Thanks for Hummer Pres Bush!

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azsnowman
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Thanks for Hummer Pres Bush!

#1 Postby azsnowman » Thu Jan 01, 2004 12:03 pm

Did anyone know about this tax loophole?? I didn't and it's REALLY got us thinking, what color of Hummer should we get? "LOL!" Seriously, after reading this, we're thinking about buying a new vehicle. You see, we've reached that tax bracket that IF we don't do something, our tax bill for this coming year is gonna make the national debt look like chump change!!! I can invision myself in a bright YELLOW Hummer cruisin' the main drag of Pinetop! Now I see why there are so many Hummers on the road, especially the small business owners like myself!



Tax break has Hummers rolling off lots

Republic file photo

The Hummer H2

David J. Cieslak
The Arizona Republic
Jan. 1, 2004 12:00 AM


Here's the perfect way for a Valley business owner to truly ring in the new year:

Buy a shiny new Hummer or a fully loaded Cadillac Escalade, then get a hefty tax deduction on the monster vehicle, all compliments of Uncle Sam.

Dozens of wide-eyed customers packed into the Valley's Hummer and Cadillac dealers on New Year's Eve to take advantage of a federal tax windfall allowing them to buy the oversize gas guzzlers and deduct the purchase from their 2003 tax bills.

Dealers said they were selling more than double the average daily number of the specialized vehicles, with much of the rush coming as their doors were set to close.

"We're selling a ton of cars, and everybody's having fun," said Bob Monahan, sales manager for Lund Cadillac Hummer Saab in Phoenix, who watched 35 Hummers and Cadillac Escalades roll off his showroom floor Wednesday.

"It's been great for everybody," said Monahan, who estimated his average daily sales at 15 vehicles.

The deduction for business owners, approved in May by President Bush as part of his federal tax-cut package, gives a deduction of up to $100,000 for new or used vehicles that weigh more than 6,000 pounds. Aside from Hummers and Cadillacs, the choices ranged from the Dodge Durango and the Ford Expedition to the Lincoln Navigator and the GMC Yukon.

Dealers across the Valley pledged to stay open late on New Year's Eve to handle the rush of customers, many of whom came straight from their accountants' offices after receiving advice about the tax deduction.

"Most of these people have done a lot of research to make sure they qualify for the program, and now they're coming back and buying the vehicles," said Eddie Espinosa, general manager of Kachina Cadillac Hummer Saab in Scottsdale.

Phyllis Tsai, 27, drove to Scottsdale from Snowflake to buy a new Hummer H2. Tsai, whose boyfriend owns a motel in the northern Arizona community, said they jumped at the chance to own a Hummer after realizing the 2003 write-off deadline was Wednesday.

"To me, a vehicle is a vehicle, but my boyfriend was really excited about it," said Tsai, who was the last customer at Kachina before the dealership closed shortly after 8 p.m.

But to Dave Bresnahan, the Hummer is much more than just a vehicle. In the eyes of his three sons, buying the "sunrise" orange Hummer for $55,000 made him the hippest dad in the Valley.

"I bought it mostly because my boys think it's cool, and I'm a boy who thinks it's cool, too," said Bresnahan, 42. "It's awesome. I feel like a king."

Bresnahan, vice president of Lex International, which sells customer-retention products to car dealerships, said he knew about the tax deduction for six months but didn't make a decision until New Year's Eve, when he drove by the Kachina dealership in Scottsdale.

"I didn't go in thinking I was going to buy anything, but I walked out with one," Bresnahan said.

The windfall doesn't come without a price for the government. One expert estimated that if 100,000 people utilize the loophole, it will cost the country about $1.5 billion in tax revenue.

Lawmakers earlier this year upped the deduction amount from $25,000 in the hopes it would encourage businesses to invest in new equipment sooner.

The deduction is available for tax years 2003, 2004 and 2005.

Dealers say the tax break encourages people to buy cars, which contributes to a healthy economy.

"Our customers are speaking to their accountants and making a good business move at the end of the year," said Greg Schamp, new car sales director of Coulter Cadillac and Oldsmobile in Phoenix. "It's a good time to be a Cadillac dealer."



Dennis 8-)
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GulfBreezer
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#2 Postby GulfBreezer » Thu Jan 01, 2004 12:10 pm

Dennis............I can DEFINITLEY see you and Michelle cruising around in a bright yellow hummer!!!!
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#3 Postby azsnowman » Thu Jan 01, 2004 12:34 pm

Either yeller or the new bronze color......yeah, that would go good with my white hair huh?

Seriously, we're gonna talk to our accountant on Monday....we're in DIRE needs of a huge tax write off!

Dennis
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#4 Postby streetsoldier » Thu Jan 01, 2004 12:36 pm

Aw, "go the distance"...get it camouflaged! :wink:
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#5 Postby furluvcats » Thu Jan 01, 2004 12:51 pm

I used to drive a Hummer when I lived in Florida. Drove many different colored ones, the old style way before the H2....(a friend had a Hummer dealership and left me with many for long periods of time). I gotta say, the YELLOW Hummer got the most attention!
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Rainband

#6 Postby Rainband » Thu Jan 01, 2004 1:08 pm

:roll: :roll: Gas prices are high and getting higher and now they encourage people to run out and buy a Hummer or escalade and let other TAXPAYERS foot the bill. That make makes sense :roll: :roll: :roll: :roll: :roll: :roll: :roll: :roll: Sorry I dont support this BS :grr:
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VanceWxMan

#7 Postby VanceWxMan » Thu Jan 01, 2004 1:29 pm

I own a 2003 Ford Expedition XLT that I payed $30,000 for reading this makes me think.. If I wanted to itemize I could use it as a write off for my web business... hmm nah I will stick with my 5 grand return and call it a year :P
As for Gas yes they are guzzlers but I am ridding in STYLE! :P

Aaron
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weatherlover427

#8 Postby weatherlover427 » Thu Jan 01, 2004 2:15 pm

Rainband wrote::roll: :roll: Gas prices are high and getting higher and now they encourage people to run out and buy a Hummer or escalade and let other TAXPAYERS foot the bill. That make makes sense :roll: :roll: :roll: :roll: :roll: :roll: :roll: :roll: Sorry I dont support this BS :grr:


Actually here in California (at least in my area) prices have been falling a few cents a week (down from $1.70 or so to $1.48 at the Arco just up the street). Prices may be high in other areas but here they have been falling.

Also this gives normal working citizens a tax break as well, not just the rich and wealthy.
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Rainband

#9 Postby Rainband » Thu Jan 01, 2004 3:09 pm

Joshua21Young wrote:
Rainband wrote::roll: :roll: Gas prices are high and getting higher and now they encourage people to run out and buy a Hummer or escalade and let other TAXPAYERS foot the bill. That make makes sense :roll: :roll: :roll: :roll: :roll: :roll: :roll: :roll: Sorry I dont support this BS :grr:


Actually here in California (at least in my area) prices have been falling a few cents a week (down from $1.70 or so to $1.48 at the Arco just up the street). Prices may be high in other areas but here they have been falling.

Also this gives normal working citizens a tax break as well, not just the rich and wealthy.
Gas prices wether they are slowly falling are still ridiculously HIGH... MOST if not all... Working class cant afford hummers...If they can I need that job then :eek: My point is give tax breaks to first time buyers of homes or use the same money to help families pay closing on a home. NOT on Yuppy SUVs...thats what i am saying. The thought is nice but misplaced IMHO.
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#10 Postby azsnowman » Thu Jan 01, 2004 6:22 pm

VanceWxMan wrote:I own a 2003 Ford Expedition XLT that I payed $30,000 for reading this makes me think.. If I wanted to itemize I could use it as a write off for my web business... hmm nah I will stick with my 5 grand return and call it a year :P
As for Gas yes they are guzzlers but I am ridding in STYLE! :P

Aaron



That's right Aaron, see for us, it would be a double tax write off, first for the environmental business AND the Search & Rescue missions we go on. Johnathan, I agree *somewhat* with you....but you see, being a business owner we get SCREWED true and blue on taxes, OK....I'll let some personal info out here, our annual gross income is in the 6.5 digit figures, yes, enviro studies PLUS the commercial landscape business is a very highly lucrative business to say the least BUT...the amount of taxes we pay, all joking aside, would pay the annual income for 2 typical American Blue Collar workers. It FROSTS my butt when April rolls around.......I for one am VERY happy to see this, Michelle and I work our butts off and to be honest and somewhat selfish, I think we deserve every break we can get!

Dennis
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#11 Postby breeze » Thu Jan 01, 2004 6:30 pm

Hey, Dennis - 'dis iz Amer-eeca, mah friend -
go for it!
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Rainband

#12 Postby Rainband » Thu Jan 01, 2004 8:13 pm

azsnowman wrote:
VanceWxMan wrote:I own a 2003 Ford Expedition XLT that I payed $30,000 for reading this makes me think.. If I wanted to itemize I could use it as a write off for my web business... hmm nah I will stick with my 5 grand return and call it a year :P
As for Gas yes they are guzzlers but I am ridding in STYLE! :P

Aaron



That's right Aaron, see for us, it would be a double tax write off, first for the environmental business AND the Search & Rescue missions we go on. Johnathan, I agree *somewhat* with you....but you see, being a business owner we get SCREWED true and blue on taxes, OK....I'll let some personal info out here, our annual gross income is in the 6.5 digit figures, yes, enviro studies PLUS the commercial landscape business is a very highly lucrative business to say the least BUT...the amount of taxes we pay, all joking aside, would pay the annual income for 2 typical American Blue Collar workers. It FROSTS my butt when April rolls around.......I for one am VERY happy to see this, Michelle and I work our butts off and to be honest and somewhat selfish, I think we deserve every break we can get!

Dennis
I see your point Dennis. :wink:
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