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apogee
climber
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Aug 11, 2009 - 04:07pm PT
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John, any kind of tax credit for a resource-wasting, self-oriented, genitalia-metaphor 'car' like that is ridiculous.
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JEleazarian
Trad climber
Fresno CA
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Aug 11, 2009 - 04:24pm PT
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Apogee,
We need to use the same terminology. A tax credit differs from a deduction. A deduction is a cost of doing business. We use it to define income. A tax credit is basically the same thing as a payment to the recipient. This occurs regardless of income.
I suspect that most "businesses" that deduct the cost of their SUV's are not contractors, but professionals. I've had law partners who could deduct the cost of Mercedes's, BMW's Lexus's (Lexi?) Porsches, Acura NSX's, etc. That's a different issue that could be resolved, if someone wants, by requiring the taxpayer to use only the mileage deduction, or to limit the amount one can depreciate (which is what the Tax Code did about 25 years ago).
In a way, we already tax those gas wasters -- it's called the price of fuel.
Edit: Kevin, your meaning is correct.
John
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