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WTF: Rick Wagoner wants Gas-Tax Hike

Not what I want to hear.. or any consumer for that matter.

Tags: gm, gas, tax, domestic, other

WTF: Rick Wagoner wants Gas-Tax Hike
In a surprising turnabout, General Motors Corp. Chief Executive Officer Rick Wagoner said Tuesday that increasing the federal gasoline tax to guarantee a minimum price of $4 a gallon is an idea "worthy of consideration."

Few industries have been more vigorously opposed to hiking the gas tax than automakers. But GM, which is betting its future on high-priced, energy-efficient cars, has switched its historic view and is now open to the federal government setting a new, higher floor on fuel, which would act as an incentive for consumers to buy hybrid and electric cars.

"It's great that smart people are talking" about ideas to conserve energy, Mr. Wagoner told reporters Tuesday. He was referring to recent comments by Michael Jackson, the chief executive of AutoNation, who recommended a huge increase in the gas tax to encourage American consumers to buy fuel-efficient vehicles.

"Michael Jackson is a smart guy," and his idea deserves to be considered, Mr. Wagoner said at a briefing sponsored by the Christian Science Monitor.

When the price of gasoline jumped above $4 a gallon in July, AutoNation, the nations largest chain of new-car dealers, had a two-day supply of Honda Civic gasoline-electric hybrids. By the end of the year, when gas prices dipped significantly, AutoNation had a 148-day supply of hybrids.

Source: Washington Times

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Senate approves tax break for auto loan interest

Not since 1986...

Tags: senate, government, tax, auto loan, other

Senate approves tax break for auto loan interest
You are one step closer to having your auto loans be tax deductible for the first time since 1986. The U.S. Senate yesterday voted to make loan interest and sales taxes on vehicle purchases deductible from federal income taxes.

The proposal was brought forward by the National Automobile Dealers Association and was added to the economic stimulus bill. Senate approved the tax break with a 71-26 vote.

When the House approved more than $800 billion of spending increases and tax cuts, the provision was not a part of the package. A conference committee will now decided whether the provision will stay in.

According to Automotive News, NADA says that the provision on letting consumers to have their auto loans interest be tax deductible will get them back into showrooms. The group said that consumers will be able to save about $1,500 on a $25,000 vehicle.

Source: eGMCarTech

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Proposed gas tax hike riles gas station owners

Michigan may take over the number one spot.

Tags: gas, tax, government, oil, other

Proposed gas tax hike riles gas station owners
A proposed gasoline tax hike to fix the state's crumbling roads and bridges is pitting road builders against gasoline station owners, who say it would give Michigan the highest tax in the nation. With the proposed hike being considered by the lame duck state Legislature, Michigan would jump ahead of California, the nation's current No. 1, according to station owners. Michigan now has the nation's fifth-highest gasoline tax, including state and federal taxes, at 59.4 cents a gallon. California's is 67.1 cents.

"I put it down to three issues: It's too quick, it's too complicated and it's too much," said Michigan Petroleum Association President Mark Griffin, who sent a memo to legislators Tuesday outlining his concerns.

"It's the last thing this ailing economy needs right now," said Craig Hoppen, president of J&H Oil Co., which owns 34 gasoline stations in West Michigan. "Cheap fuel prices are fueling the (economic) activity we have now. Taxing gasoline to fix roads is an old way of doing it."

Michigan Infrastructure and Transportation Association (MITA) spokesman Mike Nystrom questioned the sincerity of gas station owners.

"It's interesting to me that this industry is now so concerned about excessive fuel prices," said Nystrom, whose group represents road builders and others in heavy construction. "We didn't necessarily see memos coming out from them when the price of fuel exceeded $4 a gallon.

Source: MLive

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Congress approves $7,500 tax credit for Chevrolet

Rejoice! Go electric and get some money off.

Tags: gm, chevrolet, volt, congress, tax credit, domestic

Congress approves $7,500 tax credit for Chevrolet
Detroit's Big Three automakers lobbied hard up to nearly the last minute to win passage of the $700 billion Wall Street bailout package -- which includes new tax breaks for plug-in vehicles and an extension of the research and development tax credit -- passed today by the House 263-171.

The bill -- signed into law this afternoon by President Bush -- includes a tax credit worth up to $7,500 for plug-in vehicles and fully electric vehicles. The $1 billion tax credit over 10 years is a big boost to General Motors Corp., which will begin selling its extended-range electric Chevrolet Volt in late 2010. But its expensive battery pack will push the cost of the vehicle to as much as $40,000 -- and the $7,500 tax credit may help some consumers afford it.

It also will aid Nissan Motor Co. and Chrysler LLC, which plan to sell full-electric vehicles. The credit is for vehicles with at least a 4 kwh battery pack; they'll qualify for a $4,168 tax credit. The rescue package also includes an extension of the research and development tax credit -- a move automakers have been strongly pushing for since they spend so much money on research and development.

Source: Detroit News

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Tax incentives for hybrids are disappearing

The books dictate this one.

Tags: honda, civic, toyota, prius, tax, incentives, government, import

Tax incentives for hybrids are disappearing
Popular hybrids sold in the U.S. either no longer qualify for tax breaks or are about to see them cut very sharply. Starting today, the Honda Civic Hybrid will see a cut in tax credit from $1,050 to $525. Toyota Prius and the Camry Hybrid saw their $3,150 tax credits disappear last fall. The Prius and Civic rank first and second in terms of fuel-economy followed by the Camry Hybrid at no.3.

Why would the government make such a move when gas-prices are at an all time high? Well, according to the 2005 federal law that started the hybrid tax credits, the tax break begins to phase out after an automaker sells 60,000 qualifying vehicles.

For those of you who were unaware, Toyota felt this back in October of 2007, when there was a heavy demand for the Prius.

Honda hit the limit last year and the original tax break of $2,100 was cut to $1,050. It will be cut to $525 today.

Source: EGM Cartech

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Speeders now paying for cops fuel

"Spread em" and bend over. That ticket will cost you even more money.

Tags: police, fuel, gas, tax, other

Speeders now paying for cops fuel
Drivers caught speeding in this north Atlanta suburb soon will have to pay an extra $12 - to cover $4-a-gallon gas costs for the police officers who stop them.

The City Council passed the fee hike, effective July 1, to offset fuel prices that have eaten up nearly 60% of the police department's 2008 fuel budget, Police Chief Ken Ball says.

He expects the fee increase, which applies to all moving violations and can be rescinded if gas prices fall below $3 a gallon, to generate $19,500 to $26,000 a year for the town of 7,700.

Ball says he was seeking ways to maintain patrols despite record high gas prices. "I was hearing that Delta (Air Lines), pizza deliverers, florists were adding fuel charges to their services, and I thought, why not police departments?" he says.

Source: AOL

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Schumacher is Germany's Fastest Cab Driver

Tags: schumacher, taxi, racing, other

Schumacher is Germany's Fastest Cab DriverMichael Schumacher may well be the fastest taxi driver in Germany after the seven-times world champion shocked a cab driver by taking over the wheel in order to be on time for a flight.

Schumacher, 38, flew into the aerodrome at the Bavarian town of Coburg on Saturday and took a taxi to the village of Gehuelz, 30 kilometres away, to pick up a new puppy - an Australian Shepherd dog called "Ed".

But when the former Formula One ace, plus his wife and two children, caught a taxi back to the airport they were short on time and, after a polite request, cab driver Tuncer Yilmaz watched in wonder as Schumacher took the wheel.

"I found myself in the passenger seat, which was strange enough, but to have "Schumi" behind the wheel of my cab was incredible," Mr Yilmaz told the Muenchner Abendzeitung.

"He drove at full throttle around the corners and over-took in some unbelievable places."

Mr Yilmaz was well rewarded for the unusual journey - on top of the 60 euros (88 US dollars) fare, he was also given a 100 euros (146 US dollars) tip. Schumacher's spokesperson Sabine Kehm later confirmed the story.

The German track ace, who now lives in Switzerland, retired from Formula One in 2006 after a glittering career and, despite test drives for his old team Ferarri, has insisted there is no chance of a return to racing.

Source: [url=http://news.yahoo.com/s/afp/20071211/en_afp/autopreixgerschumacheroffbeat_071211193311]Yahoo![/url]

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FQuick Blog Staff