Could the reason be that the Ocean State repealed its Boat Sales and Use Tax back in 1993, making the tiny state to the south a haven – like the Cayman Islands, Bermuda and Nassau – for tax-skirting luxury yacht owners?
Cash-strapped Massachusetts still collects a 6.25 percent sales tax and an annual excise tax on yachts. Sources say Isabel sold for something in the neighborhood of $7 million, meaning Kerry saved approximately $437,500 in sales tax and an annual excise tax of about $70,000.
The senior senator’s chief of staff David Wade denied the old salt was berthing his boat out of state to avoid ponying up to the commonwealth.
“The boat was designed by and purchased from a company in Rhode Island, and it’s based in Newport at the Newport Shipyard for long-term maintenance, upkeep and charter purposes, not tax reasons,” Wade told the Track.
Even if he’s innocent, just the idea that we’re talking about the tax strategies available to a prominent Democrat in berthing his yacht fills me with a warm glow. Say, you don’t suppose that the left’s outrage during the campaign over John McCain owning seven homes or whatever might have been manufactured, do you?
Semi-serious exit question: Why are stories like this so much more satisfying when Waffles is the lead character? Pick virtually any other filthy rich Democrat, including his old running mate, and substitute him/her here and the article becomes a curio. With Kerry, it’s revel-worthy. Why is that?