Congressman Ron Paul is urging his colleagues in congress to cosponsor his legislation HR 1768 the Energy Efficient and Environmentally Friendly Automobile Tax Credit Act.
This legislation would help Americans spend less on gas and reduce pollution by providing a tax credit of up to $2,000 when they sell or trade in a car and obtain a vehicle that has at least 20% higher average fuel economy than their previous vehicle. It also creates a federal tax deduction for any state or local taxes paid on the purchase or the more fuel-efficient automobile, and makes interest on loans to purchase the more fuel-efficient vehicle tax deductible.
"Providing tax deductions and tax credits to make it easier for Americans to purchase fuel-efficient automobiles is a win for American consumers, a win for the environment, and a win for those of us who favor free market solutions to pollution and high gas prices," Congressman Paul stated in a letter to his congressional colleagues.
Congressman Paul has frequently made the case for the free market and private property rights in protecting the environment, and has signed the Americans for Prosperity's "No Climate Tax" Pledge. This pledge states that "climate change legislation should not be used as a guise to fund a massive increase in the size and scope of government " and reaffirms Congressman Paul's promise to vote against any legislation related to climate change that includes a net increase in government revenue.