Senate Approves “Cash for Clunkers” Program

The Senate on June 18 approved a proposal known as the “cash for clunkers” program, which would provide $1 billion in tax-free vouchers to automobile dealers who participate in the new program aimed at revitalizing sagging vehicle sales. The program Image via Wikipedia vouchers, worth $3,500 or $4,500, will be given to dealers when consumers trade in an old vehicle for one with higher...

June 19th, 2009 by The Tax Man