VCCA Home Forums GENERAL DISCUSSION General Discussions Feds want to Tax your Antique cars!

Auto Enthusiasts who dodge taxes are in Schumer's crosshairs

Washington, D.C. - AP. Senator Charles Schumer (D-NY) 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 Those which tax them as personal property often use outdated values.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."

#1 I didn't know I was rich.

#2 will become a senator so I can get away with out paying taxes.

#3 I almost always voted for a certain political party.....will never vote for any one in that party again after the goings-on here in Wisconsin in the past two months.

That whole bill just stinks and sucks!! A pox on Schumer for even thinking of this.

Sounds like the old Personal Property Tax we used to have in this state years ago. If you had a riding lawn mower, taxed that too. Just whatever they could get by with. They finally dropped that idea some years ago.

Sounds like a letter to my reps about this stupid idea.

Jim.

They could come up with more if the cut the waste and pork.

Got a feelin this threds gonna get shut down sooner or later but i just wanted to say i wish our smart politicians (and i say that in a sarcastic way) Knew that by creating more taxes (like we need more taxes, right?) Doesnt exactly HELP national debt. Instead it creates more debt for everybody to pay. To stop debt is to stop exessive gov. spending. Only then will the U.S. gasp a much needed breath of air.

"Their free ride-on the back of the poor-is over"........And the free ride of the rich on the working mans back has just began.


The people that actually know how to run this country really do work on cars.

A Wish To Live Forever

I met a fairy today who said she would grant me one wish.

"I want to live forever," I said.

"Sorry," said the fairy, "I'm not allowed to grant wishes like that!"

"Fine," I said, "then I want to die after Congress get their heads out of their as#*s!"

"You crafty ba#t*rd," said the fairy.

I can see it now........license fee on 37 chevy $14........ luxury tax on 37 chevy $750........ I suppose as long as we keep re electing these greedy idiots.... they will keep raising our taxes and padding their own pockets!... Sorry for the rant.

...Maybe someone will run over C.S.'s new Lincoln Town car with a 1949 NASH!

I have searched trying to find the AP report on this issue. Can you post a link to the AP new wire report on this topic. I'm going to contact my representatives about this issue. <p> I agree there are a lot of other ways to save money. Many times those methods of raising money are not popular. The elected officials won't go that way because they don't want to risk being "un-elected".

This report originated in the SEMA network. SEMA Action Network. (SAN). I'll look further. Al W.

Here's the scoop! The following link will take you to the NY Times. (A real Rag). Sorry to spread such preposterous news!
http://www.saac.com/files/newsletter/0411/news-04-01-11.pdf
Al W.

Y'all do realize that this is an April Fool joke, right?

http://saacforum.com/index.php?topic=12363.0

Go to the second page, third posting by Rick Kopec.

I just heard it was a joke too.

But is the Senator a real person? If so, he probably won't be too happy.

Bill

What an A%#! Rick Kopec is said to be the author of this piece of Bogus Crap! It figures he's a Ford guy. My aologies for being talen by this junk! Al W.

But you know...i wouldnt put it past D.C.

senator schumer is our senator and he is a tax and spend fool I would not put this type of tax past him.

Well, at first I was embarassed at being taken in by that, but then I thought, they have done worse things.

What I find amazing is how many of us jump at the chance to forward emails like this one. When I received first received it, I was suspect. Why would the New York Times feature on the front page a story like this? Have we heard about: sunami's, nuclear plant melt-downs, Afganistan, Lybia, our economy, etc. etc. Those issues deserve the front page of a major newspaper. I then went on to do a little research. I even emailed my son who works in the New York City Mayor's Office.
Computers are fun, the internet is fun, but is allows us to jump at lightning speed to send out hundreds of emails that may be true or may be false.
I will now step down from my soap box and let's get back to the hobby.
dtm

The goobermint does have a nack for ocasionaly specializing in making fictional stupidity quite real so...it wouldnt have ashamed me or suprised me...eaither way. Ok im done.

I do agree however, and im not knocking anyone, but fictional chain letters really shouldnt be started inless it is proven fact. I cant tell you how many chain letters i get and 80 percent or more are fiction.

You know, I'm from the Maryland and you'd better hope old Chuckle S. doesn't read that post! It just may give him the idea to really draft some sort of ridiculous legislature along those lines. Lol!

Considering governments these days are taxing everything including the air you breathe to overpay themselves or otherwise waste it would not be wise to give them any ideas.
Tony

ALL THINGS CONSIDERED, LET'S JUST DELETE BOTH THREADS THAT RELATE TO THIS MATTER.

NO HARD FEELINGS ON AL; BUT LET'S GET BILL BARKER TO DELETE BOTH THE THREADS.

AGREED?????

Bill.

Yes, Bill - I agree. I'm all for having this issue buried. Let's not start putting ideas in the heads of congressmen. They will eventually find a way to put a tax on us sooner or later.

Roger

Well considering this place really isnt ment for settling all the troubles in the world, in order to keep peace on this site i will agree to deleate. But it doesnt hide the fact that this stuff is out there and our politicians will do what they feel like. It's the unfortunaty in it i guess.