June 22, 2015

Washington Post: States are Racing to See Who Can Give Rich People a Bigger Tax Break on Their Yachts

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It’s true that lower taxes might bring new customers into the market, which would be great for the yacht industry. Yet every dollar spent on new boats is a dollar that a rich customer isn’t spending on something else. Favoritism for yacht manufacturers and dealers helps them only at the expense of all the other businesses that make up the diverse economy of a large state such as New York or Florida.

“The only winners will be the yacht owners,” said Matt Gardner, the executive director of the left-leaning Institute on Taxation and Economic Policy, which studies state fiscal policy.

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