OT - The party of the rich is...
HK wrote:
Don White wrote:
"Chuck Gould" wrote in message
...
On Feb 7, 8:48?pm, Wayne.B wrote:
On Thu, 7 Feb 2008 09:00:54 -0800 (PST), Chuck Gould
wrote:
According to Uncle Chuck's Sage Financial Advice, two mid-managers
grossing $200k should *typically* be looking at a boat somewhere under
$500k.
It's also important to understand whether or not the boat will qualify
for a "second home" deduction. ?That can improve net cash flow by
quite a lot in some cases.
Yes, and you simply recover the amount of income tax paid on the money
needed to make the interest portion of the payment. A family in the
30% tax bracket would probably save about $2000/month in taxes during
the early years of a $1mm boat note. Brings the net total down to
$8,000 per month before the boat ever leaves the dock, or about half
the total *gross* income for the family. My point remains, $200k per
year families are not buying $1mm boats......not unless great aunt
Harriet kicks the bucket and leaves them $500k to use for a DP.
Just doesn't make sense to me that high earners should get a tax break
on a luxury purchase such as a boat.
The US gov't should be putting that money toward your national debt.
Well, we have bit of tax code here that should be altered or dumped...it
says you can claim a boat as a second home if it has a toilet and
suchlike, and therefore you can deduct the interest you pay if you
borrow money to buy it.
If I were rewriting tax code, I would restrict the upper amount of
interest deductible on second home purchases and I would require that
boats or any other "second homes" financed under such "deductible"
conditions have a certificate stating at least 75% manufacture in the
United States. I see no need to provide the very wealthy with additional
ways to avoid paying taxes.
You're not so keep dreaming, narcissist.
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