Senate proposes tax cuts for new car buyers
Published 4:54 pm Tuesday, February 3, 2009
The Senate has voted to give a tax break to new car buyers, setting aside bipartisan concern over the size of an economic stimulus bill costing nearly $900 billion.
The vote was 71-26 to allow many car buyers to claim an income tax deduction for the cost of automobile sales taxes and interest payments on car loans.
Sen. Barbara Mikulski proposed the tax break, which would go to individuals earning up to $125,000 and couples with incomes of as much as $250,000. Mikulski is a Democrat from Maryland.
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The proposal was added to the stimulus bill making its way through Congress.