Smile of cars
What’s it going to take to put you in the driver’s seat of that new car? This should put a smile on your face: Part of the federal stimulus package is a deduction on taxes paid when new cars are purchased. Congress considered, but rejected, another deduction for the interest paid on new car loans. Oklahoma doesn’t assess sales taxes on vehicles. Instead, it takes 3.25 percent of the purchase price on new cars (used cars also have an excise tax, but it’s figured differently). Motor vehicle excise tax collections led all categories in declines for January, compared to January of 2008. The vehicle tax decline was nearly 60 percent. Most car buyers will qualify for the new federal deduction. So in addition to those dealer incentives, Uncle Sam is offering one of his own. Of course all of us will ultimately pay for this deduction through the increase in the federal debt.
Message Sent Successfully
Be Sure to Check Out Our Top Headlines
- 39385Dillon Overton rips former Sooners coach Sunny Golloway on Twitter
- 13186Oklahoma football: New assistant Bill Bedenbaugh discusses state of OU's offensive line
- 12510New OSU CB Tyler Patmon, ex-OU QB Drew Allen among those to benefit from transfer rule
- 11930Live blog: "The Voice" Season 4 live finale - performance episode
- 10305UPDATE: Woman's body found in northwest Oklahoma City, her son arrested
- 7560Oklahoma City Thunder: Hard to tell if Shabazz Muhammad is on OKC's radar
- 7262Oklahoma baseball: Sunny Golloway wasn't Sooners' most beloved coach, but he got results
- 7231Oklahoma State football: Quarterback Wes Lunt transferring to Illinois
- 6637Top 5 regrets of the dying
- 5911Russell Westbrook is off crutches and says he's back
Back to share with a friend form.
Add More Recipients