Maybe we should start taxing personal cars because we can all ride public transportation. Oh, wait, we do. Sales tax on the purchase, annual excise tax, and sales tax on the disposition. There's got to be another way to tax drivers. Oh yeah, fuel tax. Thank you sir, may I have another? How about annual inspection stickers? May I have another? Okay, registration and license fees. There has to be another tax. That's not enough to cover the cost of repairing roads and bridges and the salaries and benefits of the government workers and their friends in private contracting who oversee all that.
Say "bye bye" to your boat interest deduction.
- Thread starter Four Suns
- Start date
tdschafer
Well-Known Member
Hey, Easy fella,I drink Coors!!!! Well, Coors Light. What's wrong with that? Obamanomics has me scaling back on all of my purchases these days..........Geez.
Hellman Huddle
New Member
- Nov 6, 2009
- 510
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- 2005 260 Sundancer
2000 F-350 Diesel
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- 350 Mercruiser Bravo III
:smt100
HUMPH
Well-Known Member
- Nov 4, 2009
- 7,618
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- 2003 410DA
2009 Walker Bay 13’
- Engines
- CAT 3126TA's 350HP/
50HP Honda
It all sucks... Locally we started writing our representatives months ago (like that would do any good)!
Hmmm. 12:44 am -> and still in the general forum. Moderators must be asleep early!
I will only ask one question in the general forum: How many of you guys are "flat tax" advocates?
Night night all!
mysticowner
New Member
- Feb 19, 2011
- 213
- Boat Info
- 23' cuddy cabin jet boat. 92 270 Sundancer waiting
for the maiden voyage
- Engines
- 545 big block ford 600+ HP. Stroker 270 is the 454
Today they are after the jet set, when they have them who's next?
The walmart employee that worked enough overtime to buy a corvette? Let's be real, they won't stop till someone votes them out of office.
Remember, "I said nothing when they came from them". Next they came for "ME" and it was to late.
The walmart employee that worked enough overtime to buy a corvette? Let's be real, they won't stop till someone votes them out of office.
Remember, "I said nothing when they came from them". Next they came for "ME" and it was to late.
I am a Fair Tax advocate. It will never see the light of day as the end result is it takes power (money) away from D.C.
See http://www.fairtax.org for more info.
I'm all for the flat tax Corn Muffin... It broadens the base and makes more people pay instead of the lower half (people paying no taxes) scream that the upper half (people actually paying taxes) that they are not paying their "fair share." Remember... my 16-year old son working the drive thru window at Chick-fil-ee is now "rich" and in the upper half...
Here's where this boat tax thing originated... Chicago.. Mike Quigley...
http://quigley.house.gov/index.php?option=com_content&view=article&id=480%3Aquigley-walz-peters-introduce-bill-to-end-subsidies-for-luxury-yachts&catid=19%3A2011-press-releases&Itemid=24
______________________________
Quigley, Walz, Peters Introduce Bill to End Subsidies for Luxury Yachts
Tuesday, 03 May 2011 13:29
WASHINGTON—Today, U.S. Representative Mike Quigley (IL-05), along with Reps. Tim Walz (MN-1) and Gary Peters (MI-9), introduced legislation to eliminate taxpayer subsidies for yachts. The Ending Taxpayer Subsidies for Yachts Act will amend a tax provision that allows boat owners to write off their mortgage interest payments if they classify their boats as second homes.
“There’s absolutely no reason why taxpayers should subsidize luxury yachts,” said Quigley. “As we work to address our budget challenges, closing this frivolous tax loophole is a no-brainer.”
“We’re going to have to make some hard decisions to tackle our national debt, but this isn’t one of them,” said Walz. “Closing this tax loophole restores the Mortgage Interest Deduction to its original purpose; helping middle class families realize the American Dream through homeownership.”
Currently, taxpayers are allowed to deduct mortgage interest for up to two homes from their tax returns. Yachts equipped with bedding, toilet facilities, and a kitchen qualify even if they aren’t used as a primary residence. The Ending Taxpayer Subsidies for Yachts Act would limit the tax deduction to only those who use their boats as a primary residence.
“We need to get the deficit under control, and that means simplifying the tax code and eliminating special interest tax giveaways like the Yacht Loophole,” added Peters. “Homeownership is part of the American Dream and we should encourage it, but yacht owners don’t need any special handouts, especially in the middle of a budget crisis.”
In 2004, there were approximately 500,000 pleasure boats in the United States large enough to qualify for the tax break, but only around 100,000 people live full time on boats according to the 2000 Census.
______________________________
I'm guessing some don't realize that the "world" thinks a 260 DA and up is a "Luxury Yacht".... Again, this will impact the Bayliner, Carver, Sea Ray world more than the $4M Viking world... Hell... 5 bucks says all the $4M boat will magically get registered off shore.
Here's where this boat tax thing originated... Chicago.. Mike Quigley...
http://quigley.house.gov/index.php?option=com_content&view=article&id=480%3Aquigley-walz-peters-introduce-bill-to-end-subsidies-for-luxury-yachts&catid=19%3A2011-press-releases&Itemid=24
______________________________
Quigley, Walz, Peters Introduce Bill to End Subsidies for Luxury Yachts
Tuesday, 03 May 2011 13:29
WASHINGTON—Today, U.S. Representative Mike Quigley (IL-05), along with Reps. Tim Walz (MN-1) and Gary Peters (MI-9), introduced legislation to eliminate taxpayer subsidies for yachts. The Ending Taxpayer Subsidies for Yachts Act will amend a tax provision that allows boat owners to write off their mortgage interest payments if they classify their boats as second homes.
“There’s absolutely no reason why taxpayers should subsidize luxury yachts,” said Quigley. “As we work to address our budget challenges, closing this frivolous tax loophole is a no-brainer.”
“We’re going to have to make some hard decisions to tackle our national debt, but this isn’t one of them,” said Walz. “Closing this tax loophole restores the Mortgage Interest Deduction to its original purpose; helping middle class families realize the American Dream through homeownership.”
Currently, taxpayers are allowed to deduct mortgage interest for up to two homes from their tax returns. Yachts equipped with bedding, toilet facilities, and a kitchen qualify even if they aren’t used as a primary residence. The Ending Taxpayer Subsidies for Yachts Act would limit the tax deduction to only those who use their boats as a primary residence.
“We need to get the deficit under control, and that means simplifying the tax code and eliminating special interest tax giveaways like the Yacht Loophole,” added Peters. “Homeownership is part of the American Dream and we should encourage it, but yacht owners don’t need any special handouts, especially in the middle of a budget crisis.”
In 2004, there were approximately 500,000 pleasure boats in the United States large enough to qualify for the tax break, but only around 100,000 people live full time on boats according to the 2000 Census.
______________________________
I'm guessing some don't realize that the "world" thinks a 260 DA and up is a "Luxury Yacht".... Again, this will impact the Bayliner, Carver, Sea Ray world more than the $4M Viking world... Hell... 5 bucks says all the $4M boat will magically get registered off shore.
Last edited:
- Feb 4, 2007
- 7,251
- Boat Info
- 1996 450DA, TNT, Caribe dink w/15hp OB.
- Engines
- 3126 427HP TD transmissions
What about RV's? I think they should pony up too. Same with anyone who has a pool or a tennis court in their back yard. Those damn rich pool owning tax dodgers. I don't have a pool, I don't think I should have to subsidize those rich enough to swim all day.
Good point! I think to be "fair" you should have to subtract off ANY item in your house that could be deemed "luxury" and then the balance is all you're allowed... Pools, Viking ranges, Sub-Zero fridges, any bar fridge, elongated toilets, hardwood floors, light fixtures that are more than just a light bulb, bath tubs with jets, showers with more than one head, granite counter tops, more than 2 windows in the house, brick exteriors, wall joists greater than 4", wood trim, etc etc... It could be a new IRS form and worksheet...
Mike for Congress!!!!!
Oh you dastardly consertatives....just wait till that Packerman guy or the school teacher union guy from Wisconsin weigh in....they know....
Wait....where have those guys been ????? Ah...I know...too busy protesting something.
Wait....where have those guys been ????? Ah...I know...too busy protesting something.
- Aug 25, 2008
- 1,819
- Boat Info
- 2006 320 V-Drives 6.2s, Bow Thruster, Generator, Raymarine C80, Radar, Fish Finder
- Engines
- 6.2 Horizons 320HP
I paid off my primary home 2 years ago and decided to buy a 2nd house on the water. I am currently refinancing and moving the mortgage back to my primary home in anticipation of the idiots in Washington changing the interest tax deduction rules. If you have the ability to take an equity loan on your primary residence to pay for your boat, it makes tax sense to consider it.
- Feb 4, 2007
- 7,251
- Boat Info
- 1996 450DA, TNT, Caribe dink w/15hp OB.
- Engines
- 3126 427HP TD transmissions
You're one of those rich pool owning tax dodgers. I paid for your pool, I'm coming over to use it.
- Aug 25, 2008
- 1,819
- Boat Info
- 2006 320 V-Drives 6.2s, Bow Thruster, Generator, Raymarine C80, Radar, Fish Finder
- Engines
- 6.2 Horizons 320HP
That is a good question. Now that you raised the question, I seem to remember something that states an equity loan has to be for improvements to the home. The new loan is being processed as a refinance, not an equity loan, although I'm not sure what the banks used to classify the types of loans. They are both backed by house value. Hmmm... I hope I am not screwing myself. I need to double check if my plan makes sense.
osd9
New Member
Yeah....You and Vince....two tax dodgers drinking beer and smoking cigars by the pool...you probably even have a doorman at your primary residence....I say that they should put you both in jail....
Wired2Cruze
Member
- Jun 11, 2010
- 122
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- 1996 Sundancer 250, Garmin 431S GPS, towed by 2006 Dodge durango
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- 5.7L Merc w/BravoIII
It's good to know this guy Quigley is looking out for all the decent, hard-working middle-class folks who want to realize their dream of owning 2nd "vacation" homes, by not going after their interest deductions. Could it be that those people are a larger voting bloc than the owners of 25' "luxury yachts"?
- Feb 14, 2009
- 1,361
- Boat Info
- '07 42SS Carver, full electronics array
'03 380DA, RL80C+, ST7001, Kohl 7.3,4kw o/array sold
- Engines
- 8.1S Crusader express drives
I just completely read both of the proposed budget bills...my takeaway...there's no significant short term difference. Both bills have significant budget INCREASES over the next five years. The Reid bill more than the Boehner bill...but not by friggin' much. Both sides are playing games with the concept of budget cuts being decreases in the amount of future spending.
I am simply sick.
I am simply sick.
- Aug 25, 2008
- 1,819
- Boat Info
- 2006 320 V-Drives 6.2s, Bow Thruster, Generator, Raymarine C80, Radar, Fish Finder
- Engines
- 6.2 Horizons 320HP
This guy sums it up beautifully.
[video=youtube;8SGyVNippvA]http://www.youtube.com/watch?v=8SGyVNippvA&feature=player_embedded#at=56[/video]
[video=youtube;8SGyVNippvA]http://www.youtube.com/watch?v=8SGyVNippvA&feature=player_embedded#at=56[/video]
Steve S
Well-Known Member
- Jun 5, 2007
- 3,138
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- 2000 400 Sedan Bridge with twin CAT 3116's
2000 340 Sundancer - SOLD!
210 Monaco 1987 - SOLD!
- Engines
- Twin Caterpillar 3116's 350 HP straight drives
"Are you kidding me"... Well Said!
