Cheers to the Auto Stimulus (2/19/09)
I was opposed to many of the spending items in the recently-passed Federal stimulus package because they're little more than needless pork.
But I don't think the entire stimulus bill is a waste. And one of the best examples of its good side is the Mikulski-Brownback Auto Stimulus Amendment.
No industry is more important to America's economy than the automobile industry. And this amendment mandates bold measures to help our manufacturers and dealers.
People who have been reluctant to purchase a new car will now have more of an incentive to do so, since their state and local sales taxes and excise taxes will now be fully deductible on their income tax returns.
The effect of this new policy will be substantial. And unlike so many other deductions, these are available to itemizers and non-itemizers alike.
This is the kind of economic stimulus I can really get behind. Senators Mikulski and Brownback - a Democrat and a Republican -- should be commended for their efforts to make it a reality. A little more of that, and I might start believing real bipartisanship actually is still possible.
So what are you waiting for? There's never been a better time than right now to go out and get that new car you've been wanting.
I'm Bill Lamb, and that's my...Point of View.