until I'm dead. Make a car that I want to buy, and I don't need no stinkin gov't refund to buy it.

      And I LIKED my last American car.
      • 6 Years Ago
      Tax incentives do little for those who no longer qualify for car loans (less than 700 beacon) so this helps no one excpet those who are going to purchase regardless.
      • 6 Years Ago
      I vote no (and I'm about to buy a new car for the first time in 9 years).
        • 6 Years Ago
        i vote for the fair tax system and then all problems are fixed. lets pay tax on the goods we buy. not uncle sam dipping in to our pockets all the time.
        • 6 Years Ago
        Fair tax? But that would force the government to GASP!!! be fiscally responsible!!!
      • 6 Years Ago
      Why does anyone think 535 lawyers know anything about finance? We are in deep doo-doo. I always wanted to say this about the shehe from Maryland. Stick a sock in it or something bigger that will fit!
      • 6 Years Ago
      are you crazy, so people can spend $ on cars than food and edu...wondering how much big 3 contributed to her campaign..
      • 6 Years Ago
      The car business has killed itself with incentives. Instead of taking the normal industry downturns for the last 15 years, they chose to kick start sales with rebates, low interest rates, and sub-prime loans. Now instead of a minor downturn, we have a major one. Automobile Manfacturers have over produced and killed used car values. The market is flooded with vehicles. They have improved quality and they last longer. Why do we need to trade vehicles? I use to trade every 2 years. However, I'm not going to take the depreciation hit in the market today. I'll drive it out. My money is not completely stupid.

      Rebates.....The manufacturer is going to charge you too much and give you some of your money back. Does this make sense?
      • 6 Years Ago
      hey, i dont see anything wrong with a tax break for new cars but what about used cars. no one has money for a NEW car. who is running the show here; its a zoo. why not adjust and MAKE things cheaper. even with that eveyone is so affraid to spend whats the sense.
      www.superherocars.com
      its carzy; you give people free ads and they still tell you know. but i guess people rather pay than hear free.
      www.superherocars.com/postads
      • 6 Years Ago
      How about if the tax credit applies only to automakers that are incorporated with their ultimate headquarters in the Good Old U.S. of A instead of a bail-out plan?
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