luxury tax coming back?

sbw1

sbw1

Well-Known Member
Oct 10, 2006
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West Michigan
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The State of New York is proposing a 5% luxuary tax on boats that cost $200,000 or more. Anyone remember what happened in 1993 when this was enacted into law? The State is also proposing to tax just about everything people do.
 
I remember that the dealers couldn't give away new big boats.......and, that you could get almost any price for a clean used boat. We had buyers walking the docks in Florida offering obscene amounts of money for used Sea Rays over 40 ft.
 
Would that tax be at the producer level, taxing boats made in NY no matter where sold, or at the purchaser level, taxing boats purchased by NYers no matter where built? The former would likely cause any NY boatbuilders to leave the state or go out of business, whereas the latter might cause more than a few folks to purchase, dock and register their boats in adjacent states.
 
I'm not sure of the exact structure of the tax but think it is for people who live in NY a who buy a boat. It is usually pretty easy for states to collect these taxes when you register them, so buying out of state may not do any good. My 1993 370 sat in the showroom for more than a year and I bought it when the tax was repealed.
 
It's just beginning... wait until the national ad valorem tax gets put in place...
 
The recent national election was a referendum, supported by an overwhelming majority, mandating increased taxes on the wealthy.

The corollary to that change is the discovery by the populace that they are wealthy.
 
wingless said:
The recent national election was a referendum, supported by an overwhelming majority, mandating increased taxes on the wealthy.

The corollary to that change is the discovery by the populace that they are wealthy.
Click to expand...

I hate to disagree with you, but it was not just about increasing taxes on the wealthy, more like a race thing. The GA Senate run off was a prime example of it.
 
I'm pretty sure that NY, like NJ charges sales tax on new boats. Is the 5% in lieu of the state tax of 8%? That's a good deal. If it is in addition, watch boats leave NY waters for NJ and CT, and NY boat dealers go under.

Too bad the law of unintended consequences doesn't kill legislators. On the other hand, if things get much worse, I'll all for another American Revolution. And if we need another Revolutionary War to make it happen, well so be it. The politicians have brought it down upon themselves.

Best regards,
Frank
 
I would think it is in addition to the existing sales tax paid at time and point of sale and on the amount that is over $200K.

On a $300K 38 DA that would amount to $30,875 or an overall effective rate of 10.3%.

Ouch!
 
fc3 said:
On the other hand, if things get much worse, I'll all for another American Revolution. And if we need another Revolutionary War to make it happen, well so be it.
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What, are you gonna throw all the boats into the harbor, like was done w/ the crates of tea?
 
Well in NY, they now have the "USE" tax. So it doesn't matter what you buy or where you buy it, you have to pay tax on it. It's not a sales tax so they get around the brick and mortar issue. New Jersey is also playing the game with the state. If you go to NJ and buy a big ticket item and don't pay the sales tax in NJ, the state will turn you into NY and you'll have to pay the NY USE tax plus penalties which comes out to be more than the NJ sales tax. Basically NJ says, pay us the sales tax or we'll screw you. Fun
 
wingless said:
The rich should contribute their fair share...
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Absolutely.

So when do we get to lower the amount paid in taxes to make it fair?

Fair share to me is paying to support what I use in the country, not supporting the people who sit on the doorstep at 2 in the afternoon hanging out as I see every day driving through Bridgeport, or covering the probably billions of waste in a corrupted and irresponsible government.
 
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sfergson727 said:
As for the rich having to pay their share, don't they already? Seems to me that the wealthy in this country pay more in taxes, produce more jobs, and give more to charity. What the problem is?
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The bad thing about the rich is they really skew the numbers when it comes time to providing tax breaks, that's why it's always tax breaks for the wealthy.

Besides, it's not "pay" it's "contribute".

The "Change, you betcha!" campaign slogan tilted the election results.
 
wingless said:
The bad thing about the rich is they really skew the numbers when it comes time to providing tax breaks, that's why it's always tax breaks for the wealthy.

Besides, it's not "pay" it's "contribute".

The "Change, you betcha!" campaign slogan tilted the election results.
Click to expand...

It seems working something like 152 (?) days out of the year to support the guberment is enough to me.

The wealthy more than not actually provide the jobs for people, by the way. The greater the risk, the greater the reward should be.

It is "pay". To say it is "contribute" is a flasehood. I do not volunteer to pay them, I am legally obligated to do so.
 
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