Luxury Tax On Yachts

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When Congress imposed a 10 percent luxury tax on yachts, private airplanes and expensive automobiles, Sen. Ted Kennedy and then-Senate Majority Leader George Mitchell crowed publicly about how the ...

The reason is the 10 percent luxury tax that went into effect two years ago. When you buy a yacht, this tithe can cost you a lot of money. When you buy a yacht, this tithe can cost you a lot of money.

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