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.


Harry,
Do you find it very frustrating to have all of these ideas you want to
implement, and no one will take you serious?