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applegrove

(118,749 posts) Mon Apr 15, 2024, 06:52 PM Apr 15

Robert Reich: The United States literally has a yacht tax deduction.

https://www.threads.net/@rbreich/post/C5zGvcSoAhG/?xmt=AQGz-BHEv3WkLv27zzsFqiMJOh3X7EYRnptD7dsPyqcB6Q

Robert Reich:

Remember: The real freeloaders in this country are the rich, not the poor.

The richest 1% evade $163 billion in taxes every year.

The United States literally has a yacht tax deduction.

Hello?

3 replies

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Highlight:

Robert Reich: The United States literally has a yacht tax deduction. (Original Post) applegrove Apr 15 OP

I can't even deduct more than $10,000 of my itemized expenses dickthegrouch Apr 15 #1

Consider first that the yachts the ultra rich buy are not built in, or by, america or its workers getagrip_already Apr 15 #2

I use my car to get to work and back. Lunabell Apr 15 #3

dickthegrouch

(3,183 posts)

1. I can't even deduct more than $10,000 of my itemized expenses

Reply to applegrove (Original post)

Mon Apr 15, 2024, 07:48 PM

Apr 15

How in the hell does does a luxury yacht tax exemption occur?

getagrip_already

(14,818 posts)

2. Consider first that the yachts the ultra rich buy are not built in, or by, america or its workers

Reply to applegrove (Original post)

Mon Apr 15, 2024, 07:51 PM

Apr 15

They are typically built in asia. Then they are registered under a flag of convenience by a shell corporation so the real owner is obscured and rarely pays any taxes on the vessel in the us.

Even the crews are foreign based, earning near slave wages.

There is nothing about a mega yacht that is good for the American economy other than a few port fees and fuel and catering charges.

Whoever is pushing this garbage that workers are profiting are the only workers making money off these things.

Lunabell

(6,105 posts)

3. I use my car to get to work and back.

Reply to applegrove (Original post)

Mon Apr 15, 2024, 08:59 PM

Apr 15

Why can't THAT be a tax deduction if they deduct for yachts? Ridiculous.

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