Quote:
Originally Posted by sv Grateful
Oh, I don't know, how about 25 months of hearings and debate?
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Was this before or after we were told it had to be passed before it could be read?
Reality for your average cruiser, it's not going to make much difference. It's all going to come down to which deductions you get now vs which are available after. How I see it breaking down (tentatively):
- Low
income cruisers: Most pay little if any
income tax and don't have a mortgage or
boat loan. If the standard deduction is going up, any tax they do pay should be going down.
- Middle class cruisers: Will also likely come out ahead as they are largely retired with no mortgage or boat loan or far enough into their mortgage that interest isn't enough to justify itemizing, so they are taking the standard deduction which tentatively looks to increase.
- High end cruisers: They may take a hit on the mortgage interest or state/local tax deductions if eliminated but will more than make up for it on capital gains.
Boat manufacturers are likely to come out ahead based on capital gains/corporate income tax being changed in their favor and a lower tax
environment is likely to boost sales.
Not saying there aren't some issues with this tax bill but so far nothing definitive that should worry the industry.