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The Senate voted Tuesday to give a tax break to new car buyers, setting aside bipartisan concerns over the size of an economic stimulus bill with a price tag edging above $900 billion. The 71-26 vote came as President Barack Obama said he lies awake nights worrying about the economy and signaled he'll try to knock out "buy American" provisions in the legislation to avoid a possible trade war.
Yep, the Senate included that provision (a very good idea, I think) in their current version of the stimulus bill. Lord only knows what their "final" version will look like, then they and the House have to agree, and then Obama signs it. Lots can happen between now and then.
The same article included:
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Earlier, the vote to add $25 billion for new construction on highways, mass transit and water treatment facilities failed 58-38, two short of the 60-vote majority needed for passage.
And I think that's crazy. I thought the stimulus bill was about stimulating the economy by saving current jobs and adding new ones. Spending on infrastructure will do just that ... not to mention that our infrastructure really, really needs the work.
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What Senate leaders cannot predict is which provisions will stay in and which will fall out.
Amen.
There's another proposal out there .... I haven't heard anything about it making its way into the stimulus bill.....
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The “cash for clunkers” proposal introduced in Congress a couple of weeks ago seems to have something for everyone. The measure, introduced by U.S. Senators Dianne Feinstein (D-Calif.), Susan Collins (R-Maine), and Charles Schumer (D-N.Y.) would establish a national voucher program to encourage drivers to voluntarily trade in their older, less fuel-efficient car, truck or SUV for a more fuel-efficient vehicle.
The aim is to get old, polluting gas guzzlers off the road by paying, at least in some cases, more than they’re worth — $2,000 to $4,500 to owners ready to use the cash to buy a newer car.
Perhaps the Senate (or the House) will consider this as well. A boost to the auto industry would mean jobs in auto plants, and dealerships, and car parts suppliers, etc., etc.
It would apply to the first $49,500 in the price of a new car purchased between last Nov. 12 and Dec. 31, 2009. Individuals with incomes of up to $125,000 and couples earnings as much as $250,000 could qualify, including those who do not itemize their deductions. A couple would save an estimated $1,553 on a new $25,000 car, aides said.
Wow. Even those that buy a car costing $45,000 get a tax break! It is retroactive so some people get a tax break after they bought. If you bought on November 11, you get nothing.
Wow. Even those that buy a car costing $45,000 get a tax break! It is retroactive so some people get a tax break after they bought. If you bought on November 11, you get nothing.
Probably, but, till the politicos quit their log-rolling antics, who knows?
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