Yesterday I saw an article that part of the stimulus package being crafted by Senate Democrats included "above the line” tax deductions for interest payments on car loans and state sales/excise taxes for new cars purchased between November 12, 2008 and December 31, 2009."
Okay, so let me get this straight. Part of the reason we are in a financial crisis is because consumers overstretched themselves with debt. And part of the solution is to provide an incentive for consumers to borrow more money to buy a new car?
This is completely unfair. In essence, I, who have been frugally saving for my next car as I hope to drive my Saturn for another 90,000 miles or so am providing a tax subsidy for someone to go out and borrow money to buy a new Lexus.
This is a bad idea. I'm all for a stimulus package that focuses on improving our failing national infrastructure and creating energy independence, but leave it to Congress to totally screw up this opportunity.
2 comments:
IMPRESSED
http://hotair.com/archives/2009/02/10/freshman-blue-dog-offers-a-new-start/
How about this stimulus bill, instead of the Porkulus that is being passed?
Patrick
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