Dems want to tax Collector/Muscle/Classic cars!!!
 

Read from the article out of the New York 'Slimes' (Times)...dated 28 March 2011... :banghead::mad::toetap05:

Senator Eyes Collector Cars as Revenue Source...Auto Enthusiasts who dodge taxes are in Schumer’s crosshairs

AP. Senator Charles Schumer (D-NY) held a press conference today in the Capitol’s rotunda and stated that he is in the process of drafting a bill that will create a federal tax on all collector, antique, historic, special interest, hot rods and race cars. “This country is operating at a huge budget deficit,” said
Senator Schumer, “thanks to the previous administration’s failure to seek new sources of revenue. We can no longer continue to just raise the taxes we already have. We are reaching the point of diminishing returns. We must find new sources of revenue. “There are more than one million collector cars in this country,” said Schumer, “and many of them are unregistered and
untaxed. These vehicles represent sometimes sizeable assets which often appreciate from sale to sale. Much of these capital gains remain untaxed. It’s about time these collectors—all of whom are rich—begin to pay their fair share. I’ve never heard of a poor person owning a Corvette, Ferrari, Deusenberg or Cobra.” Citing the results of this year’s automobile auctions in Scottsdale, Arizona as an example, where reported sales were in the
tens of millions of dollars, Schumer said, “We’re not talking about rusty old clunkers, here. Some of these cars represent the pinnacle of automotive
history. Collectors who buy and sell them often do so privately. Some transactions are in cash and others include trades. All of these are under the Internal Revenue Service’s radar. Well, that will soon end.” Each state has different laws and requirements for collector cars. Those which tax them as
personal property often use outdated values. An owner can pay taxes on a car the state determines is worth $5,000 and then turn around and sell it for
$100,000 or more. Until now, all of this has been the purview of each state. Schumer’s law will sidestep all state laws by levying a federal tax in addition to anything the individual states do. This new federal tax will be similar
to the present federal tax on gasoline, which is in addition to whatever a state assesses. Part of the Schumer law includes the IRS opening up a
special department to deal with collector cars. Values will be calculated
annually and owners will be required to list all cars they own on their 1040 tax form. Because not all vehicles are registered, and thus may not be
known to the individual states’ motor vehicles departments—especially race cars which are not driven on public roads—the IRS will make use of the existing network of individual collector car enthusiast organizations across
the country. Many of these car clubs maintain accurate registries which
detail each car by its vehicle identification number and present or last known owner and their location. Assembling an all inclusive federal database in conjunction with these registries will be one of the first steps in implementing the new law. Once the database of owners is cross-referenced with an annual index of current collector car values, every collector or race car in the country can be taxed at a fair rate. Initially, Schumer says, it will be 10% but that would rise depending on the type of car, number produced and condition.
“Collectors are willing to pay more for certain cars,” said Schumer, “because of their history or the small number that were produced. These factors increase a vehicle’s worth to buyers, so why should these cars not be
taxed at a higher rate? It’s no different than our current progressive income tax rate.” It is estimated that an annual 10% tax on all collector cars
presently owned by American taxpayers—at their prevailing market value—would be more than $250,000,000. In four years the coffers of the federal government could be fattened by a billion dollars. “That’s only a conservative
estimate,” said Schumer. “Nobody knows exactly how many collector cars are out there. But by this time next year, WE will know. Owners of these
cars will finally have to pay up. Their free ride—on the backs of the poor—is over.”

Free ride????

On the backs of the poor????

How do these guys come up with this crap? :shrug01:

That whole thing is just bullchit!

Kick his dumb azz outa office too.

If Gov Scott sees this post, we will be SOL for sure...

Yep, this idea uses the idea that the "Rich" get a free ride. It will gain momentum becuse everyone has heard of the tax loop holes for the rich. This will smear the ideas together.

WHAT A BUNCH OF CRAP ........... THIS MAKES MY BLOOD BOIL..MOST OF US, WORKED OUR A$$ OFF AND PAID TAXES TO BE ABLE TO ENJOY OUR PASSION AND THEY WANT TO SPREAD THE WEALTH SO SOME POOR "A" HOLE WHO DON'T PAY TAXES CAN GO OUT AND ENJOY SOME CRACK, OR OTHER DRUG ON OUR DIME....

The only "diminishing returns" that I see is that we are getting less and less value for more and more burdensome taxes the government is squeezing out of us.

Here's a clue, leaches! Stop SPENDING so friggin' much! Especially stop SPENDING money you DON'T HAVE! A "budget" is NOT listing everything you WANT to spend money on then trying to figure out ways to yank it out of people's pockets involuntarily. You figure out how much money you have to spend, THEN figure out what you can afford to spend based on that absolute limit. Every representative who votes, and has voted, for a budget that operates off of a deficit is engaging in gross malfeasance.

Come on you guys haven't you figured it out yet. :rolleyes: The only reason to run for political office is the recurring revenue stream in billions of dollars with no accountability. They are all a bunch of statist theives.

This does not suprise me one bit. I know this from personal experience of paying Mayor Peyton 10's of thousands of dollars in RE taxes every year no matter what my cash flow statement or balance sheet that has losses of 100's of thousands of dollars the government still gets their cut at whatever assement they say it is!

The only thing a politician is interested in is how much money they get. It is even guaranteed in the 1st ammendment of the constitiution.

"Amendment 1 - Freedom of Religion, Press, Expression. Ratified 12/15/1791. Note

Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances."

So there are no laws prohibiting any man from petitionioning their government officials, but that does not mention anything about access. There is nothing unconstitiutional about who they chose to listen to and the person with the most $$$ gets their ear. If you have never experienced trying to redress your grievances to your elected official the first thing they will ask is how much $$$ have you contributed? So the only redress of your grievance is you have got to pay to play.

There you go government thievery and corruption guarnateed by the constititution. These guys figured it out 220 yrs ago nothing new.

This is why so many rich people want to be a politician. The opportunities for more money in THEIR pockets at YOUR expense is endless.

PS almost forgot your collector car tax is ALSO GUARANTEED BY THE CONSTITIUION:

"Amendment 16 - Status of Income Tax Clarified. Ratified 2/3/1913. Note History

The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration."

Which means they get to make up what ever chit they want, and there is not a damn thing you can do about it BWAHAHAHAHAHAHAH


"Welcome to the Revolution"
Tommy Lee Jones
Underseige :reddevil:

Wow what a strange concept. Only spend what you earn? How novel.:shrug01:[

QUOTE=Rich Z;135078]The only "diminishing returns" that I see is that we are getting less and less value for more and more burdensome taxes the government is squeezing out of us.

Here's a clue, leaches! Stop SPENDING so friggin' much! Especially stop SPENDING money you DON'T HAVE! A "budget" is NOT listing everything you WANT to spend money on then trying to figure out ways to yank it out of people's pockets involuntarily. You figure out how much money you have to spend, THEN figure out what you can afford to spend based on that absolute limit. Every representative who votes, and has voted, for a budget that operates off of a deficit is engaging in gross malfeasance.[/quote]