$75K Christmas present coming this year?

In our Christmas 2002 issue, we told you about the $24K tax deduction on SUV's and trucks with GVWR's of 6000 lbs. or more.

We thought it couldn't get any better...

Well, we may be wrong.

This year the break could go as high as $75K!

The Detroit news and others are reporting President Bush is thinking of changing the rule.

Highlights from the article:

One of Bush's proposed tax cuts would raise from $25,000 to $75,000 the amount small business owners -- including doctors, lawyers and financial advisers -- can write off when buying an SUV for business purposes.

"This is a plan that says that if you are willing to take risk and invest more, that there's a benefit for doing so," Bush said in unveiling the initiative Jan. 9. "It's an incentive for small business to increase ... And it will have a positive effect throughout our entire economy."

The definition was originally intended to exempt farmers and other small businesses who needed a pickup or cargo van from limits that apply to luxury vehicles. But the definition was written well before a wide array of upscale trucks and SUVs, such as the Lincoln Navigator, Cadillac Escalade and Lexus GX470, hit the market. And well before U.S. consumers started using trucks and SUVs as a substitute for the family car.

Under the Bush plan, the total deduction for a Hummer H1 will go up to a potential $88,722.

Click here to read the entire article