This is scary

[Don Coatney]

Washington, D.C. - AP. Senator

Charles Schumer (D-NY) held a

press conference today in the

Capitol’s rotunda and stated that

he is in the process of drafting a

bill that will create a federal tax

on all collector, antique, historic,

special interest, hot rods and

race cars.

“This country is operating at a

huge budget deficit,” said

Senator Schumer, “thanks to the

previous administration’s failure

to seek new sources of revenue.

We can no longer continue to

just raise the taxes we already

have. We are reaching the point

of diminishing returns. We must

find new sources of revenue.

“There are more than one million

collector cars in this country,”

said Schumer, “and many

of them are unregistered and

untaxed. These vehicles represent

sometimes sizeable assets

which often appreciate from sale

to sale. Much of these capital

gains remain untaxed. It’s about

time these collectors—all of

whom are rich—begin to pay

their fair share. I’ve never heard

of a poor person owning a

Corvette, Ferrari, Deusenberg

or Cobra.”

Citing the results of this year’s

automobile auctions in Scottsdale,

Arizona as an example,

where reported sales were in the

tens of millions of dollars,

Schumer said, “We’re not talking

about rusty old clunkers,

here. Some of these cars represent

the pinnacle of automotive

history. Collectors who buy and

sell them often do so privately.

Some transactions are in cash

and others include trades. All of

these are under the Internal

Revenue Service’s radar. Well,

that will soon end.”

Each state has different laws

and requirements for collector

cars. Those which tax them as

personal property often use outdated

values. An owner can pay

taxes on a car the state determines

is worth $5,000 and then

turn around and sell it for

$100,000 or more. Until now, all

of this has been the purview of

each state. Schumer’s law will

sidestep all state laws by levying

a federal tax in addition to anything

the individual states do.

This new federal tax will be similar

to the present federal tax on

gasoline, which is in addition to

whatever a state assesses.

Part of the Schumer law

includes the IRS opening up a

special department to deal with

collector cars. Values will be calculated

annually and owners will

be required to list all cars they

own on their 1040 tax form.

Because not all vehicles are registered,

and thus may not be

known to the individual states’

motor vehicles departments—

especially race cars which are not

driven on public roads—the IRS

will make use of the existing network

of individual collector car

enthusiast organizations across

the country.

Many of these car clubs maintain

accurate registries which

detail each car by its vehicle

identification number and present

or last known owner and their

location. Assembling an all-

“All the News

That’s Fit To Print”

Late Edition

One hundred years ago

today there were 100

horses for every automobile

in this country.

inclusive federal database in conjunction

with these registries will

be one of the first steps in implementing

the new law. Once the

database of owners is cross-referenced

with an annual index of

current collector car values, every

collector or race car in the country

can be taxed at a fair rate.

Initially, Schumer says, it will be

10% but that would rise depending

on the type of car, number

produced and condition.

“Collectors are willing to pay

more for certain cars,” said

Schumer, “because of their history

or the small number that were

produced. These factors increase

a vehicle’s worth to buyers, so

why should these cars not be

taxed at a higher rate? It’s no different

than our current progressive

income tax rate.”

It is estimated that an annual

10% tax on all collector cars

presently owned by American

taxpayers—at their prevailing

market value—would be more

than $250,000,000. In four years

the coffers of the federal government

could be fattened by a billion

dollars. “That’s only a conservative

estimate,” said

Schumer. “Nobody knows exactly

how many collector cars are out

there. But by this time next year,

WE will know. Owners of these

cars will finally have to pay up.

Their free ride—on the backs of

the poor—is over.”

[Plymouthy Adams]

and in 350 years we could pay for one military day of operation in Libya..

[58prostreet]

How about that! We're ALL rich! What a C.O.S.!

Bob

[louie the fly]

The world is full of tools & unfortunately they run our countries.

[Young Ed]

I saw this on the 39-47 yahoo group and it was stated that this was likely an april fools joke.

[White Spyder]

None of us here would disagree that our hobby is expensive and disgressionary spending. Very few in our hobby make money on the sale of our cars. How many ads do you see where the seller is claiming that they have more in the car than they are asking? What he fails to understand is that we buy parts, insurance, tow trucks, cross country shipping and labor for repairs; all taxed and generating revenue for other businesses. We also attend shows where we buy gas, hotel rooms, food, entry fees that support charities, and other entertainment while at shows. In fact there is a professor at Ole Miss that did a study on cars shows and the amount of money they pump into the local economies. Tax the cars and a lot of these will end and I am sure that what we do now generates more downstream revenue for the government than the proposed tax.

[Joe Flanagan]

Maybe some of these guys ought to sacrifice the perks they get. Still wondering if it IS an April Fools joke.

[Plymouthy Adams]

everyday in congress is fools day...

[desoto1939]

I just sent an email to his office in Wash, DC to verify if he is drafting the fore mentioned bill

Here is Senators Schumers info:

Here is the link to his webpage: http://schumer.senate.gov/new_website/contact.cfm

Washington D.C.

322 Hart Senate Office

Building

Washington D.C. 20510

Phone: 202-224-6542

Fax: 202-228-3027

TTD: 202-224-0420

New York City

757 Third Avenue

Suite 17-02

New York, NY 10017

Phone: 212-486-4430

Fax: 212-486-7693

TDD: 212-486-7803

Albany

Leo O'Brien Building

Room 420

Albany, NY 12207

Phone: 518-431-4070

Fax: 518-431-4076

Binghamton

15 Henry Street

Room M103

Binghamton, NY 13901

Phone: 607-772-6792

Fax: 607-772-8124

Buffalo

130 South Elmwood Avenue

#660

Buffalo, NY 14202

Phone: 716-846-4111

Fax: 716-846-4113

Hudson Valley

One Park Place, Suite 100

Peekskill, NY 10566

Phone: 914-734-1532

Fax: 914-734-1673

Long Island

145 Pine Lawn Road #300

Melville, NY 11747

Phone: 631-753-0978

Fax: 631-753-0997

Rochester

100 State Street, Room 3040

Rochester, NY 14614

Phone: 585-263-5866

Fax: 585-263-3173

Syracuse

100 South Clinton Street

Room 841

Syracuse, NY 13261-7318

Phone: 315-423-5471

Fax: 315-423-5185

Rich Hartung

Edited April 4, 2011 by desoto1939

[Dan Hiebert]

There are those that do the old car thing for nothing but profit - notably no one on this forum They are the ones that drive the prices of both the cars and parts to ridiculous heights. And there are those of us that do it because its just a hoot! I suspect this is an April fools joke, there's a lot of info that seems intended just to raise the ire of folks, and remember that the registration and licensing of cars is not a Federal responsibility, but of the States. The Fed doesn't even have the authority to do it. Although the Fed can impose things the States have to consider, the States don't have to adopt them. I.e., inspections - several states don't do safety or emissions inspections, even though DOT encourages it. With my job I deal with Sen. Schumer's office on a regular basis (usually associated with being the one at the bottom of the hill that the "stuff" rolls down). He has some "interesting" ideas, but raising taxes and finding new sources of income isn't at the top of his list.

[dezeldoc]

If you are not part of SEMA/SANS I suggest you join, They do more for our hobby than anyone. They have defeated more bs bills from senators and helped cities come up with policies to keep the car guys out of trouble.

http://www.semasan.com/main/main.aspx?ID=/content/SEMASANcom/HomePage

[49 Dodge Dude]

Enough is enough. I get so tired of these thieves helping themselves to the public's wallet like they were the ones who earned the money in the first place.

[greg g]

Send Chuck a e mail, I send things weekly or more to him and other congressional and senate morrons.

Don't you feel better knowing that th majority leader of the congress, couldn't answer a question from a 6th grade civics test in how a bill becomes law.

The only thing that seems to be spread in a truely bipartisan manner is stupidity.

[Alshere59]

I don't think this is real. Looks like an elaborate April fools day joke. Only listed on car forums??? Anyone find a link say for a newspaper?

[Al B. Bach]

I sure hope this is a joke but I wouldn't be surprised if it's true. Just look at all the other ridiculous laws the Libs have come up with attacking old cars like the clunker bills and it becomes obvious that most of them want our old cars off the road. I saw a story a while back (sorry, can't remember where) in which they were looking at regulating the use of old cars because they did not conform to current federal saftey standards.

I also love the line "I’ve never heard of a poor person owning a Corvette, Ferrari, Deusenberg or Cobra.” I used to have a Corvette and, at the time, I was making $38,000 a year. Far from rich the last time I checked. Now I have a 53 Windsor Deluxe and I'm an unemployed full-time student looking for work. You don't get much poorer than that! Of course, I suspect Mr. Schumer would consider my car a "rusty old clunker" and rather see it being crushed in another clunker bill.

[greg g]

The latest things I can find in News for schumer is related to a Religeous Candle maker in Syracuse being pushed out of the market by Chinese Imports, Investigation into the Discount Bus industry in light of two recent fatal accidents on NY roads, and assisting the MAPLE industry in NY. Don't see anything official on taxing old cars.

[Joe Flanagan]

If it's a hoax, someone sure went into a lot of detail.

[randroid]

Al,

See if I get this right; when you say "Libs" are you referring to political liberals? Would that make their counterparts "Cons"?

I am a political agnostic but it still makes me cringe when criticism is meted-out for the sake of criticism without regard to fact.

Let's keep the little political barbs to ourselves and focus more on the points at hand such as old cars and pinup girls., okay? I will if you will. Let me revise that by saying I will and I wish everybody else would too.

-Randy

[Al B. Bach]

Al,

See if I get this right; when you say "Libs" are you referring to political liberals? Would that make their counterparts "Cons"?

I am a political agnostic but it still makes me cringe when criticism is meted-out for the sake of criticism without regard to fact.

Let's keep the little political barbs to ourselves and focus more on the points at hand such as old cars and pinup girls., okay? I will if you will. Let me revise that by saying I will and I wish everybody else would too.

-Randy

Sorry if I offended you. It's just the way I talk. I agree that we should keep this non-political but it's hard at times.

You say cars and pin-ups so here you go.

[TodFitch]

If it's a hoax, someone sure went into a lot of detail.

Going into lots of detail is common on hoaxes as it lends credibility to the story.

Overall, it sounds like a hoax to me but I was not able to find out information on this one way or the other.

[desoto1939]

here is a link to the story in printed format from the New York Times from March 28,2011

http://www.saac.com/files/newsletter/0411/news-04-01-11.pdf

[Don Coatney]

here is a link to the story in printed format from the New York Times from March 28,2011

http://www.saac.com/files/newsletter/0411/news-04-01-11.pdf

With that I am going to give my car away as taxes will be too high to sell it, get some suspenders for my shorts, and start polka dancing. Let them tax my shorts!

[bearheart]

Geez.....If true this would have potential for any collector of anything, maybe even a kid could get his baseball card collection taxed???? How about family antique stuff???? Lets hope this is untrue.

[Alshere59]

here is a link to the story in printed format from the New York Times from March 28,2011

http://www.saac.com/files/newsletter/0411/news-04-01-11.pdf

Well I see its the New York Times. If you read the other articles it also has.

Polka dancers having less cancer and perpetual motion machines.

I love the car that was modified for 40 mpg.

"To cut wind resistance, a nose reminiscent of the Plymouth Superbird was fabricated from a large sheet of cardboard and duct-taped to the

front of the car."

So is it real?

[LAKOTA169]

I just sent an email to his office in Wash, DC to verify if he is drafting the fore mentioned bill

Here is Senators Schumers info:

Here is the link to his webpage: http://schumer.senate.gov/new_website/contact.cfm

Washington D.C.

322 Hart Senate Office

Building

Washington D.C. 20510

Phone: 202-224-6542

Fax: 202-228-3027

TTD: 202-224-0420

New York City

757 Third Avenue

Suite 17-02

New York, NY 10017

Phone: 212-486-4430

Fax: 212-486-7693

TDD: 212-486-7803

Albany

Leo O'Brien Building

Room 420

Albany, NY 12207

Phone: 518-431-4070

Fax: 518-431-4076

Binghamton

15 Henry Street

Room M103

Binghamton, NY 13901

Phone: 607-772-6792

Fax: 607-772-8124

Buffalo

130 South Elmwood Avenue

#660

Buffalo, NY 14202

Phone: 716-846-4111

Fax: 716-846-4113

Hudson Valley

One Park Place, Suite 100

Peekskill, NY 10566

Phone: 914-734-1532

Fax: 914-734-1673

Long Island

145 Pine Lawn Road #300

Melville, NY 11747

Phone: 631-753-0978

Fax: 631-753-0997

Rochester

100 State Street, Room 3040

Rochester, NY 14614

Phone: 585-263-5866

Fax: 585-263-3173

Syracuse

100 South Clinton Street

Room 841

Syracuse, NY 13261-7318

Phone: 315-423-5471

Fax: 315-423-5185

Rich Hartung

If he closed some of those offices, he could save a bundle.