| | | Ah yes, the boat industry making Yachts for the one percent...
Why do I suspect you're incapable of grasping the consequences? Been done before, you know: Falling Tax Would Lift All Yachts.........published: February 7, 1992
The nation's luxury-boat builders, many clinging to their businesses after two years of plunging sales, finally got some good news last week.
President Bush, in his budget proposals, asked Congress to repeal the 10 percent luxury tax on yachts priced at more than $100,000 (and also on private planes that cost more than $250,000). The repeal, which Congress is likely to approve, would be retroactive to Feb. 1.
Since the tax took effect in January 1990, hundreds of builders of large and small boats have spoken of it as a stake driven into the heart of an industry already suffering from the recession, tighter bank rules on financing and fallout from the gulf war.
In the last two years, about 100 builders of luxury boats -- recreational craft costing more than $100,000 -- cut their operations severely and laid off thousands of workers. Some builders filed for protection from creditors under Chapter 11 of the Federal Bankruptcy Code.
Continues nytimes.com
Your kind of stupid seems impenetrable |
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