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Texas House committee approves tax break on yachts

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Shallah Kali Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-01-11 12:00 AM
Original message
Texas House committee approves tax break on yachts
http://www.businessweek.com/ap/financialnews/D9MTFG5O0.htm

The Texas House Ways and Means Committee has approved a tax break for those who want to buy yachts costing $250,000 or more.

In a vote late Thursday, the committee approved a bill by Houston Republican Rep. John Davis. The proposed law would cap the maximum sales tax the state would collect on the sale of a personal boat.
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aquart Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-01-11 12:03 AM
Response to Original message
1. And the people of Texas are okay with this?
Why is that?
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Trajan Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-01-11 12:09 AM
Response to Reply #1
2. Actually ...
Your statement assumes you can know the mind of a large group of people .... as if ...

This is a sweeping generalization, and as much as I dislike the political climate in Texas, I recognize that some Texans are ok with some things and other Texans are not ok with those same things ...

How does one answer a question like this ? .... Yes ? .... no ?
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Tesha Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-01-11 07:18 AM
Response to Reply #1
11. Cutting taxes for wealthy is good because everyone believes that some day, they...
...will win the lottery and be wealthy themselves.

In other words, they're innumerate idiots.

Tesha
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Recursion Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-01-11 07:46 AM
Response to Reply #11
15. Or they build/repair/service yachts
Reich, of all people, wrote supporting tax breaks like this back in the 90s.
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Recursion Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-01-11 07:44 AM
Response to Reply #1
14. The ones who make yachts are (nt)
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freshwest Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-01-11 12:38 AM
Response to Original message
3. It's what a GOP controlled legislature does. TX isn't special in that regard.
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DeSwiss Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-01-11 12:39 AM
Response to Original message
4. K&R


- Right.
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provis99 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-01-11 12:58 AM
Response to Original message
5. I will not bash Texas...I will not bash Texas...
at least give me credit for trying...
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jmowreader Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-01-11 02:22 AM
Response to Original message
6. There are two points I would like to make...
First point is, of course, that any elected official who stands up and says "we have to cut, cut, cut because there's no money to spend" and then recommends cutting taxes on anything should be immediately removed from office.

The other point is that a $250,000 boat ain't a yacht, it's a center-console offshore fishing boat with three Honda outboards bolted to the transom. But whatever it is, in this day and age of No Money Whatsoever no one should be cutting taxes on boat transactions.
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Faryn Balyncd Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-01-11 04:01 AM
Response to Original message
7. (Republicans are only for regressive taxes like the sales tax if they get exempted.)
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Hannah Bell Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-01-11 04:27 AM
Response to Original message
8. unbelievable.
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no_hypocrisy Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-01-11 06:43 AM
Response to Original message
9. So let me get this straight . . . .
1. Texas has had a spate of virulent wildfires.
2. These wildfires have left a very expensive cost for reconstruction.
3. The state of Texas doesn't have enough money allocated to spend for such restoration and rehabilitation.
4. The state of Texas would like to have federal money via FEMA or any agency to help with this expensive endeavor.
5. The state of Texas could at least allocate some more of its own money by capitalizing itself with appropriate revenue.
6. But the state of Texas has just opted to allow otherwise compulsory tax revenue be deferred if a taxpayer buys a yacht.

OK, I think I got it now . . . .
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hack89 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-01-11 06:47 AM
Response to Original message
10. We have a similar law in Rhode Island
which has helped us build a thriving boat building and repair industry. They are the few high paying jobs in the state that don't require college degrees. The increased business and income taxes make up what was lost from sales taxes. I don't know what motivated Texas but you can't automatically assume it is a bad thing.
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Tesha Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-01-11 07:22 AM
Response to Reply #10
12. Your business is thriving on the backs of your neighbors.
It's the classical "tragedy of the commons".

This scheme of Rhode Island's only works because
your big neighbors, Connecticut and Massachusetts,
haven't followed suit. If they did, you'd *ALL* be
more poor than you were before you started down this
road.

It's the same way New Hampshire businesses profit by
us not having a bottle deposit; we rake in the profits
while the trash ends up on VT, MA, and ME roadsides.

Tesha
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hack89 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-01-11 10:34 AM
Response to Reply #12
17. On the other hand, both of those states
have lower business taxes - we lose businesses to both all the time. This particular tax policy allowed us to carve out a niche and keep good paying jobs.

Do you recommend we lower our business taxes to keep up with our neighbors?
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Saphire Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-01-11 07:41 AM
Response to Original message
13. and yet...they want to do away with tax free weekend.
Go figure. Btw...when's the new Gov. Mansion going to be finished????
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eallen Donating Member (1000+ posts) Send PM | Profile | Ignore Sun May-01-11 08:33 AM
Response to Original message
16. The irony is that the one "big yacht" builder in Texas stopped production in January.
Valiant Yachts, on Lake Texoma, is no longer laying hulls.

:hippie:
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