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lorenzo b · 23-07-2010, 10:14

John Kerry Saves $500,000 By Docking 76-Foot Luxury Yacht Out Of State

John Kerry Saves $500,000 By Docking 76-Foot Luxury Yacht Out Of State

**GordMay** · 23-07-2010, 10:29

"Isabel," the 76-foot yacht owned by Democratic Sen. John Kerry of Massachusetts, is undergoing repairs at the Hinckley shipyard in Portsmouth, R.I.
Kerry is docking his family's new $7 million yacht in neighboring Newport, R.I.

I wouldn't go very far out of my way to pay an extra half million in taxes, either. But then, I wouldn't pay 5 million for that boat.

zeehag · 23-07-2010, 10:39

LOL--i am soo happy with my 10k formosa--just need a boat slave..LOL...and it will NEVER be as shiny as that hinkley...LOL....

LtBrett · 23-07-2010, 10:53

I'm no Kerry fan, but this reporter is really trolling for a story. Since when is mooring a sailboat in the sailing capital of the world a tax dodge? Besides, $500k is a rounding error to the heir of the Heinz fortune.

Brett

gettinthere · 23-07-2010, 15:19

taxes are for the 'little people'

rebel heart · 23-07-2010, 15:35

With all the threads on here about how to avoid various taxes....

**Dockhead** · 23-07-2010, 15:35

Quote:

Originally Posted by LtBrett

I'm no Kerry fan, but this reporter is really trolling for a story. Since when is mooring a sailboat in the sailing capital of the world a tax dodge? Besides, $500k is a rounding error to the heir of the Heinz fortune.

Brett

Exactly. Kerry is a scum-sucking politician. But this particular act of his -- is completely innocent and understandable. The journalists are really scraping the bottom of the barrel. Jeez.

David_Old_Jersey · 23-07-2010, 16:12

And a $70k pa wealth tax on assets

Not even the Commies did that

**Dockhead** · 23-07-2010, 16:14

Quote:

Originally Posted by David_Old_Jersey

And a $70k pa wealth tax on assets

Not even the Commies did that

They didnt' need to. They just took the assets. Nothing left to tax.

shadow · 23-07-2010, 17:21

Yah, not a huge fan of any poly, but I agree with Gord, I wouldn't pay that much for that yacht, unless it had everything hand done and custom made to his liking... Dont' get me wrong, I love Hinckley yachts....Even then, I think the yacht company saw a total sucker and fool and charged him the extra 200% idiot tax...

Good on them I say......

Gracias · 23-07-2010, 17:29

Quote:

this reporter is really trolling for a story

Wow, no kidding. (And I even have a journalism degree and reporting experience myself.)

This reporter uses the word "evade" ("Kerry spokesman David Wade said Friday the boat is being kept at Newport Shipyard not to evade taxes, but 'for long-term maintenance, upkeep and charter purposes.'").

But this isn't tax evasion; it's tax avoidance, and completely legal.

One of my favorite legal opinions (not that I spend a lot of time reading that kind of stuff) is this one:

"Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one's taxes.* Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands."

-- Judge Learned Hand* (1872-1961), Judge, U. S. Court of Appeals  Source: in the case of Helvering v. Gregory, 69F.2d 809

(Also my favorite name for a judge, ever.)

Rebecca

Bash · 23-07-2010, 17:39

If he'd have been goofy enough to pay a half million more to berth the boat in Boston, that would truly have been a story.

(Oh, and by the way, I think we should refer to Newport as the "former sailing capital of the world." Where will they be holding the next America's Cup, anyway? It's already been decided it won't be back on that side of the continent.)

**David M** · 23-07-2010, 18:41

From the Rules...

Discussion of politics and religion is permitted only in association with the topic of this forum.

If this becomes a war with attacks on any political party or attacks on a politician because of his or her politics, then this thread will be closed. That's not what CF is about. At least one here has already crossed that line.

http://www.cruisersforum.com/forums/...ork&page=rules

Ahnlaashock · 24-07-2010, 07:25

If he paid the tax, when parking his boat on the other side of the harbor saves him 500,000K, he would not be intelligent enough to trust piloting the boat! Many things you could attack Kerry over, but having the common sense to avoid a luxury tax in a legal manner is not one of them.