Archives for the 'Sailmakers and Sail Lofts' Category
Does Your Congressman Hate Sailing Industry Jobs?
Mike Quigley vs. Mortgage Interest Deduction
Mike Quigley vs. Mortgage Interest Deduction
I find this troubling, not only as an avid Lake Michigan sailor, but also as a real estate professional.
The same arguments in favor of home mortgage interest deduction apply to the boating industry, if not more- the boating industry represents the livelihood of many interconnected jobs in building, selling, maintaining and enjoying recreational boating.
View Illinois’s 5th Congressional District (CHI) in a larger map
The Illinois 5th Congressional District map appears to include Diversey Harbor, but not Belmont Harbor.
View Illinois’s 5th Congressional District (CHI) in a larger map
Quigley, Walz, Peters Introduce Bill to End Subsidies for Luxury Yachts
Tuesday, 03 May 2011 13:29WASHINGTON—Today, U.S. Representative Mike Quigley (IL-05), along with Reps. Tim Walz (MN-1) and Gary Peters (MI-9), introduced legislation to eliminate taxpayer subsidies for yachts. The Ending Taxpayer Subsidies for Yachts Act will amend a tax provision that allows boat owners to write off their mortgage interest payments if they classify their boats as second homes.
“There’s absolutely no reason why taxpayers should subsidize luxury yachts,” said Quigley. “As we work to address our budget challenges, closing this frivolous tax loophole is a no-brainer.”
“We’re going to have to make some hard decisions to tackle our national debt, but this isn’t one of them,” said Walz. “Closing this tax loophole restores the Mortgage Interest Deduction to its original purpose; helping middle class families realize the American Dream through homeownership.”
Currently, taxpayers are allowed to deduct mortgage interest for up to two homes from their tax returns. Yachts equipped with bedding, toilet facilities, and a kitchen qualify even if they aren’t used as a primary residence. The Ending Taxpayer Subsidies for Yachts Act would limit the tax deduction to only those who use their boats as a primary residence.
“We need to get the deficit under control, and that means simplifying the tax code and eliminating special interest tax giveaways like the Yacht Loophole,” added Peters. “Homeownership is part of the American Dream and we should encourage it, but yacht owners don’t need any special handouts, especially in the middle of a budget crisis.”
In 2004, there were approximately 500,000 pleasure boats in the United States large enough to qualify for the tax break, but only around 100,000 people live full time on boats according to the 2000 Census.
The proposal is included in Quigley’s Reinventing Government: The Federal Budget Part II. The report is due out next week and will include detailed cost-saving recommendations to follow up on Part I, which focused on transparency in the budget process.
Source: Mike Quigley press release
http://quigley.house.gov/index.php?option=com_content&view=article&id=480%3Aquigley-walz-peters-introduce-bill-to-end-subsidies-for-luxury-yachts&catid=19%3A2011-press-releases&Itemid=24
Note the discrepancy in the fake analysis? 2000 census figures are compared to 2004 boat statistics (without source reference). Never mind that we just completed a 2010 census, or that the current year is 2011…
Here’s how the media fabricates information:
The Hill directly copies information from the press release, publishing the unsourced numerical data as if it were factual news:
http://thehill.com/blogs/on-the-money/domestic-taxes/159065-house-lawmakers-urge-elimination-of-tax-subsidy-for-yachts
But The Hill is honest enough to inquire, and report:
The IRS doesn’t differentiate between mortgage types so there is no data available to calculate an exact amount of money the legislation would save, an aide told The Hill.
Nor is there any analysis of the jobs and positive economic impact of the original mortgage interest deduction as it currently exists with regard to boat ownership.
Perhaps Quigley and his over-taxing colleagues can examine the studies prepared for justifying the funding of additional harbors for Chicago?
Unfortunately, it seems they would rather perpetuate the false narrative that taxing more is the solution to the economic problems created by government over-spending.
Quantum Sails and Sailing Anarchy: Ringing in the New Year with FAIL
Quantum Sails terminated the employment in Chicago of a very well-respected, admired and liked sailmaker as of January 1. We were very sorry to learn Tac Boston was let go.
On the other hand, Quantum Sails funded sponsorship for Sailing Anarchy’s presence at Key West Race Week. Apart from generating controversial attention as per usual, the powerboat used by Alan Block “Mr. Clean” interfered with racing, requiring redress for the competitor affected. This occurred AFTER receiving warning of numerous complaints from competitors. link
From our perspective, it’s difficult to imagine how these choices by Quantum Sails benefit anyone. Do they benefit Quantum Sails’ profitability? We have no idea. Does it really matter? How much embarrassment does Quantum need to fund in order to achieve their promotional goals?
2008 Crowley’s Yacht Yard Annual Yacht-A-Palooza
This weekend marks another tradition as the Chicago sailing season approaches. Crowley’s Yacht-A-Palooza arrives this Saturday, March 29, 2008.
“This year we have decided to Lu’au for Yacht-a-palooza. The event, as usual, will feature big discounts on selected store items, the Nautical Donations Flea Market tent, guest speakers, workshops, featured vendors, food, a pig roast, entertainment and prizes…and admission is FREE!”
Quantum Opens New Sail Loft in Chicago
Quantum Sails has opened a new sail loft in Chicago, located at 524 West 26th Street. Map
Quantum press release here.
We can’t help but notice that the loft is down the street from Crowley’s previous location at 2500 S. Corbett.
Crowley’s Yacht Yard moved a couple of years ago, so a good opportunity was just missed. According to Quantum, a Chicago loft has been a “long term goal”.
In any event, the new loft promises to be a welcome convenience for Chicago sailors, supplementing Quantum’s nearby Wisconsin loft and other sailmakers such as Doyle, North and UK.
