In 1993, the state of Rhode Island repealed their tax on luxury yachts making it a haven for boat owners and an industry boomed. This is not a shot at the Massachusetts senior senator John Kerry, it is a wake up call to all Politicians and voters who believe taxes are a way out of financial trouble.
Forget the short term tax gain, think of the long term revenue generators: repair and boat maintenance, fuel, storage, equipment upgrades, food and beverage, jobs for the people work in the marinas and the boat staff themselves. Lastly, for those wealthy enough to have such crafts, the tax savings is put back into the economy in the form of small businesses (jobs again), entertainment, other large purchases (land, homes, cars, etc), and investment into the stock market.
Think about it...
