Mr.Mark "The Sharpie King"

I just talked to my tax guy today and learn something that blew my mind and also made me gnash my teeth.

You know all those giant pick-up trucks on the road and huge SUVs that people drive to pick up a quart of milk with?

Well, if the drivers are business owners, they are incentivized to buy the larger vehicles. Trucks with 6-foot beds, or full-size SUVs are 100% deductible, while smaller vehicles are not.

This just adds insult to injury to the fact that we are subsidizing fossil fuels to the tune of $11 million dollars a minute around the world.

May 19, 2023 at 10:40pmWeb
Show threadDan May 20, 2023
@markmetz It’s also an incredibly common tax fraud. The vehicle should be only used for the business, but a lot of small business owners just use the “bonus depreciation” to get a personal car. My understanding is that this is an extremely “low risk” activity.
Show thread@IanAMartin HAS MOVED!May 20, 2023

@dan @markmetz There was an earlier version of this in the US. In the early-mid-’70s, an owner of a trucking company could add a ‘fleet vehicle’ which cost the same as a new Mack or Peterbuilt model: a brand new Rolls Royce. The costs were all that was looked at usually.

Also, those huge, heavy Chevy Suburban / Lincoln models actually have large, heavy steel plating on the floors. It serves no purpose beyond making the GVW heavier and so is categorized as a vehicle that can pollute more.

Show threadChiefGyk3DMay 20, 2023
@markmetz @vfrmedia yup it has to do with the weight of the vehicle, the deduction is way better with heavier vehicles and it’s so stupid
Show threadKevin RussellMay 20, 2023

@markmetz

Systemic racism gets a little help all around.

Show threadDr Susi ArnottMay 20, 2023
@markmetz - is this in the USA?
Show threadRhinestone SquirrelMay 20, 2023
@markmetz I work in the automotive industry. This explains a lot about why I see businesses that don't haul things buying huge pickup trucks and SUVs in their business name...
Show threadRhinestone SquirrelMay 20, 2023
@markmetz Like...why does an accounting firm need a Chevy Suburban? Lol
Show threadpeteoMay 20, 2023

@markmetz
Even worse, the US penalises small trucks with it's "chicken tax"

https://www.investopedia.com/terms/c/chicken-tax.asp#:~:text=Kirsten%20Rohrs%20Schmitt-,What%20Is%20the%20Chicken%20Tax%3F,tariffs%20on%20American%20chicken%20imports.

Chicken Tax: What it Is, How it Got the Name

The Chicken Tax began 50 years ago when Europeans set a tariff on American chickens—the U.S. retaliated with a 25% tariff on imported light trucks.

Investopedia
Show threadLaurel L Russwurm 💉💉💉💉💉May 20, 2023
@markmetz
This is a prime example of why ordinary people need to get political.
@gemelliz
Show threadducksauz 🦆May 21, 2023

@markmetz

I have one word: Caltrops.

Show thread𝓐𝓷𝓭𝔂𝓣𝓲𝓮𝓭𝔂𝓮 𓀤May 21, 2023
@markmetz The Hummer was built to take advantage of that tax break. Got like 6 mpg.
Show threadAllen StenhausMay 22, 2023
@markmetz That combined with mileage requirements is what killed station wagons & encouraged more people to buy big trucks & SUVs.
Show threadMicah%20BJun 3, 2023
@markmetz @EarthOrgUK
It gets worse as trucks not only get tax deductions in the US for being work vehicles without strict verification that they are only used for business, they, as a class of vehicles, are not subject to the same emission standards as cars and protective tariffs impede the import of more efficient rivals such as from Toyota.
https://reduced.to/485bo
(JustNotBikes ad-free video at Nebula.TV, or with YT use a plugin or app at the end of j12.org/p2p )
Not Just Bikes — These Stupid Trucks are Literally Killing Us

Engineers, planners, politicians, and advocates all around the world are trying to improve their cities and build more great walkable places with viable alternatives to driving. But there's a looming trend that could undo all of that hard work.

Nebula