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Automotive Digital Marketing Professional Community Supports NADA's Efforts to Get Tax Break for Auto Buyers

NADA Supports Tax Break for Auto Buyers, Offers Dealer Hotline November 13, 2008 - Sen. Mikulski Introduces Tax Deduction Bill to Put Economy ‘Back on its Wheels’

WASHINGTON (Nov. 12, 2008) – The National Automobile Dealers Association (NADA) supports proposed legislation announced today by U.S. Sen. Barbara Mikulski, D-Md., which seeks to stimulate the struggling economy by boosting retail automobile sales.

Today at a suburban Maryland dealership, Sen. Mikulski proposed granting a tax incentive for consumers who purchase a new car or truck. New vehicle owners would be able to temporarily deduct sales and excise taxes as well as interest on auto loans from their income taxes. (View the arguments in favor of tax incentives for car buyers from Sen. Mikulski).

“Credit is available again but lagging consumer confidence is still depressing new car and truck sales 25-30 percent,” NADA Chairman Annette Sykora said. “Now is the time for Congress and the White House to implement a stimulus package that is focused on ‘Main Street.’”

Sykora, a dealer from Lubbock, Texas, noted that since auto sales make up almost one-fifth of the nation’s retail economy, a boost in new vehicle sales would create a wave of economic activity, which would be felt through every level of the economy, from Main Street to the factory floor. (Read Sykora's full remarks here.)

"Congress and the President must consider leveraging the incredible economic engine of the automobile industry to jump-start our shaky economy," added Sykora.

The "Auto Ownership Tax Assistance Amendment" would make interest payments on car loans temporarily tax deductible for the remainder of 2008 through the end of 2009. Congressional leaders have indicated that consideration of a post-election stimulus package is possible to provide emergency assistance to the struggling auto industry. Prior to the 1986 tax reforms, taxpayers were able to deduct auto, credit card and other types of debt from their annual tax bill.

Additionally, NADA suggested a "cash for clunkers" program to create an economic and environmental benefit by getting older model vehicles off the road permanently. Up and successfully running in several states, the initiative offers cash incentives for people to trade in older vehicles and purchase new cleaner and more fuel-efficient cars and trucks.

"With great deals and incentives on vehicles, credit is available for consumers through a network of local banks and with some of the highest quality and fuel-efficient vehicles available ever, we just need to give the consumer the motivation and the confidence to visit their local dealership to see that a new car purchase is in reach," Sykora added.

NADA, founded in 1917 and based in McLean, Va., represents about 20,000 new-car and -truck dealers, with nearly 43,000 separate franchises, domestic and import.

Contacts:

David Hyatt
Vice President
NADA Public Affairs
(703) 821-7120

Bailey Wood
NADA Legislative Affairs
(202) 547-5500
(202) 557-1674 (mobile)

EDITOR'S NOTE: On behalf of the over 1,500 active members of the Automotive Digital Marketing Professional Community, I extend ADM's endorsement and support of NADA's efforts to support Sen. Mikulski's Tax Deduction Bill to Put the American Economy ‘Back on its Wheels’. - Ralph Paglia

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Comment by Randall Prince on November 19, 2008 at 11:22am
It's been shown time and time again that taxes are easily used as a method to promote or discourage various behavior. Tax breaks are an incredibly effective way in encouraging Americans to continue to support automakers in this time of economic distress. If no cars are sold, then not only is there no sales tax but there's no incentive to keep employees around (either on the sales or manufacturing side). These employees are the lifeblood of the tax returns for the federal government.

As to what Ralph said about the banking system, I only partially agree. The simple fact is that 95% of Americans need financing to buy cars. They just don't have the save and buy mentality of those generations before us. As such, banks are the best way for some to finance cars, houses or the durable goods Ralph talks about (via credit cards). Additionally, banks are a huge resource for dealerships to get credit to buy inventory. If the government is going to give money to banks to "help" the economy, that money should come with very simple rules that it MUST be used for bank loans, credit liquidity and financing, NOT for payroll, bonuses or buying smaller banks (like Wachovia did).

Congress acted in a knee jerk way with no regard for common sense. They are so hell bend on pleasing a constituency that they failed to work in an efficient manner that actually helps the problems our country is facing. They are trying to be popular instead of useful.
Comment by Tim Jennings on November 16, 2008 at 4:11pm
Case closed!
Ralph is` the Digital God
Comment by Jeff Kershner on November 15, 2008 at 11:47pm
That's why you are the god of digital.
Comment by Ralph Paglia on November 15, 2008 at 11:20pm
Ninja embedding techniques...
Comment by Ralph Paglia on November 15, 2008 at 11:20pm
Comment by Jeff Kershner on November 15, 2008 at 10:51pm
We all need to get the word out and support this bill. I have added a video of the press release if anyone is interested in watching. Hate link out from here but I couldn't get the video to post here in the comments.
Comment by Tim Jennings on November 15, 2008 at 4:22pm
I like It, Tax break would "bail in" consumers! Not "bail out" people running businesses making bad business decisions.
Comment by Ralph Paglia on November 15, 2008 at 2:08pm
BTW... David Mettor's email to me is what stimulated this blog post... Thank you for being proactive, Dave!
Comment by Ralph Paglia on November 15, 2008 at 2:07pm
that was "or" GDP...
Comment by Ralph Paglia on November 15, 2008 at 2:06pm
The fact remains that the banking system is not going to help the economic crisis if people do not start buying goods and services again... The sale of durable manufactured goods such as cars, trucks, tractors, washers, dryers, motorcycles, etc. is the backbone of the American economy. Congress should be paying attention to basics and stimulating the sale of goods and services, rather than the sale of banks from one holding company to another, which does nothing to stimulate the economy, job growth of GDP.

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