Tax Increases: Yacht Lessons

Called a fairness issue, proposed corporate jet tax increases have been described as an offset to poverty program cuts. However, supporters of the taxes might be disappointed. Some history… The Omnibus Reconciliation Budget Act of 1990 included a luxury tax…

Unintended Tax Consequences

Protesting a proposed luxury tax for pet grooming, Chicago’s Soggy Paws canine clients wore signs saying “…please don’t tax my haircut.” The politicians who were hoping for more revenue might have been disappointed. Some history… The Omnibus Reconciliation Budget Act…

Yacht Lessons

When we think about taxes, we should look at yachts. In 1990, because of a new luxury tax, anyone who purchased a yacht paid 10% more. The result? People stopped buying domestically made yachts. Yacht makers went out of business…