They want to tax all collector cars, Warning! They want more of our money

A friend sent this to me this morning and it totally messed up my day. Please read the war and peace article to get the full understanding of what this freaking senator is proposing. It's BIG BROTHER today!

> 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.
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> "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."
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> "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."
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> 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."
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> 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which tax them as personal property often use outdated values.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.
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> 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.
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> 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.
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> 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.
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> "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."
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> 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.
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> "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."

 

It's a joke,forget about it...soon to be deleted...

 

A thread like this was deleted two hours ago - check your facts and think before you post. It was an April Fools spoof from the SAAC....

 

the number of people who have taken this seriously is huge...Makes you wonder how thoroughly they filter the rest of the info they receive...

 

If it is joke, great! Sorry I fell for it, but it would not surprise me.

 

Next time use Snopes to check out these things first. It's saved me embarassment in the past.
http://www.snopes.com/

 

go figure man o man this just ticks me off they have tried to tax me all ready on my 56 before it was even done trying to get me to pay 1500$ in taxes on a car that was not even close to costing 20,000$> damn the man i say

 

I wonder if the "Clunker Law" started out as a joke? Who would of ever believed the power companys would get credits for destroying old cars.

 

http://www.jalopyjournal.com/forum/showthread.php?t=445014&highlight=seen+it+before