Luxury Yacht Tax

[AKBASSKING]

OK I posted this in another threat, but thought it deserved it's own.

Thought.....

All (or most) on this website will now own luxury yachts!

Remember the luxury boat tax a few years back????

Don't be surprised when.....................:smt009

 

[chuck1]

Lets hope not!

 

[AndersonAcres]

Politics, both sides, is the triumph of wishful thinking over common sense.

So we can hope all we want, but we boat owners can now be expected to be targets for having more than others, for having a boat of all things, for using resources to excess, and for polluting the environment with 'toys' that produce nothing -- 'cept maybe jobs for those that build them, service them, and produce the things we consume with such gluttony.

 

[Kameroo]

I've been wondering the same thing, re: taxing yachts. I already pay over $800 per year in KY property tax on the boat. Last 2 times I went to church boat owners were targeted, once for wanting a large possession (nice picture of a boat and vacation home on the powerpoint), and the other time for using a boat without consideration of its carbon footprint. Hard to say what the nutjobs will come after next against us evil boat owners.

 

[Rich]

What were the limits on determining the tax?

 

[wingless]

Those who dont' want to "spread the wealth around" when boating should move to Rhode Island. No sales or property tax on boats in the Ocean State.

 

[thunderbird1]

I wasn't boating when the luxury tax issue came up. Did it pass, or was it just a proposal?

 

[chuck1]

I wasn't boating when the luxury tax issue came up. Did it pass, or was it just a proposal?

Yep, and almost killed the industry and put a bunch of people out of work.

 

[AKBASSKING]

What were the limits on determining the tax?

If I am not mistaken, it was length. 20 foot and above. Then the feds imposed a tax when you bought the boat.

 

[AKBASSKING]

I already pay over $800 per year in KY property tax on the boat.

In Alaska I pay $21 for a 3 year registration. There is no personnal property tax. I don't see how you guys on the right coast can afford a row boat, let alone a SR......

Last 2 times I went to church boat owners were targeted, once for wanting a large possession (nice picture of a boat and vacation home on the powerpoint), and the other time for using a boat without consideration of its carbon footprint. Hard to say what the nutjobs will come after next against us evil boat owners.

Sounds like you need a new church.........WOW!

 

[MLauman]

If I am not mistaken, it was length. 20 foot and above. Then the feds imposed a tax when you bought the boat.

Pretty sure it was based on PRICE and not SIZE of boat. I want to say it was a 10% tax on boats over $100,000. There was a smilar tax on cars, but the price was lower - and second homes at $500k or more. Not positive about these numbers but it was something like that.

 

[Presentation]

From memory, Luxury Tax was $75 and you had to pay it to the bank. But we never did that, instead we put it in the middle and you got it if you landed on free parking.

 

[Aquarius]

That's what we elected to do also Presentation.

-Aquarius

 

[billandamy]

From memory, Luxury Tax was $75 and you had to pay it to the bank. But we never did that, instead we put it in the middle and you got it if you landed on free parking.

:smt038 :smt043

Too funny! Bravo!

We did the same thing. We also used the "jail money" fines for the middle. I always seemed to land in jail but never collect the free parking. :smt013

 

[Chris R]

Surprised no one has thought of the possible elimination of the "second home" tax deduction credit.... That could be a big target.

 

[chuck1]

Surprised no one has thought of the possible elimination of the "second home" tax deduction credit.... That could be a big target.

Don't give them any ideas. The real estate market is already hurting enough.