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Obama: Buy a car, get a tax break

March 30, 2009

WASHINGTON (AP) -- President Barack Obama says the federal government is preparing to offer several incentives to get Americans to buy more U.S.-made cars.

In a White House speech, Obama said the IRS will start notifying consumers who purchased cars after Feb. 16 that they can deduct the cost of any sales and excise taxes. The program would remain in effect till year's end.

Obama says he wants to work with Congress to use parts of the economic stimulus package to fund a program that would allow consumers to get a "generous credit" when they replace an older, less fuel-efficient car and buy a new, cleaner car.

The president says he wants to make the program retroactive starting Monday. It's meant to boost car sales in the U.S., which have seen their worst decline in 27 years.

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Obama also said the government will guarantee warranties on any GM or Chrysler vehicles.

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