Boat deductions
 

I see no reason why second home loans or boat loans should be
deductible on income tax. This is simply a subsidy for the rich. Now
that I have made myself so popular here, what do y'all think?

Boat deductions
 

Boat deductions
 

wrote in message
oups.com...
I see no reason why second home loans or boat loans should be
deductible on income tax. This is simply a subsidy for the rich. Now
that I have made myself so popular here, what do y'all think?


For the rich?????????????

Heck, even my twenty foot runabout cuddy would have qualified for the credit
before I tore out the sink, ice maker and alcohol stove. But even if I
didn't, I paid cash for the boat and did not need any tax credits.

Having said that I do hope that some sort of IRS tax reform comes about this
year, and hopefully with a flat tax with a reasonable fixed income rate (at
which point the tax starts) and with no loopholes, exclusions or
deductions.....everyone pays the same tax rate over a specified income base
line.

Boat deductions
 

"Tamaroak" wrote in message
...
I vote for no deductions for second homes or boats or whatever. The poor in
this country don't qualify for these deductions and our government is
widening the gap evermore.

Capt. Jeff


Good evening Captain. I really wanted to reply to this post of yours but I
promised to refrain from doing so based on the new spirit of this NG.

With that said I do hope you find your missing VHF connector (a plea made by
you to this NG at 3:51 p.m. today). Perhaps the money you save on getting a
used one vs. new one can be donated to the needy folks you describe in your
post.

Regardless, I do wish you and yours a Happy New Year.

Boat deductions
 

I dont think this discussion violates the new spirit of the NG as it is
about boats. Furthermore, it uses the desire of people to discuss
politics to talk about boats. If people prefer, I will simply drop the
discussion.

Boat deductions
 

" JimH" jimh_osudad@yahooDOTcom wrote in message
. ..

"Tamaroak" wrote in message
...
I vote for no deductions for second homes or boats or whatever. The poor
in this country don't qualify for these deductions and our government is
widening the gap evermore.

Capt. Jeff


Good evening Captain. I really wanted to reply to this post of yours but
I promised to refrain from doing so based on the new spirit of this NG.

With that said I do hope you find your missing VHF connector (a plea made
by you to this NG at 3:51 p.m. today). Perhaps the money you save on
getting a used one vs. new one can be donated to the needy folks you
describe in your post.

Regardless, I do wish you and yours a Happy New Year.


BTW: How do the *poor* in the US afford a boat, a tricked out Cadillac with
custom aluminum wheels, cell phones and cable television? ;-)

Boat deductions
 

Harry:

Keep it about boats please.

Boat deductions
 

"Harry Krause" wrote in message
. ..
Tamaroak wrote:
I vote for no deductions for second homes or boats or whatever. The poor
in this country don't qualify for these deductions and our government is
widening the gap evermore.

Capt. Jeff


Our system would be more equitable if only there weren't so many loopholes
for corporations, the rich, and "special deals." If these loopholes were
eliminated, and if corporations had to post legitimate financial figures
and be taxed accordingly, taxes could be lowered on the middle class.
Oh...and ALL income should be taxed.

Then why isn't it?

Boat deductions
 

wrote in message
ups.com...
Harry:

Keep it about boats please.


And my reply was.

Boat deductions
 

"Tamaroak" wrote in message
...
I vote for no deductions for second homes or boats or whatever. The poor in
this country don't qualify for these deductions and our government is
widening the gap evermore.

Capt. Jeff

The poor do not pay income taxes.

Boat deductions
 

"Harry Krause" wrote in message
. ..
wrote:
I dont think this discussion violates the new spirit of the NG as it is
about boats. Furthermore, it uses the desire of people to discuss
politics to talk about boats. If people prefer, I will simply drop the
discussion.


I vote for substantial tax increases for the wealthy.

Do they not contribute enough already Harry?

Boat deductions
 

"Harry Krause" wrote in message
. ..
Tamaroak wrote:
I vote for no deductions for second homes or boats or whatever. The poor
in this country don't qualify for these deductions and our government is
widening the gap evermore.

Capt. Jeff


Our system would be more equitable if only there weren't so many loopholes
for corporations, the rich, and "special deals." If these loopholes were
eliminated, and if corporations had to post legitimate financial figures
and be taxed accordingly, taxes could be lowered on the middle class.
Oh...and ALL income should be taxed.

We're in for a heap of trouble this Spring if Iran goes through with its
plan for an oil bourse pegged to the euro. That'll just about do us in
without a shot being fired, at least on the "other" side.


Sure raise the taxes on corporations to 50% of sales. Then no taxes for the
working people. Oops, prices just went up to cover the 50%, and those that
can not pass on the cost, and that is what a tax on a corporation is, will
fold. More unemployment.

Boat deductions
 

wrote in message
ps.com...
I dont think this discussion violates the new spirit of the NG as it is
about boats. Furthermore, it uses the desire of people to discuss
politics to talk about boats. If people prefer, I will simply drop the
discussion.


Why did you dismiss (no reply) my post to you shortly after you started this
thread?

Boat deductions
 

Jim:

I am not sure what you are talking about. What did I miss?

Boat deductions
 

wrote in message
ups.com...
Jim:

I am not sure what you are talking about. What did I miss?


My reply to your initial post.

Boat deductions
 

OK, I see the flat tax stuff and I agree with you. What else?
My concern is that people who buy seriously expensive boats or second
homes and write off the loan. I am not very concerned that less
affluent people pay for much less expensive boats with cash.

Boat deductions
 

I vote for no deductions for second homes or boats or whatever. The poor
in this country don't qualify for these deductions and our government is
widening the gap evermore.

Capt. Jeff

Boat deductions
 

wrote in message
oups.com...
OK, I see the flat tax stuff and I agree with you. What else?
My concern is that people who buy seriously expensive boats or second
homes and write off the loan. I am not very concerned that less
affluent people pay for much less expensive boats with cash.


When the tax deductions for expensive boats were killed for a few years,
lots did not buy those expensive boats, and the makers laid off most the
workers. You will never see a flat tax, as government is control, and the
maximum control is via taxation. Some industries are blessed by the
controllers and others not. then a few years later, the blessed industries
change. Maybe if the government wasted less money, we could have the
deductions and more money to spend. Years ago, we had the same deductions
for interest, and also for sales taxes, and excise taxes, and an overall tax
rate of about 22%. We built highways, bridges, levees and nice
infrastructure. Our tax burden is now about 46%, and the infrastructure is
collapsing. Where is the money going? As a kid in California, the sales
tax rate was 3%, now it is 8.25-8.75%, depending on region, and they are
proposing a 1/2% boost for infrastructure rebuilding. Where is the money we
pay now going?

Boat deductions
 

"Harry Krause" wrote in message
. ..
wrote:
I dont think this discussion violates the new spirit of the NG as it is
about boats. Furthermore, it uses the desire of people to discuss
politics to talk about boats. If people prefer, I will simply drop the
discussion.


I vote for substantial tax increases for the wealthy.

I vote for substantial spending cuts so everyone can enjoy tax decreases.

Eisboch

Boat deductions
 

Boat deductions
 

Here goes another cast with new bait.


"Harry Krause" wrote in message
. ..
wrote:
I dont think this discussion violates the new spirit of the NG as it is
about boats. Furthermore, it uses the desire of people to discuss
politics to talk about boats. If people prefer, I will simply drop the
discussion.


I vote for substantial tax increases for the wealthy.

Boat deductions
 

"Harry Krause" wrote in message
. ..
wrote:
I dont think this discussion violates the new spirit of the NG as it is
about boats. Furthermore, it uses the desire of people to discuss
politics to talk about boats. If people prefer, I will simply drop the
discussion.


I vote for substantial tax increases for the wealthy.

If you want to pay more, then go right ahead and send an extra $20k to the
IRS in April. I'm sure they'd be happy to keep it.

Boat deductions
 

"Harry Krause" wrote in message
...
NOYB wrote:
"Harry Krause" wrote in message
. ..
wrote:
I dont think this discussion violates the new spirit of the NG as it is
about boats. Furthermore, it uses the desire of people to discuss
politics to talk about boats. If people prefer, I will simply drop the
discussion.

I vote for substantial tax increases for the wealthy.

If you want to pay more, then go right ahead and send an extra $20k to
the IRS in April. I'm sure they'd be happy to keep it.



To be sure. But I'm not one of the "wealthy."

Your vast estate, Zimmerman like Lobsta' boat, 28' Parker and the rest of
your Global Crossing bounty. Oh, and let's not forget your union pension.
Surely you are in the top 10% of wage earners.

Boat deductions
 

"Bert Robbins" wrote in message
...

"Harry Krause" wrote in message
...
NOYB wrote:
"Harry Krause" wrote in message
. ..
wrote:
I dont think this discussion violates the new spirit of the NG as it
is
about boats. Furthermore, it uses the desire of people to discuss
politics to talk about boats. If people prefer, I will simply drop
the
discussion.

I vote for substantial tax increases for the wealthy.

If you want to pay more, then go right ahead and send an extra $20k to
the IRS in April. I'm sure they'd be happy to keep it.



To be sure. But I'm not one of the "wealthy."

Your vast estate, Zimmerman like Lobsta' boat, 28' Parker and the rest of
your Global Crossing bounty. Oh, and let's not forget your union pension.
Surely you are in the top 10% of wage earners.



He claimed to be making over $250,000 some 30 years ago.

Boat deductions
 

"Harry Krause" wrote in message
...
JimH wrote:
"Bert Robbins" wrote in message
...
"Harry Krause" wrote in message
...
NOYB wrote:
"Harry Krause" wrote in message
. ..
wrote:
I dont think this discussion violates the new spirit of the NG as it
is
about boats. Furthermore, it uses the desire of people to discuss
politics to talk about boats. If people prefer, I will simply drop
the
discussion.

I vote for substantial tax increases for the wealthy.
If you want to pay more, then go right ahead and send an extra $20k to
the IRS in April. I'm sure they'd be happy to keep it.


To be sure. But I'm not one of the "wealthy."
Your vast estate, Zimmerman like Lobsta' boat, 28' Parker and the rest
of your Global Crossing bounty. Oh, and let's not forget your union
pension. Surely you are in the top 10% of wage earners.



He claimed to be making over $250,000 some 30 years ago.

Liar.

In today's dollars.

Boat deductions
 

JimH,
Harry's eyes were tearing with joy when he saw this thread. He knew it
would be a long and heated debate where everyone could call everyone lots of
names.


" JimH" jimh_osudad@yahooDOTcom wrote in message
...

"Harry Krause" wrote in message
...
JimH wrote:
"Bert Robbins" wrote in message
...
"Harry Krause" wrote in message
...
NOYB wrote:
"Harry Krause" wrote in message
. ..
wrote:
I dont think this discussion violates the new spirit of the NG as
it is
about boats. Furthermore, it uses the desire of people to discuss
politics to talk about boats. If people prefer, I will simply drop
the
discussion.

I vote for substantial tax increases for the wealthy.
If you want to pay more, then go right ahead and send an extra $20k
to the IRS in April. I'm sure they'd be happy to keep it.


To be sure. But I'm not one of the "wealthy."
Your vast estate, Zimmerman like Lobsta' boat, 28' Parker and the rest
of your Global Crossing bounty. Oh, and let's not forget your union
pension. Surely you are in the top 10% of wage earners.



He claimed to be making over $250,000 some 30 years ago.

Liar.

In today's dollars.

Boat deductions
 

wrote:
I see no reason why second home loans or boat loans should be
deductible on income tax. This is simply a subsidy for the rich. Now
that I have made myself so popular here, what do y'all think?


Nice job, DB.

Fire up a political discussion with a veiled reference to boating.

Gee, under this program, I could post, "Do you suppose that if GWB
succeeds in running the deficit up to the point where it tanks the
whole economy or creates hyper inflation that it will affect boating?"
I don't know that such a phony ruse really cuts it. We could get a
whole squad of folks arguing that its OK to start 10 threads a day
ragging on some individual poster or another because "I based my
insults on his choice of boat, lack of boat, or etc......"

Notice the results? We've got posts yakking on about Harry this, Harry
that. We've got posts in here from people who *never* participate in
boating discussions, and none of them are positive or constructive.
We've got a few guys who have struggled mightily to help change the
tone of the NG from what it has been to what it can improve to become
who are unable to resist the bait and are slipping back into their old
ways- right here in this thread.

The sad thing is- when you fire up a political discussion in this group
you don't even get a decent political discussion. You see the same
dozen guys calling one another childish names and cut 'n pasting
propaganda from one side or the other.

Here's a link to a whole batch of political newsgroups:

http://www.politicalindex.com/sect29.htm

Why not check them out?

Boat deductions
 

Sorry Chuck:

You see I got bored when they drifted away from deductions for boats.
I do notice that most people agree on eliminating tax deductions for
boat laons and second homes. That is interesting and pertinent.

Boat deductions
 

On Tue, 3 Jan 2006 10:22:24 -0500, "Reggie Smithers"
wrote:

JimH,
Harry's eyes were tearing with joy when he saw this thread. He knew it
would be a long and heated debate where everyone could call everyone lots of
names.


And he was right. Jeeeeesh! Some people either won't learn or can't learn. Haven't
figured out which yet.

--
John H.

"Divide each difficulty into as many parts as is feasible and necessary to resolve it."
Rene Descartes

Boat deductions
 

On 3 Jan 2006 07:39:27 -0800, wrote:


wrote:
I see no reason why second home loans or boat loans should be
deductible on income tax. This is simply a subsidy for the rich. Now
that I have made myself so popular here, what do y'all think?


Nice job, DB.

Fire up a political discussion with a veiled reference to boating.

Gee, under this program, I could post, "Do you suppose that if GWB
succeeds in running the deficit up to the point where it tanks the
whole economy or creates hyper inflation that it will affect boating?"
I don't know that such a phony ruse really cuts it. We could get a
whole squad of folks arguing that its OK to start 10 threads a day
ragging on some individual poster or another because "I based my
insults on his choice of boat, lack of boat, or etc......"

Notice the results? We've got posts yakking on about Harry this, Harry
that. We've got posts in here from people who *never* participate in
boating discussions, and none of them are positive or constructive.
We've got a few guys who have struggled mightily to help change the
tone of the NG from what it has been to what it can improve to become
who are unable to resist the bait and are slipping back into their old
ways- right here in this thread.

The sad thing is- when you fire up a political discussion in this group
you don't even get a decent political discussion. You see the same
dozen guys calling one another childish names and cut 'n pasting
propaganda from one side or the other.

Here's a link to a whole batch of political newsgroups:

http://www.politicalindex.com/sect29.htm

Why not check them out?

A-friggin-men!

--
John H.

"Divide each difficulty into as many parts as is feasible and necessary to resolve it."
Rene Descartes

Boat deductions
 

Boat deductions
 

Fred Dehl wrote:
It's hard to qualify for a deduction when YOU PAY NO INCOME TAXES IN THE
FIRST PLACE. The bottom FIFTY PERCENT of taxpayers pays ONLY FIVE PERCENT
of income taxes.

I see that a few people are still SHOUTING their stupid
political lies here. Obviously you did not bother to check
the IRS web site for actual tax figures. The truth is very
easy to find.

Hey Fred, got a boat?

As for the reason for tax deductions for the *interest* on
boat loans, it depends on your point of view. In one way, it
is an indirect subsidy for the banking industry. In another
way of looking at it, it's a fair way of stimulating the
economy by encouraging people to buy things.

FWIW we have used the boat loan interest deduction for
years. There are several criteria, among them that the boat
has to have a potty & a galley, and you have to sleep on
board for a certain number of nights per year.

DSK

Boat deductions
 

"DSK" wrote in message
. ..
Fred Dehl wrote:
It's hard to qualify for a deduction when YOU PAY NO INCOME TAXES IN THE
FIRST PLACE. The bottom FIFTY PERCENT of taxpayers pays ONLY FIVE
PERCENT of income taxes.

I see that a few people are still SHOUTING their stupid political lies
here. Obviously you did not bother to check the IRS web site for actual
tax figures. The truth is very easy to find.

Hey Fred, got a boat?

As for the reason for tax deductions for the *interest* on boat loans, it
depends on your point of view. In one way, it is an indirect subsidy for
the banking industry. In another way of looking at it, it's a fair way of
stimulating the economy by encouraging people to buy things.

FWIW we have used the boat loan interest deduction for years. There are
several criteria, among them that the boat has to have a potty & a galley,
and you have to sleep on board for a certain number of nights per year.


How many nights per year?

Boat deductions
 

"Harry Krause" wrote in message
. ..
Fred Dehl wrote:
Tamaroak wrote in news:576dnVxMv5qMfyTeRVn-
:

The poor in this country don't qualify for these deductions

It's hard to qualify for a deduction when YOU PAY NO INCOME TAXES IN THE
FIRST PLACE. The bottom FIFTY PERCENT of taxpayers pays ONLY FIVE
PERCENT of income taxes.


Your "facts" are wrong.

His facts are pretty damn close:
http://www.ctj.org/pdf/fsl2004.pdf


The bottom 40% pay only 7.7% of the taxes.

The top 20% pay 62.6% of the taxes.

The top 40% pay 81.6% of the taxes.

Boat deductions
 

FWIW we have used the boat loan interest deduction for years. There are
several criteria, among them that the boat has to have a potty & a galley,
and you have to sleep on board for a certain number of nights per year.



NOYB wrote:
How many nights per year?


I don't know for sure. Ask an accountant. It's the same as
the number of nights you need to sleep in a 2nd home for it
to qualify for the same deduction.

DSK

Boat deductions... OT political BS
 

NOYB wrote:
His facts are pretty damn close:
http://www.ctj.org/pdf/fsl2004.pdf


Why not go straight to the IRS? Get your "facts" from the
people who actually know and do not have an axe to grind.

And, if a fact is "almost" right then do you consider it a fact?


The bottom 40% pay only 7.7% of the taxes.

And is this a problem? If they receive only 7.7% (or
thereabouts) of the income, then that's ALL THE TAXES THEY
*_*_*SHOULD*_*_* PAY....

unless of course you believe that the poor & middle class
should work & pay taxes to subsidize the rich.

DSK

Boat deductions... OT political BS
 

"DSK" wrote in message
. ..
NOYB wrote:
His facts are pretty damn close:
http://www.ctj.org/pdf/fsl2004.pdf


Why not go straight to the IRS? Get your "facts" from the people who
actually know and do not have an axe to grind.

And, if a fact is "almost" right then do you consider it a fact?


The bottom 40% pay only 7.7% of the taxes.

And is this a problem? If they receive only 7.7% (or thereabouts) of the
income, then that's ALL THE TAXES THEY *_*_*SHOULD*_*_* PAY....

The bottom 40% earn 10.4% of the income, but pay only 7.7% of the taxes.

The top 40% earn 77.9% of the income, but pay 81.6% of the taxes.


It should be a one-to-one correlation. In other words, if a certain segment
earns 77.9% of the income, they should pay 77.9% of the taxes.

Boat deductions... OT political BS
 

"DSK" wrote in message
. ..
NOYB wrote:
His facts are pretty damn close:
http://www.ctj.org/pdf/fsl2004.pdf


Why not go straight to the IRS? Get your "facts" from the people who
actually know and do not have an axe to grind.

And, if a fact is "almost" right then do you consider it a fact?


The bottom 40% pay only 7.7% of the taxes.

And is this a problem? If they receive only 7.7% (or thereabouts) of the
income, then that's ALL THE TAXES THEY *_*_*SHOULD*_*_* PAY....

I'm all for everyone putting in no more than 20% of their income in taxes.
This includes all taxes at all levels and for anything.

unless of course you believe that the poor & middle class should work &
pay taxes to subsidize the rich.

When the bottome 40% are only putting 7.7% into the Fed's coffers then they
shure as hell aren't subsidizing anyone. If they want to pay more taxes then
they can go out and get a job that pays more money!

Boat deductions
 

NOYB wrote:
His facts are pretty damn close:
http://www.ctj.org/pdf/fsl2004.pdf


The bottom 40% pay only 7.7% of the taxes.

The top 20% pay 62.6% of the taxes.

The top 40% pay 81.6% of the taxes.

And we effectively have a flat tax to within about 1.7%.

Why would the wealthy complain?

Shares of
Average Total Total
cash income taxes
income now
----------------------------------------
Lowest 20% $ 10,400 3.4% 2.2%
Second 20% 21,200 7.0% 5.5%
Middle 20% 34,500 11.7% 10.5%
Fourth 20% 56,300 19.2% 19.0%
Next 15% 96,700 25.2% 26.5%
Next 4% 201,000 14.4% 15.3%
Top 1% 978,000 19.1% 20.8%
ALL $ 56,800 100.0% 100.0%

Boat deductions
 

"DSK" wrote in message
.. .
FWIW we have used the boat loan interest deduction for years. There are
several criteria, among them that the boat has to have a potty & a
galley, and you have to sleep on board for a certain number of nights per
year.



NOYB wrote:
How many nights per year?


I don't know for sure. Ask an accountant. It's the same as the number of
nights you need to sleep in a 2nd home for it to qualify for the same
deduction.


There are no occupancy requirements whatsoever to qualify for the interest
deduction on a second home (boat) if the home or boat is used purely for
personal use. The only time an occupancy requirement plays into the mix is
if the second home is rented for part of the year or the boat is chartered
out for part of the year.