This week’s Courier Herald column:
The members of the Georgia General Assembly left Atlanta at the end of March with quite a few tax proposals left sitting on their desks, rather than sending them on to the Governor’s. Under consideration was a bill that would have cut the top income tax rate marginally while increasing some taxes on lower wage earners, and a bill that would have cut the taxes paid on leasing while increasing the title transfer fee on used cars to a value closer to their true market rate. Those bills died.
A bill that passed, however, eliminate sales and use tax on repairs, upgrades and retrofits of large yachts. How large? Think closer to Rodney Dangerfield’s character’s from Caddyshack Al Cervick’s yacht, and less Judge Smail’s much more economy sized boat. For repairs to be tax exempt, they must reach $500,000. That’s a lot more than a scratch on an anchor.
The press and other ritual stone throwers haven’t been terribly kind to this bill. In today’s populist fueled political environment, it seems almost tone deaf to give a tax break to the rich owners of luxury yachts. That’s the current narrative surrounding this legislation.
Let’s quickly dispel this line of thinking. This bill isn’t for the yacht owners. Continue reading “It’s Not About The Yacht Owners”