With Easter nearly upon us (for those of you still grinding away, that's the holiday where you might be able to lug a ham sandwich to the office and some HR airhead will leave a single Cadbury creme egg on your desk), this seems a fitting Busy Season Zen entry for this week.
Let's see what happens when you blast a row of Peeps with a .50 cal:
Now you know what to do with that stupid creme egg you weren't going to eat anyway.
Sorry for being a little to the game on this one but everyone seems to still be in their meat-induced comas and this type of proposed legislation has left us wondering: IS NOTHING SACRED? If the affluent in our society can’t write off the mortgage interest on their second home that also happens to be boat, haven’t the terrorists won?
The Ending Taxpayer Subsidies for Yachts Act was introduced by Rep. Mike Quigley (D-IL) with co-sponsors Reps Tim Walz (D-MN) and Gary Peters (D-MI):
“There’s absolutely no reason why taxpayers should subsidize luxury yachts,” said Quigley. “As we work to address our budget challenges, closing this frivolous tax loophole is a no-brainer.”
“We’re going to have to make some hard decisions to tackle our national debt, but this isn’t one of them,” said Walz. “Closing this tax loophole restores the Mortgage Interest Deduction to its original purpose; helping middle class families realize the American Dream through homeownership.”
Currently, taxpayers are allowed to deduct mortgage interest for up to two homes from their tax returns. Yachts equipped with bedding, toilet facilities, and a kitchen qualify even if they aren’t used as a primary residence. The Ending Taxpayer Subsidies for Yachts Act would limit the tax deduction to only those who use their boats as a primary residence.
“We need to get the deficit under control, and that means simplifying the tax code and eliminating special interest tax giveaways like the Yacht Loophole,” added Peters. “Homeownership is part of the American Dream and we should encourage it, but yacht owners don’t need any special handouts, especially in the middle of a budget crisis.”
Also, it’s our understanding that the Reps will use the following footage to make a case for their bill: