Proposed Tax on Collector Cars by Charles Schumer

[Ngtflyr]

Nothing on Snoops about this:

The New York Times reported this on Monday, March 28, 2011 that Senator Chuck Schumer from New York is in the process of drafting a bill that will create a new federal tax on all collector, antique, historic, special interest and racing vehicles, the establishment of a federal data base on all collector cars and a new IRS department to administer the taxes based on all vehicles being reported by law on 1040 Federal Income Tax Forms. Senator Schumer is quoted as starting this new tax at 10% of the vehicle value (for starters)

I urge you to read the New York Times Story that can be accessed from the link below and write and call your Senators and Senator Chuck Schumer directly and let them know your position on this new tax and the big brother federal data base he wants to establish. The time to raise your objections is now, before this becomes law. Be sure to forward this to all of your friends, industry colleagues and car clubs.

Make sure you're sitting down

Instead of cutting spending lets keep taxing and create some additional depts in the IRS. When is it going to end?

[njsteve]

Look at the date. Is it another April Fools Joke?

[x77-69z28]

it wouldnt surprise me from that d bag

[mockingbird812]

Capital Gains on sales of collector cars has always been there. Schumer appears to want to enforce it and expand the gov't with a new department to oversee it. Should be good for auctions as there will be more paying customers (Schumer's cronies) in the audience!

[Kim_Howie]

In the health care law 16,500 new IRS agents will be hired !! We have to find something for them to do!!! [img]<<GRAEMLIN_URL>>/bs.gif[/img]

[BillD]

The article is an early April Fools joke.

[Kim_Howie]

Well it don't look to funny to me!!!

[x Baldwin Motion]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Kim_Howie</div><div class="ubbcode-body">Well it don't look to funny to me!!! </div></div>

You are a Polka dancer then? [img]<<GRAEMLIN_URL>>/haha.gif[/img]

[ohhawk]

This has so much hair on it I don't know where to begin. This is not just about enforcing state taxes on the books for such transactions but about adding another....... being the Fed's cut as I read it.

Didn't know that everybody that collects or trades old cars was loaded with money. What defines a collectible vehicle? Even a $5,000 junker qualify? They're going to review vehicle values once a year....so how to they know if you have a condition 1 or a condition 4 vehicle? I can envision a bunch of black suits showing up at my doorstep to inspect my collector car/s with their U.S. Federal Govt. Car Value Book.

Maybe Chuck should focus on cutting the debt with as much energy as he has about going after all the &quot;rich&quot; people with the creation of add'l taxes and new law enforcement agencies.

[old5.0]

April fool's joke, guys. Although it does sound like something Chuck would come up with.