[DeTomaso] True?

Fri Jun 17 09:54:11 EDT 2011

If you read the original document that the Shelby guy posted, you can easily
see that it would nearly impossible to actually manage the program.

Determining the annual 'value' would be open to immediate disagreement.
There'd be lawsuits everywhere. Of course, the lawyers would make a killing
like they always do...

Cross referencing that many databases? Hah!

Having said that... just because the program would cost more to manage than
it would take in isn't a reason for the government to decide to do it
anyway. Then it'd be double tax. You'd pay the 'new' tax and then pay more
income tax to cover the losses.

:-)

On Fri, Jun 17, 2011 at 08:46, boyd casey <boyd411 at gmail.com> wrote:

> I think it's a terrible idea It may give them ideas. We as car aficionados
> have no organized lobby (that I know of) and would make a perfect target for
> their money grabbing claws. I thought the prank was well written and very
> believable, that's why it scares me. They say there is at least a grain of
> truth in most jests. This one may contain more then a grain. Many
> municipalities already impose a personal property tax on cars , boats
> airplanes etc This is in addition to the sales tax that is collected each
> time one is sold and registered. How many people actually make money after
> they spend tens of thousands restoring their car and the selling it. Most I
> know of are losers (financially) The Dealers make money on sales but they
> are already taxed.
> Boyd
>
> On Fri, Jun 17, 2011 at 9:21 AM, Will Kooiman <wkooiman at earthlink.net>wrote:
>
>> April Fool's joke or not, it's a good message to send to D.C.
>>
>> -----Original Message-----
>> From: detomaso-bounces at realbig.com [mailto:detomaso-bounces at realbig.com]
>> On
>> Behalf Of David in Durango
>> Sent: Friday, June 17, 2011 8:01 AM
>> To: Kirby Schrader
>> Cc: panteras
>> Subject: Re: [DeTomaso] True?
>>
>> Didn't realize it was part of the April Fool's business.  My apologies.
>>  ----- Original Message -----
>>  From: Kirby Schrader
>>  To: David in Durango
>>  Cc: panteras
>>  Sent: Friday, June 17, 2011 6:51 AM
>>  Subject: Re: [DeTomaso] True?
>>
>>
>>  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-bu
>> ffs/<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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