Luxury Tax Coming ...
Luxury Tax Coming ...
Liberal government just announced a 20% luxury tax on boats costing over $250,000. The tax will be 20% of the value over $250,000 or 10% of the total purchase whichever is lower.
Bast**ds!
Bast**ds!
2019 Cobalt R3 - V8/350 - Ebony Hull w/ Knock Out Red Edge Stripe
Re: Luxury Tax Coming ...
There may some silver lining here, manufactures may pull back a little on their pricing.
CS23
Re: Luxury Tax Coming ...
Good luck with that. I'm shopping for a 911. the dealers don't have new cars and don't have allocations for delivery before August (my dealer has one allocation). So most people will likely have to wait until after the new tax takes effect to take delivery. My dealer is worried. A typical 911 goes out the door here (pre tax) for about $150 - $160,000. That adds $10 - 12,000 in tax - no small amount.
2019 Cobalt R3 - V8/350 - Ebony Hull w/ Knock Out Red Edge Stripe
- Krob1114
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Re: Luxury Tax Coming ...
Is this just Canada?
"Liberal government" could be anywhere.
2019 Cobalt R3 @ Greers Ferry Lake, AR
Home in Hernando, MS
Home in Hernando, MS
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Re: Luxury Tax Coming ...
I bet it isn't pegged to inflation either, which just means it will be most boats 10 years from now.
I wonder if this also applies to commercial vessels.
2016 220
2019 R7 Surf
White and Red V8-380CE EVC DP (FWD) - 380 hp
2019 R7 Surf
White and Red V8-380CE EVC DP (FWD) - 380 hp
Re: Luxury Tax Coming ...
Last time there was a luxury tax, it was put in by HW Bush and removed by Clinton. I kinda doubt it will happen.
2017 R5 350HP Mercruiser Bravo III
Northridge, CA
Big Bear Lake, CA
South Lake Tahoe, CA
Northridge, CA
Big Bear Lake, CA
South Lake Tahoe, CA
Re: Luxury Tax Coming ...
The OP was Canadian, so talking about Canada.
I agree - a lux tax that hits mass market boats, even expensive ones, is going to be a tough sell in the USA.
Now things like private jets - I'm ok with that. If you can afford the jet, you can afford the tax.
- Mark
2013 Cobalt A25, 6.0 VP 380hp "More Cowbell"
Monte Sereno, CA (winter) | Lake Don Pedro (summer)
Boats are for when I'm not racing cars
Monte Sereno, CA (winter) | Lake Don Pedro (summer)
Boats are for when I'm not racing cars
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Re: Luxury Tax Coming ...
You know, the income tax started out as a tax targeting the top 1%, be careful what you ask for.
I bet there are plenty of people that can't afford a boat that would say the same thing you just said about planes.
2016 220
2019 R7 Surf
White and Red V8-380CE EVC DP (FWD) - 380 hp
2019 R7 Surf
White and Red V8-380CE EVC DP (FWD) - 380 hp
Re: Luxury Tax Coming ...
That is exactly what the Canadian finance minister said with respect to $100,000+ cars and $250,000+ boats. But, the guy who buys the $75M Gulfstream G700 won't be too happy about the $7.5M luxury tax. Of course business (commercial) use vessels and aircraft aren't included.
2019 Cobalt R3 - V8/350 - Ebony Hull w/ Knock Out Red Edge Stripe
Re: Luxury Tax Coming ...
I live in one of the very highest tax places in the country, so I get it. But I stand behind it.Norris_Boating wrote: ↑Wed Apr 21, 2021 6:22 amYou know, the income tax started out as a tax targeting the top 1%, be careful what you ask for.
I bet there are plenty of people that can't afford a boat that would say the same thing you just said about planes.
Honestly, I would prefer we raised the tax on corporations and lowered the tax on individuals. But that's a different thread on a different forum.
- Mark
2013 Cobalt A25, 6.0 VP 380hp "More Cowbell"
Monte Sereno, CA (winter) | Lake Don Pedro (summer)
Boats are for when I'm not racing cars
Monte Sereno, CA (winter) | Lake Don Pedro (summer)
Boats are for when I'm not racing cars
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