[DeTomaso] True?

[David in Durango]

NPC, but might affect your ownership . . .

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." 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. 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-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. 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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