Monday, May 09, 2011
Joe Kimball, MinnPost.com
Joe Kimball, MinnPost.com
Ending Taxpayer Subsidies for Yachts Act
U.S. Rep. Tim Walz and two other Democrats have proposed the "Ending Taxpayer Subsidies for Yachts Act" because it would limit the tax deduction to those who use their boats as a primary residence.
[excerpt] Owners of yachts big enough to have beds, toilets and kitchens can deduct the mortgage interest on their taxes even if they don't live aboard full-time, because those big yachts can qualify as second homes under the tax code.
Bill co-sponsor, Michigan Rep. Gary Peters, said: “Homeownership is part of the American Dream and we should encourage it, but yacht owners don’t need any special handouts, especially in the middle of a budget crisis.”
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Posted by Editor on 05/09/11 at 05:44 AM •
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