It's an April Fools Joke. Read this: http://blog.hemmings.com/index.php/tag/senator-chuck-schumer/ Akron Don Gallimore ----- Original Message ---- > From: William Harrison <bbjt3@xxxxxxxxx> > To: 1962to1965mopars@xxxxxxxxxx > Sent: Wed, April 27, 2011 8:59:36 AM > Subject: Re: Off Topic But IMPORTANT > > What a dick!!!!! > The legislature will have a hard time getting enough backing to be presented >to the congress but if it becomes a bill we will have a specific target to >remind our representatives of how we will vote if they favor the bill and >believe me there are many muscle car buffs and collectors in the congress. > Later > Bill Harrison > 65 Coronet 2 dr post. > > BTW....;You can email your congressman and senators to pre-warn them of your >opposition to the bill to be proposed. > > --- On Tue, 4/26/11, Ollie <satellite1965@xxxxxxxxxxx> wrote: > > > From: Ollie <satellite1965@xxxxxxxxxxx> > > Subject: Off Topic But IMPORTANT > > To: 1962to1965mopars@xxxxxxxxxx > > Date: Tuesday, April 26, 2011, 12:20 PM > > > > > > Subject: Senator Eyes Collector Cars as Revenue Source > > > > > > If you are not aware of this new legislation, you need to > > be if you own any type of collector automobiles, race cars, > > hot rods, customs, etc. > > I urge you to pass this on to your friends and neighbors > > who are car enthusiasts. Also, if you belong to any car club > > or group, see that they get it also. > > I’m sure the biggies, like the auction Houses, car > > magazines, AACA, VCCC, etc. will get in on opposing this > > legislation. > > Gene > > Senator Eyes Collector Cars as Revenue Source > > New York Times article Mar.28, 2011 > > > > > > 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-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 be 10% 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” > > > > > > > > [Non-text portions of this message have been removed] > > > > > > ---- > > Please address private mail -- mail of interest to only one > > person -- directly to that person. I.e., send > > parts/car transactions and negotiations as well as other > > personal messages only to the intended recipient, not to the > > Clubhouse public address. This practice will protect your > > privacy, reduce the total volume of mail and fine tune the > > content signal to Mopar topic. Thanks! > > > > 1962 to 1965 Mopar Clubhouse Discussion Guidelines: > > http://www.1962to1965mopar.ornocar.org/mletiq.html and > > http://www.1962to1965mopar.ornocar.com/general_disclaimer.html. > > > > > > > > >