My name’s John Forbes Kerry, I’m in Rhode Island, and I drive a yacht.
Sen. John Kerry, who has repeatedly voted to raise taxes while in Congress, dodged a whopping six-figure state tax bill on his new multimillion-dollar yacht by mooring her in Newport, R.I….
Cash-strapped Massachusetts still collects a 6.25 percent sales tax and an annual excise tax on yachts. Sources say Isabel sold for something in the neighborhood of $7 million, meaning Kerry saved approximately $437,500 in sales tax and an annual excise tax of about $70,000.
I would like to take a moment to thank Sen. John Kerry for once again proving us right.
1) Higher taxes force business out of state: We already know this. Increased taxes on alcohol, tobacco, and general sales have caused many people to shop in New Hampshire and other states. The 6.25 percent sales tax and an annual excise tax on yachts has caused John Kerry to put his in Rhode Island, and he is not the only one. These taxes have had a direct net weight loss on our economy forcing business and jobs out of state.
2) Higher taxes do not increase revenue: Massachusetts has not received $1 in revenue from John Kerry’s 76-foot $7,000,000 yacht. In reality, the state has actually lost revenue from general income taxes on business and salaries that we would have otherwise received had John Kerry and others kept their business here in Massachusetts.
3) “Only for the wealthiest?” – NOT. Democrats always argue that their taxes are shouldered only by the wealthiest of Americans. Yet here we clearly see that billionaire John Kerry has skated his tax burden. The only people who suffer are the working people and small business owners in the shipyards and ports of Massachusetts. I love the hypocrisy of the left.
Yes that’s right. Excise taxes on yachts only hurts working people and never the truly wealthy. That is the direct cause and effect here.