Letter: Walz should cast off so-called yachts billI am disappointed to see that Congressman Tim Walz is co-sponsoring House Bill 1702 (Ending Taxpayer Subsidies for Yachts Act).
By: Bob Guthmiller, Centennial, Colo., Worthington Daily Globe
I am disappointed to see that Congressman Tim Walz is co-sponsoring House Bill 1702 (Ending Taxpayer Subsidies for Yachts Act). First of all, if the Congressman wants to name the bill properly, he should replace the word “yachts” with “boats.” I’m sure all the boating enthusiasts that support him in his Minnesota district might then stand up and notice. This bill would eliminate the interest tax deduction that some boats qualify for as a “second home.” This is not a frivolous tax loophole by any means.
Why would a boat that is big enough to allow a family to sleep on it over a weekend or for a week cruising on the water not qualify as a second vacation home? A boat like that can cost much less than a second weekend home or an RV, both of which would continue to be eligible for the interest tax deduction under the congressman’s bill.
The current deduction is a huge incentive that encourages people to buy boats that keeps those employed in the industry working. By eliminating this deduction, you will indeed throw people out of work.
If the congressman would really look into the facts, he’d see that the vast majority of boats that qualify as second homes are not expensive yachts owned by the super-rich but modest boats owned by hard-working, middle class Americans.