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Shed a tear for luxury SUV owners. Because they're on the verge of losing a perk that comes with purchasing a Hummer or a Cadillac Escalade -- getting a $25,000 tax deduction.
It's one of the many loopholes buried within the fine print of the tax code: Business owners who purchase heavy luxury SUVs, those weighing over 6,000 pounds, get to take deductions up to $25,000.
Now some members of Congress are pushing to close the so-called Hummer Tax Loophole. Led by Rep. Earl Blumenauer, D-Ore., the Ways and Means Committee passed an energy bill last week that is expected on the House floor next month.
"We're allowing people to buy a huge expensive gas guzzler and get a benefit that was never intended for them," Blumenauer told ABCNEWS.com.
abcnews.go.com
It's one of the many loopholes buried within the fine print of the tax code: Business owners who purchase heavy luxury SUVs, those weighing over 6,000 pounds, get to take deductions up to $25,000.
Now some members of Congress are pushing to close the so-called Hummer Tax Loophole. Led by Rep. Earl Blumenauer, D-Ore., the Ways and Means Committee passed an energy bill last week that is expected on the House floor next month.
"We're allowing people to buy a huge expensive gas guzzler and get a benefit that was never intended for them," Blumenauer told ABCNEWS.com.
Buy a Hummer, Get a $25,000 Tax Break
Some members of Congress are moving to close the tax loophole.
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