http://www.saac.com/files/newsletter/0411/news-04-01-11.pdf This proposal is simply amazing. Some think it a April Fool's Day joke, but it was published March 28th in the New York Times. Even if you have a project car collection in your backyard on blocks, or a race only car, they want to tax it. And if they (the government) don't like your value of your vehicle, they will place a taxable value upon it. Apparently, we fall into the category with Ferrari collectors and such. Gee, I didn't know I was that ~rich~.
I didn't realize I was rich either. Only the top 5% were going to see higher taxes this year and I am paying over $3000.00 more than I did last go around. Oh Joy!
Just did a search for this article and found the link to it: http://www.saac.com/files/newsletter/0411/news-04-01-11.pdf
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. Its about time these collectorsall of whom are richbegin to pay their fair share. Ive never heard of a poor person owning a Corvette, Ferrari, Deusenberg or Cobra. >>What a dumb a**, is he is trying to lump those Barrett Jackson high rollers with the average collector? I hope not:blast: :blast: :blast:
I guess we can blame all those fancy-pants Corvette owners for bringing this down on the hobby!! :dollar: :dollar:
Why not tax politicians for all the free trips they take under the disguise of "official business"... examples like President Obama's recent family spring break vacation all cross every nice location in South America and all of Nancy Pelosi's trips on Air Force planes for her family. Make all these politicians pay for their own fact finding trips and fly coach like everyone else if they want to find creative ways to raise money. :TU:
Here is why not. "THEY" not "US" make the rules. Schumer is hoping against hope that he will not have to go to the people and say the Tea Party Republicans were right and we have to cut Government spending. He wants to instead raise taxes to cover their out of control spending. I agree that any vehicle should bring the fair value of taxes but if the collector car is not registered, its not being driven. If he thinks that the buyers of these high dollar cars he mentioned do not pay taxes he's crazy. So is he willing ot give tax breaks for the guy that bought the LS6 convert for 1.2 million and sold for 260K For every car thats worth more than an owner has invested theres probably one hundred that are underwater in ownership costs. Schumer is a tax it if it moves and now tax it even if it doesn't A$$ho&e
FYI: Message From SEMA Action Network Regarding Collector Car Tax Hoax SEMA Action Network Members: Some of you may have received notice of an alleged New York Times article indicating that legislation was being drafted in the U.S. Congress to create a federal tax on collector cars. Hopefully, most of you know by now that the article was an April Fools Day prank. The author has indicated his regrets for any confusion or embarrassment to automobile collectors and enthusiasts caused by the prank. Below, we have included the full text of his letter revealing the hoax. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com<o></o> Please contact me if I can be of additional assistance. <o></o> Steve McDonald<o></o> Vice President, Government Affairs<o></o> Specialty Equipment Market Association<o></o> <o></o> <o></o> SENATOR SCHUMER “TAXING CLASSIC CARS” NEW YORK TIMES ARTICLE REVEALED AS ONLY AN APRIL FOOL’S PRANK<o></o> <o></o> The Shelby American Automobile Club’s annual April Fool’s gag reached a much wider audience that anyone could have predicted. Initially a four-page newsletter was emailed to every member. It contained stories about a perpetual motion ’68 Shelby, a ’69 GT350 that supposedly got 40 miles per gallon and a bogus front page recreation of the New York Times, dated March 28<SUP>th</SUP>, that had two stories. One was a hoax about purported tax legislation being prepared by Sen. Charles Schumer, which would tax every collector car, antique, hot rod and race car in the country. This was, of course, concocted out of thin air. But it was, on the surface, believable and it hit numerous hot buttons of car owners. <o></o> As soon as some SAAC members read this they immediately went into full “Paul Revere mode,” posting the article on a wide variety of Internet car forums. Once on those forums, readers swarmed like angry killer bees, both posting angry comments about the unfairness of the concept and spreading parts and pieces of the original article in emails and postings. It was the classic definition of something “going viral.” <o></o> When readers on some forums recognized the whole thing as an April Fool’s joke and posted this, other readers seemed to look right past the warnings. We now know how Orson Wells must have felt after his 1938 “War of the Worlds” radio broadcast resulted in traffic jams as panicked people tried to flee New Jersey. <o></o> While we enjoy a good April Fool’s prank as much as anyone, we never envisioned that this one could spread so quickly or so widely beyond the Shelby American Automobile Club. We deeply regret if taking this story seriously has caused anyone any undue distress or embarrassment. To keep more of that from happening we would greatly appreciate it if you could forward this message to as many car enthusiasts as possible. If they forward it to others who can forward it to even more people, maybe this second message will catch up with and overpower the first one. <o></o> And finally, please do not contact Senator Schumer’s office. He already has his hands full with real issues of importance. <o></o> Best regards, <o></o> Rick Kopec Shelby American Automobile Club
If this is the case I would like my depreciated value of my newer cars to be deductible on my taxes also. Capital gains will also need to be applied to an item upon sale assuming I did not pay tax on it upon purchase much like a Roth IRA. It is so illegal on so many fronts to tax the vehicle, it will never pass. Old Chuck can figure out where to find me with his tax evading old wrinkled politician behind if he ever succeeds in helping pass any of this garbage at the cost of his self esteem and personal well being.:rant: :spank:
I picked that link off of another message board while at work. Sorry I didn't have time to research it before posting here. :error: :error: :error:
That one may have been an April Foos' joke, but this one isn't: http://www.semasan.com/main/main.aspx?id=62710 Obvious answer is, don't register your cars period. Move one plate around from car to car. It's not like we have that much exposure to the street. I haven't put 500 miles on my Ramrod in 12 years.....and most of that is in the return roads to the pits...:laugh: :laugh:
The way things are going, I wouldn't be surprised if something like this did happen. If anyone has ever listened to the Rush song Red Barchetta, the song and the 1973 short story that inspired it are slowly coming to fruition.
One thing people have to remember is that there is a bill to tax, restrict or legalize nearly anything in existance known to man at all times. Most of these bills only exist on the desk of some jerk that is so far out on the fringe that their ideas will never see the light of day,
