Obama Offers Incentives To Spur Auto Sales

Barack Obama Tax Break If you buy a car you can deduct the cost of any sales and excise taxes. The plan is meant to boost car sales in the U.S. which have seen their worst decline in 27 years.

by The Associated Press

Published: Mon, March 30, 2009 - 11:02 am CST

WASHINGTON (AP) - President Barack Obama says the federal
government is preparing to offer several incentives to get
Americans to buy more U.S.-made cars.
In a White House speech, Obama said the IRS will start notifying
consumers who purchased cars after Feb. 16 that they can deduct the
cost of any sales and excise taxes. The program would remain in
effect till year's end.
Obama says he wants to work with Congress to use parts of the
economic stimulus package to fund a program that would allow
consumers to get a "generous credit" when they replace an older,
less fuel-efficient car and buy a new, cleaner car.
The president says he wants to make the program retroactive
starting Monday. It's meant to boost car sales in the U.S., which
have seen their worst decline in 27 years.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

WKRG.com » News Stream » Financial

Photo

WKRG.com Related

Discuss this in the forum

Email to a Friend

Printer Friendly

northcountygirl Says:

Mon, Mar 30, 2009 at 12:43 pm

BTW

I just bought a new Nissan in January because my Chevrolet was costing too much to drive and was already breaking down with just 80,000 miles on it. I bought it brand new and it just had highway miles on it. I thought I better get something that got better milage and would last longer.

northcountygirl Says:

Mon, Mar 30, 2009 at 12:40 pm

If all the money our president is spending is not helping the economy, my little spending is not going to do anything.

northcountygirl Says:

Mon, Mar 30, 2009 at 12:39 pm

If you have an old car that runs, you better keep it till you see what’s going to happen to the economy.

This country is in bad shape if it’s waiting on my to spend money to turn the economy around.

rolltide33 Says:

Mon, Mar 30, 2009 at 11:59 am

This entire plan is a joke. If the current rebates don’t entice buyers to purchase these inferior products, what do they think that a small tax credit will do. If he wants to entice me then give me a $8000 refundable tax credit for a first time “Big 3” buyer. Add this to the current $8000 manufacturer rebate and the car will then be costing me closer to what it’s actually worth. So if I’m reading this correctly if someone traded in their 1987 Toyota Camry for a 2009 Dodge Ram, they would get no “generous credit” because they are buying a less fuel efficient vehicle?

Wait4Me Says:

Mon, Mar 30, 2009 at 11:40 am

“use parts of the economic stimulus package to fund a program” I had the understanding this money was allready allocated for “shovel ready” jobs and various entitlement programs.

“a generous credit when they replace an older,
less fuel-efficient car and buy a new, cleaner car.” Go in debt 25-40K for 4-5 years to get what amounts to a small deduction for 1 year. Smart consumer spending plan. Obama wants all consumers to spend like the government.