Mikulski: Deduct Interest on Car Loans
Maryland Sen. Barbara Mikulski (D) today unveiled a proposal to allow car buyers to deduct the interest on car loans and sales tax from their income taxes as a way to help the ailing U.S. auto industry.
Under Mikulski's plan, individuals who make no more than $125,000 a year and families who earn no more than $250,000 a year would qualify.
She said the tax break would be part of the stimulus package and estimates it would cost a total of $2 billion to $3 billion.
Mikulski, who appeared at car dealership in Bethesda today, said: "My amendment is not limited to American cars. If you were to buy a car, we're here to help you regardless of the logo that's on the car. We believe that this is good economics because it stimulates demand, it helps all the way through and it also is good for the environment and good for the family's bottom line."
General Motors has said it is in danger of running out of money next year if it doesn’t get government help, and Ford and Chrysler appear to be close behind. All have requested government assistance and the Democratic leadership in Congress and President-elect Barack Obama have said they will help.
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