Florida’s House Republicans said “This isn’t about raising revenue. Oh no! This is about fair and balance taxation system.” Well, that is certainly obvious that it isn’t about raising money.
Buyers of yachts and private airplanes in Florida would be spared from paying the full 6 percent sales tax on their purchases. But magazine subscribers would now start paying taxes.
Those were among the decisions the House Finance and Tax Council made Monday as it weighed revisions to Florida’s tax system in a wide-ranging bill that creates two sales tax holidays for shoppers and leaves the budget $25 million in the red.
They were confident they would find the needed money by the end of the legislative session on May 1.
Their reasoning on the magazine tax is: if a person purchases one at a bookstore or drug store it is taxed, whereas if it is sent to your home it is tax-free.
Let’s see if I understand this. The Republicans are trying to fix a budget that is in the red by $25 million, so they are going to put a tax levy on magazine subscription arriving at your home for something that only cost approximately $5.00. But, they are going to give a free pass to yacht owners. Considering the least expensive yacht is going for $24 million, of course, that is only a dinky 157-footer. If we look at the high end, my prices are a little out of date, the top ten yachts average $64.37 million. I guess we can all see how they would consider this equitable – when you consider what Forbes Magazine had to say about people who own yachts:
As the old saying goes, yachting is like standing in a cold shower fully clothed while pushing hundred-dollar bills down the drain with your toes.
This makes all the sense in the world, only if you’re a Republican…..