US Senate Approves Tax Cuts for Interests in Auto Loans
Last Monday, the United State Senate reached an agreement that loan interest and sales taxes collected from vehicle purchases will be deducted from the federal income taxes. The proposal was made by the National Automobile Dealers Association. The figures for the vote were 71-26.
The provision does not belong in the House-passed adaptation of over $800 billion package of the reductions in taxes and increases in spending. A decision by the conference committee is yet to be made as to whether the provision will stay or not. President Barack Obama prioritizes this bill.