Re: Off Topic But IMPORTANT

[William Harrison <bbjt3@xxxxxxxxx>]

What a dick!!!!!
The legislature will have a hard time getting enough backing to be presented to the congress but if it becomes a bill we will have a specific target to remind our representatives of how we will vote if they favor the bill and believe me there are many muscle car buffs and collectors in the congress.
Later
Bill Harrison
65 Coronet 2 dr post.

BTW....;You can email your congressman and senators to pre-warn them of your opposition to the bill to be proposed.

--- On Tue, 4/26/11, Ollie <satellite1965@xxxxxxxxxxx> wrote:

> From: Ollie <satellite1965@xxxxxxxxxxx>
> Subject: Off Topic But IMPORTANT
> To: 1962to1965mopars@xxxxxxxxxx
> Date: Tuesday, April 26, 2011, 12:20 PM
> 
> 
> Subject: Senator Eyes Collector Cars as Revenue Source 
> 
> 
> If you are not aware of this new legislation, you need to
> be if you own any type of collector automobiles, race cars,
> hot rods, customs, etc. 
> I urge you to pass this on to your friends and neighbors
> who are car enthusiasts. Also, if you belong to any car club
> or group, see that they get it also. 
> I’m sure the biggies, like the auction Houses, car
> magazines, AACA, VCCC, etc. will get in on opposing this
> legislation. 
> Gene 
> Senator Eyes Collector Cars as Revenue Source 
> New York Times article Mar.28, 2011 
> 
> 
> 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” 
> 
> 
> 
> [Non-text portions of this message have been removed]
> 
> 
> ----
> Please address private mail -- mail of interest to only one
> person -- directly to that person.  I.e., send
> parts/car transactions and negotiations as well as other
> personal messages only to the intended recipient, not to the
> Clubhouse public address. This practice will protect your
> privacy, reduce the total volume of mail and fine tune the
> content signal to Mopar topic.  Thanks!
> 
> 1962 to 1965 Mopar Clubhouse Discussion Guidelines:
> http://www.1962to1965mopar.ornocar.org/mletiq.html and
> http://www.1962to1965mopar.ornocar.com/general_disclaimer.html.
> 
> 
> 
>