30K Tax Break for Buying a new Hummer - Cool! - GoFuckYourself.com

Supercharged · 03-20-2003, 11:08 AM

Check this link out, some obscure US tax law aimed at benefitting farmers....

http://www.imakenews.com/autospies/e...e000116178.cfm

Applies to any light truck with a GVW of 6000lbs or more, there is a list of vehicles that apply in the article.

foreverjason · 03-20-2003, 11:09 AM

how much are hummers anyways?

Thomas N · 03-20-2003, 11:19 AM

If you get a $30k tax break, that means $30k less of your income is taxed correct? So in essence you would be saving maybe 35% of the $30k, or whatever your tax break was? Am I understanding it correctly?

If so, getting to write $30k off may save you $9k or $10k maybe, depending on your tax bracket?

Supercharged · 03-20-2003, 11:22 AM

Yes that is how it works, they also can be depreciated at a faster rate, and I think its something the your average accountant would not think to exploit.

Hey 10k ... It beats a poke in the eye with a stick.

BV · 03-20-2003, 11:25 AM

Quote:

Originally posted by SwordFish
If you get a $30k tax break, that means $30k less of your income is taxed correct? So in essence you would be saving maybe 35% of the $30k, or whatever your tax break was? Am I understanding it correctly?

If so, getting to write $30k off may save you $9k or $10k maybe, depending on your tax bracket?

yep, sounds about right

Thomas N · 03-20-2003, 11:29 AM

Yep still a great deal! And definitely beats a poke in the eye, agreed!

03-20-2003, 11:08 AM	#1
Supercharged Confirmed User Join Date: Jan 2002 Location: B.C., Canada Posts: 219	30K Tax Break for Buying a new Hummer - Cool! Check this link out, some obscure US tax law aimed at benefitting farmers.... http://www.imakenews.com/autospies/e...e000116178.cfm Applies to any light truck with a GVW of 6000lbs or more, there is a list of vehicles that apply in the article. __________________ Stephan ICQ 4491799 Supercharged Web Designs Web Hosting Adult Design

03-20-2003, 11:22 AM	#4
Supercharged Confirmed User Join Date: Jan 2002 Location: B.C., Canada Posts: 219	Yes that is how it works, they also can be depreciated at a faster rate, and I think its something the your average accountant would not think to exploit. Hey 10k ... It beats a poke in the eye with a stick. __________________ Stephan ICQ 4491799 Supercharged Web Designs Web Hosting Adult Design

03-20-2003, 11:09 AM	#2
foreverjason Confirmed User Join Date: Mar 2003 Posts: 1,452	how much are hummers anyways?

03-20-2003, 11:19 AM	#3
Thomas N Confirmed User Join Date: Aug 2001 Posts: 973	If you get a $30k tax break, that means $30k less of your income is taxed correct? So in essence you would be saving maybe 35% of the $30k, or whatever your tax break was? Am I understanding it correctly? If so, getting to write $30k off may save you $9k or $10k maybe, depending on your tax bracket?

03-20-2003, 11:29 AM	#6
Thomas N Confirmed User Join Date: Aug 2001 Posts: 973	Yep still a great deal! And definitely beats a poke in the eye, agreed!