Re: [FWDLK] Fwd: Fw: Senator Eyes Collector Cars as Revenue Source
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Re: [FWDLK] Fwd: Fw: Senator Eyes Collector Cars as Revenue Source



This was an APRIL fools day joke published by SEMA.  It went viral, and now we are still hearing about it in June.  (!!)

http://mustangs.about.com/b/2011/04/05/april-fools-prank-about-a-classic-car-tax-goes-viral.htm



On Jun 15, 2011, at 9:58 PM, Ron Swartley wrote:

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> -----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 <johnmale@xxxxxxxxxxxxx>; JASON VERDON <jasonverdon230@xxxxxxx>; Joe <hazafat@xxxxxxxxxxx>; Mr & Mrs Jerpe <mjerpe32@xxxxxxxxxxx>; Damian <ltdma@xxxxxxxxxxx>; danimalnow <danimalnow@xxxxxxxxx>; Gail Currie <gailccurrie@xxxxxxxxxxxxxx>; downtoearth <downtoearth@xxxxxxxxxxx>; Powers823@xxxxxxx <powers823@xxxxxxx>; Mark Frimmel <texasmusicproject@xxxxxxxxx>; Cassidy, Terry <tcassidy@xxxxxxxx>; Timothy F Beard <northstreet2000@xxxxxxxxx>; sayski <sayski@xxxxxxx>; 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!
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> 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?
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>  Everyone must read this and pass it on ! !  
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>          Well now ain't this just the shits?
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> 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
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> Auto Enthusiasts  are in  Schumer's crosshairs
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> 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, eve!
 ry 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."
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