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Taxing the rich and what can be learned from the 1991 yacht tax
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<blockquote data-quote="wkmac" data-source="post: 853737" data-attributes="member: 2189"><p><a href="http://finance.yahoo.com/blogs/daily-ticker/david-stockman-crony-capitalism-killed-free-market-democracy-120004233.html" target="_blank"><span style="color: #ff0000">Good point!</span></a></p><p></p><p><span style="color: #000000">As to Brett's original point about the luxury yacht tax. Just thinking it all out, it's not like millions of yachts are sold each year which could generate a huge or even a modest amount of tax revenue. Revenue wise, this tax would only generate small potatoes on an annual basis so what was really behind it? </span></p><p><span style="color: #000000"></span></p><p><span style="color: #000000">A 1994' </span><a href="http://www.thefreemanonline.org/columns/shipwrecked-in-new-jersey/" target="_blank"><span style="color: #ff0000">article </span></a><span style="color: #000000">in The Freeman said the following concerning this yacht tax:</span></p><p> <span style="color: #000000"></span></p><p><span style="color: #000000"></span><span style="color: #000000"></span></p><p><span style="color: #000000"></span></p><p><span style="color: #000000">All that for only $5 mil per year in tax revs.?</span></p><p><span style="color: #000000"></span></p><p><span style="color: #000000">My gut tells me if one could really backtrace the tax legislation and get the real backstory, the tax was meant to drive the smaller yacht builders from the marketplace which many yacht builders did have to call it a day. This in turn cleaned out the industry of competition and I'm betting a few majors were economically positioned to survive a couple of years (law passed and signed by Bush 1 in 90' and repealed in 93') under the tax because on the backend, they made up the difference having used the tax as a mechanism to increase their customer base or in truth limit the customers choices. No, they obviously didn't do it the old fashion free market way of better and lower costed product. As Stockman pointed out, good ole Crony Capitalism! </span></p><p><span style="color: #000000"></span></p><p><span style="color: #000000">And he would be right!</span><a href="http://finance.yahoo.com/blogs/daily-ticker/david-stockman-crony-capitalism-killed-free-market-democracy-120004233.html" target="_blank"><span style="color: #ff0000"></span></a></p><p><a href="http://finance.yahoo.com/blogs/daily-ticker/david-stockman-crony-capitalism-killed-free-market-democracy-120004233.html" target="_blank"><span style="color: #ff0000"></span></a></p></blockquote><p></p>
[QUOTE="wkmac, post: 853737, member: 2189"] [URL="http://finance.yahoo.com/blogs/daily-ticker/david-stockman-crony-capitalism-killed-free-market-democracy-120004233.html"][COLOR=#ff0000]Good point![/COLOR][/URL] [COLOR=#000000]As to Brett's original point about the luxury yacht tax. Just thinking it all out, it's not like millions of yachts are sold each year which could generate a huge or even a modest amount of tax revenue. Revenue wise, this tax would only generate small potatoes on an annual basis so what was really behind it? A 1994' [/COLOR][URL="http://www.thefreemanonline.org/columns/shipwrecked-in-new-jersey/"][COLOR=#ff0000]article [/COLOR][/URL][COLOR=#000000]in The Freeman said the following concerning this yacht tax: [/COLOR][COLOR=#000000] All that for only $5 mil per year in tax revs.? My gut tells me if one could really backtrace the tax legislation and get the real backstory, the tax was meant to drive the smaller yacht builders from the marketplace which many yacht builders did have to call it a day. This in turn cleaned out the industry of competition and I'm betting a few majors were economically positioned to survive a couple of years (law passed and signed by Bush 1 in 90' and repealed in 93') under the tax because on the backend, they made up the difference having used the tax as a mechanism to increase their customer base or in truth limit the customers choices. No, they obviously didn't do it the old fashion free market way of better and lower costed product. As Stockman pointed out, good ole Crony Capitalism! And he would be right![/COLOR][URL="http://finance.yahoo.com/blogs/daily-ticker/david-stockman-crony-capitalism-killed-free-market-democracy-120004233.html"][COLOR=#ff0000] [/COLOR][/URL] [/QUOTE]
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