Wednesday, May 28, 2003

Don't you just love the sheer glee with which this tells you how to get a huge tax deduction on the biggest frigging brontasaurus of an SUV you can possibly buy, including SUVs so fuel-inefficient "they fall outside the scope of the rating system"? Here's a sample passage:

The deduction for SUV purchases was already pretty hefty, but it came in three parts: A $25,000 equipment deduction, plus 30% of the remaining price (courtesy of the 2002 economic stimulus bill), plus the standard five-year depreciation schedule on the remainder. On a $72,000 Range Rover, the deduction came to about $45,000 the first year, for a tax savings of more than $16,000.

It's so much easier -- and cheaper -- to write the whole thing off. Simply multiply the purchase price by your tax rate. The tax savings on that same Range Rover? More than $25,000 in the top brackets. In contrast, those who buy ultra-efficient gas-electric hybrids for personal use get a tax deduction of $2,000, worth at most $700.

What a country! Munch my dust, granola-eaters! The all-GOP federal government rocks!

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