"Given all the pressing needs of the state, it's good to know that our state lawmakers have time this session for an especially down-on-their-luck group. Not nursing home residents, not schoolkids, not state employees or the disabled. Nope, it's yacht owners.
Yes, today a House committee discussed giving a tax break to wealthy yacht-buyers. Under House Bill 2187, by Rep. John Davis, a Houston Republican, the tax on sales of boats over $250,000 would be capped at $15,625. For a $20 million yacht, this would work out to a tax reduction of 99 percent. Those buying smaller, cheaper boats would continue to pay the current 6.25 percent sales tax..."
Folks, this is exactly what is wrong with all flat-tax (consumption) schemes-- the rich never pay what they should for their trinkets but we sure as Hell fork it out for a new car --and we don't have all those cushy tax deductions to hide behind.
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