by winston » Fri Jul 23, 2010 9:51 pm
Not cheap to maintain a boat. Maybe be better just to rent one whenever u want to feel the breeze ...
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Mass. Sen. Kerry docks yacht in RI, saving $500K
Mass. Sen. Kerry docks family's new $7M yacht in Rhode Island, saving $500,000 in taxes
Staff
AP News
Jul 23, 2010 09:30 EDT
Massachusetts Sen. John Kerry is docking his family's new $7 million yacht in neighboring Rhode Island, saving roughly $500,000 in Bay State taxes.
The Boston Herald reported Friday the 76-foot, New Zealand-built sloop has two cabins, a pilot house fitted with a wet bar and cold wine storage. It is owned by a limited liability corporation in Pittsburgh, the longtime home of Kerry's wife, philanthropist Teresa Heinz Kerry.
If the boat were docked at the couple's summer vacation home on Nantucket, they would be liable for $437,500 in one-time sales tax. They'd also have to pay $70,000 in annual excise taxes.
Instead, Rhode Island has repealed those taxes.
A Kerry spokesman says the boat is being kept at Newport Shipyard not for tax reasons, but "for long-term maintenance, upkeep and charter purposes."
Source: AP News
It's all about "how much you made when you were right" & "how little you lost when you were wrong"