[DeTomaso] True?

[Kirby Schrader]

That was an April Fool's joke...

Trouble is, it hit home so hard that Schumer's office was fielding calls for
weeks... maybe still is.
http://wheels.blogs.nytimes.com/2011/04/07/a-fake-tax-rattles-classic-car-buffs/

On Fri, Jun 17, 2011 at 07:46, David in Durango <adin at frontier.net> wrote:

> 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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