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-----Original Message-----
From: John Frimmel <jfloveme59@xxxxxxxxx>
To: Willie Davis <keroman31@xxxxxxxxx>; hosemanmsu@xxxxxxx; Timothy
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Sent: Wed, Jun 15, 2011 10:02 am
Subject: Fwd: Fw: Senator Eyes Collector Cars as Revenue Source
More left wing tax the rich and increase the power of the IRS, in other
words make the Government even Bigger and more intrusive into the
average tax payer's lives!
What about all the average every day shade tree mechanics who have
devoted all their time and money to restoring one classic car for the
love of it?
Everyone must read this and pass it on ! !
Well now ain't this just the shits?
Anti gunner Schumer now wants to tax hot rods, race cars, & old cars.
He is the best reason for Term Limits along with his other arrogant
friends from NY Anthony Weiner and disgraced X- Governor Eliot Spitzer,
Senator Eyes Collector Cars as Revenue Source
New York Times article Mar.28, 2011
Auto Enthusiasts are in Schumer's crosshairs
Washington, D.C. - AP. 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."
------ End of Forwarded Message
<*>Attachment(s) from archangel1390@xxxxxxx:
<*> 1 of 1 Photo(s) http://groups.yahoo.com/group/goldenfin/attachments/folder/388115121/item/list
<*> Weiner_Angry_AP_0.jpg
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