[GFS] Fwd: Fw: Senator Eyes Collector Cars as Revenue Source [1 Attachme
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[GFS] Fwd: Fw: Senator Eyes Collector Cars as Revenue Source [1 Attachment]



<*>[Attachment(s) from archangel1390@xxxxxxx included below]



-----Original Message-----
From: John Frimmel <jfloveme59@xxxxxxxxx>
To: Willie Davis <keroman31@xxxxxxxxx>; hosemanmsu@xxxxxxx; Timothy  
Jerpe <tinytim1975@xxxxxxxxx>; Jim Frimmel <jimfrimmel@xxxxxxxxxxxxx>;  
Stan Jankowski <stan.jankowski@xxxxxxxxxxx>; John Malecky  
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archangel1390 <archangel1390@xxxxxxx>; Irene Caposello  
<ic16starfish@xxxxxxxxxxx>; casais3@xxxxxxxxxxxxx; michrons5@xxxxxxx
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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