Giving the rich their due...

Yacht owners enjoying a huge perk -- tax breaks
Law allows wealthy to write off pricey purchases in several ways



By ERIC NALDER
SEATTLE POST-INTELLIGENCER INVESTIGATIVE REPORTER

One grateful local yacht owner calls it a federal subsidy: Several tax dodges, ranging from perfectly legal to dubious, are helping wealthy owners keep their big pleasure boats on the water, in Puget Sound and across the country.


Some ultra-rich yacht buyers are expecting to deduct millions from their income tax next year by depreciating their pleasure craft under the provisions of the Bush administration's tax-relief program passed by Congress in 2003. About 500,000 boat owners nationwide can decrease their income-tax bill every year by declaring their vessels a second home. Some others collect healthy deductions from putting their boats into charter arrangements that may skirt the provisions of the tax code. And some corporations take deductions on yachts that seem to stretch the definition of a business resource.

I have no problem with yacht owners (or anyone else really) reducing the taxes that they can pay by any legal means but I just bet that this law doesn't get repealed during the current administration.

Anyone want to bet on it?