[DeTomaso] Help! Collector car taxes???? (Rec'd. from a car enthusiast friend)

[Larry - Ohio Time Corp]

Laurie,

I found this saying it was on March 28, 2011

http://www.saac.com/files/newsletter/0411/news-04-01-11.pdf


Lets tax all them SOB's!!!

Larry (no not our SOB) - Cleveland


-----Original Message-----
From: detomaso-bounces at realbig.com [mailto:detomaso-bounces at realbig.com] On
Behalf Of LaurieFerrari at aol.com
Sent: Monday, April 04, 2011 3:29 PM
To: detomaso at realbig.com
Subject: [DeTomaso] Help! Collector car taxes???? (Rec'd. from a
carenthusiast friend)

 
     
 
I would hope that SEMA and other national groups would set this guy  
straight and ask that he start paying for all the free sh*t he and other  
politicians have and get each year. If congress wants to come up with a  way
to 
correct the national debt they can start in their own house and  senate.
This guy probably gets chauffeured around in a tax payer paid  limo.
Does anyone know when this got started? I would hate to think this  the 
first time I saw this and it has been around for years and is just  getting 
recycled.....FJM







 
 
Auto Enthusiasts who dodge taxes are in Schumer's  crosshairs.
Washington,  D.C. - AP. Senator Charles Schumer (D-NY) held a press  
conference today in the Capitol's rotunda and stated that he is in the
process of 
drafting a  bill that  will create a federal tax on all collector, antique, 
historic ,special  interest, hot rods and race cars. "This  country is 
operating at a huge budget deficit,"  said  Senator Schumer, "thanks to  the

previous administration's failure to seek new sources of revenue. We  can no

longer continue to just raise the taxes we already have. We are  reaching
the 
point of diminishing returns. We must find new sources of  revenue.  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.  It's about  time these collectors-all 
of whom are rich-begin to pay their fair  share. I've never heard  of a 
poor  person owning a Corvette, Ferrari, Deusenberg or Cobra.  "Citing the 
results of this year's automobile auctions in  Scottsdale, Arizona as an 
example, where reported sales were  in the tens of millions of dollars,
Schumer 
said,  "We're not  talking about rusty old clunkers here. Some of these cars

 represent  the  pinnacle of automotive history.  Collectors who buy and  
sell them often do so privately.  Some transactions are  in cash and others 
include trades.  All of these are  under the Internal Revenue Service's 
radar.  Well, that  will soon end.   "Each state has different laws and 
requirements for collector cars.  Those which tax them as personal property
often use 
outdated values. An  owner can pay taxes on a car the state determines is 
worth $5,000 and then  turn around and sell it for$100,000 or more.  Until 
now,  all of this has been the purview of each state. Schumer's law will  
sidestep all state laws by levying a federal tax in addition to anything
the 
individual states do. This new federal tax will be similar to the  present 
federal tax on gasoline, which is in addition to whatever a state  assesses.
Part of  the Schumer law includes the IRS opening up a special department 
to deal  with collector cars. Values will be calculated annually and owners

will  be  required to list all cars they own on their 1040 tax form.   
Because not all vehicles are registered ,and thus may not be known  to the 
individual states' motor vehicles departments-especially race cars  which
are not 
driven on public roads-the IRS will make use of the existing  network of 
individual collector car  enthusiast  organizations across the country.
Many 
of these car  clubs maintain accurate registries which detail each car by 
its vehicle  identification number and present or last known owner and their

location.  Assembling an all-"All the  News That's Fit To Print"
Late  Edition
One hundred years ago today there  were 100 horses for every automobile in 
this country.  inclusive  federal database in conjunction with these 
registries will  be one of  the first steps in implementing the new law.
Once the 
database of owners  is cross-referenced with an annual index of current 
collector car values,  every collector or race car in the country can be
taxed at 
a fair rate.  Initially, Schumer says, it will be10% but that would rise 
depending on  the type of car, number produced and condition. "Collectors
are 
willing to pay more for certain cars," said  Schumer, "because  of their 
history or the small number that were
produced.  These factors increase a vehicle's worth to buyers, so why 
should these  cars not be taxed at a higher rate? It's no different than our

current  progressive income tax rate. "It is  estimated that an annual 10%
tax 
on all collector cars presently owned by  American taxpayers-at their 
prevailing market value-would be more than  $250,000,000. In four years the
coffers 
of the federal government could be  fattened by a billion dollars. "That's 
 only a conservative estimate," said  Schumer. "Nobody  knows exactly how 
many collector cars are out there. But by this time next  year,  WE will 
know. Owners of these cars will  finally have to pay up.    Their  free
ride-on 
the  backs of the poor-is over."




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