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post #21 of 77 Old 11-16-2018
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Re: Oh boy, oh boy oh boy.......

This really doesn't have anything to do with avoiding taxes...............

It has everything to do with a law that prevented yachts from being U.S. flagged.

Read the real article about here:

https://www.tradeonlytoday.com/indus...-american-flag
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post #22 of 77 Old 11-16-2018
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Re: Oh boy, oh boy oh boy.......

hahaha They ARE commercial vessels... 99% used for chartering 99% of the time. They are built as tax write offs in many cases. They are operated by paid crew...

pay attention... someone's life depends on it
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post #23 of 77 Old 11-16-2018
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Re: Oh boy, oh boy oh boy.......

Silly to argue with the irrational.

My wife is a British citizen. Imagine, if England required her to pay them, even though she lives and works in the US and only visits there. Same with mega yachts, they are purchased outside the US and stay outside the US the majority of the time. It's not that wealthy hire lawyers to scam the system, they are simply buying assets they keep elsewhere most of the time. This is fully accessible to everyone, if one can or wishes to buy an asset overseas. Obviously, most don't have the resources to own any yacht, but that doesn't make those that can scammers.

It's nothing short of amazing that the US has become the greatest economic nation the world has ever known and in such a short time. We value and expound the opportunity to become successful. However, once you are, you become a target of disdain. Wild stuff. No one is doing anything wrong by following international rules. The mob is not allowed to say they don't like that someone bought the asset elsewhere, so you have to pay me anyway. Thankfully, our laws don't allow that either.


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post #24 of 77 Old 11-16-2018 Thread Starter
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Re: Oh boy, oh boy oh boy.......

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Originally Posted by SanderO View Post
hahaha They ARE commercial vessels... 99% used for chartering 99% of the time. They are built as tax write offs in many cases. They are operated by paid crew...
I agree with you for the most part, though 99% is pretty high as a charter level. most probably average less than 35% of the time and they no way cover their expenses.
When interviewing for a captain's position I needed to know which of the three ways the owner wanted the vessel operated.
1) a pure loss for 3 of 5 years, for the tax write off.
2) more or less break even, attempting to make a profit, for the 2 of 5 years according to the tax regs at that time. Or every year. Usually, these were corporate-owned/leased vessel, where the owner was allowed very limited time aboard and if they wanted more, they had to charter the boat like anyone else. Sometimes the vessel was leased by the owner to the (his) company.
3) as a private yacht with no concern regarding tax law or expenses.
But with those sorts of budgets, hiring a chopper for pics for the brochure was no big deal! And it wasn't too bad a life having a French chef cooking just for the crew when we had no guests aboard!
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post #25 of 77 Old 11-16-2018
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Re: Oh boy, oh boy oh boy.......

Just to be clear...... no one spends an extra dollar, just to save 50 cents in taxes for the write off.

The commercial write off issue is being able to deduct the depreciation of the assets itself, if you're in business. Recreational owners don't get to do that. I definitely know of vessels that are chartered on a very part time basis, just so this deduction is available to them. It's totally legal and available to everyone, if you want to go through the effort of having crew, renting out your boat, etc. I don't.

There is a big distinction in renting tangible property and hiring a crew, from a vessel being a commercial vessel. The biased won't get it, but this is the point. The comparison is a private plane being charterd for a single trip, vs an airliner. The operating rules are very different. These huge vessels are no longer required to register as airliners, rather private planes. Both can be chartered.


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post #26 of 77 Old 11-16-2018
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Re: Oh boy, oh boy oh boy.......

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Originally Posted by Minnewaska View Post
My wife is a British citizen. Imagine, if England required her to pay them, even though she lives and works in the US and only visits there.
Doesn’t the USA do just that? At least with normal citizens it does. It demands its citizens report, and pay tax, on all income, no matter where it is earned. I know this b/c it’s become a real PITA for a lot of ex-Americans who have come to Canada, only to learn Uncle Sam still wants a piece of their tax pie.

But maybe this doesn’t work the same for wealthy folks and non-natural persons (i.e. corporations).

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...We value and expound the opportunity to become successful.
You do realize the USA has become one of the most rigid societies in all the developed world with regard to class mobility. Here’s the summary graph from a recent OECD study on the topic, but there is mountains of data showing the same thing. In effect, the “American Dream” is alive and well, just not in the USA.
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Last edited by MikeOReilly; 11-16-2018 at 12:29 PM.
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post #27 of 77 Old 11-16-2018
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Re: Oh boy, oh boy oh boy.......

My numbers were hyperbole for sure.... but anyone knows what these megayachts are all about. THEY are commercial ventures and most are tax write offs.

Sadly our culture has become obsessed with obscene wealth... It's really no very pretty when so many people struggle to keep a roof over their head and feed their family. You can bet your bottom dollar that the "owners" of these megayachts pay little to know taxes.

Newport should charge them a fee of $250,000 for a one week permit to be docked there.
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post #28 of 77 Old 11-16-2018
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Re: Oh boy, oh boy oh boy.......

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Originally Posted by Minnewaska View Post
Just to be clear...... no one spends an extra dollar, just to save 50 cents in taxes for the write off.

The commercial write off issue is being able to deduct the depreciation of the assets itself, if you're in business. Recreational owners don't get to do that. I definitely know of vessels that are chartered on a very part time basis, just so this deduction is available to them. It's totally legal and available to everyone, if you want to go through the effort of having crew, renting out your boat, etc. I don't.

There is a big distinction in renting tangible property and hiring a crew, from a vessel being a commercial vessel. The biased won't get it, but this is the point. The comparison is a private plane being charterd for a single trip, vs an airliner. The operating rules are very different. These huge vessels are no longer required to register as airliners, rather private planes. Both can be chartered.
This is mostly trying to rationalize what rich people can do with their wealth... find ways to get tax credits.

Megayachts are not recreational pleasure craft. They are built for a few related purposes.... among them are vanity, sheltering wealth, and "investment"/ tax avoidance. They consume way way too much fuel and resources... and a tiny fraction of the people actually "use" them for a "vacation".... people who can afford hundreds of thousands for the charter fees.

There is hardly a good thing to say about these abominations.

In case you didn't know it... but of course you do... the vast majority of people in the USA have no investments, or hold shares. Most people struggle to pay for necessities including education, health care, and housing. Sounds like you are in a bubble dude.
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Last edited by SanderO; 11-16-2018 at 12:45 PM.
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post #29 of 77 Old 11-16-2018
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Re: Oh boy, oh boy oh boy.......

"Sadly our culture has become obsessed with obscene wealth"

Well, it certainly has become obsessed with obsessing about others' wealth.
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post #30 of 77 Old 11-16-2018
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Re: Oh boy, oh boy oh boy.......

Quote:
Originally Posted by thrill View Post
"Sadly our culture has become obsessed with obscene wealth"

Well, it certainly has become obsessed with obsessing about others' wealth.
And that we need to take it from "them"

Don't blow air up my rear, be useful and blow it at the sails!
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