{"id":628,"date":"2011-05-03T21:36:20","date_gmt":"2011-05-04T02:36:20","guid":{"rendered":"http:\/\/www.sailfastchicago.com\/site\/?p=628"},"modified":"2011-05-04T00:59:06","modified_gmt":"2011-05-04T05:59:06","slug":"does-your-congressman-hate-sailing-industry-jobs-mike-quigley-vs-mortgage-interest-deduction","status":"publish","type":"post","link":"https:\/\/www.sailfastchicago.com\/site\/2011\/05\/03\/does-your-congressman-hate-sailing-industry-jobs-mike-quigley-vs-mortgage-interest-deduction\/","title":{"rendered":"Does Your Congressman Hate Sailing Industry Jobs? <br \/>Mike Quigley vs. Mortgage Interest Deduction"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.sailfastchicago.com\/news\/wp-content\/uploads\/2011\/05\/header.jpg\" alt=\"\" title=\"\" width=\"472\" height=\"72\" class=\"aligncenter size-full wp-image-631\" srcset=\"https:\/\/www.sailfastchicago.com\/news\/wp-content\/uploads\/2011\/05\/header.jpg 945w, https:\/\/www.sailfastchicago.com\/news\/wp-content\/uploads\/2011\/05\/header-300x45.jpg 300w\" sizes=\"auto, (max-width: 472px) 100vw, 472px\" \/><\/p>\n<p><strong>Mike Quigley vs. Mortgage Interest Deduction<\/strong><\/p>\n<p>I find this troubling, not only as an avid Lake Michigan sailor, but also as a real estate professional.<\/p>\n<p>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.<\/p>\n<p><iframe loading=\"lazy\" width=\"600\" height=\"400\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"http:\/\/maps.google.com\/maps\/ms?oe=UTF8&amp;client=firefox-a&amp;ie=UTF8&amp;msa=0&amp;msid=210365842016833678427.0004766255f6e5801f342&amp;ll=41.947234,-87.749863&amp;spn=0.20428,0.411301&amp;z=11&amp;output=embed\"><\/iframe><br \/><small>View <a href=\"http:\/\/maps.google.com\/maps\/ms?oe=UTF8&amp;client=firefox-a&amp;ie=UTF8&amp;msa=0&amp;msid=210365842016833678427.0004766255f6e5801f342&amp;ll=41.947234,-87.749863&amp;spn=0.20428,0.411301&amp;z=11&amp;source=embed\" style=\"color:#0000FF;text-align:left\">Illinois&#8217;s 5th Congressional District (CHI)<\/a> in a larger map<\/small><\/p>\n<p>The Illinois 5th Congressional District map appears to include Diversey Harbor, but not Belmont Harbor.<\/p>\n<p><iframe loading=\"lazy\" width=\"480\" height=\"400\" frameborder=\"0\" scrolling=\"no\" marginheight=\"0\" marginwidth=\"0\" src=\"http:\/\/maps.google.com\/maps\/ms?oe=UTF8&amp;client=firefox-a&amp;ie=UTF8&amp;msa=0&amp;msid=210365842016833678427.0004766255f6e5801f342&amp;ll=41.926931,-87.646351&amp;spn=0.051086,0.082226&amp;z=13&amp;output=embed\"><\/iframe><br \/><small>View <a href=\"http:\/\/maps.google.com\/maps\/ms?oe=UTF8&amp;client=firefox-a&amp;ie=UTF8&amp;msa=0&amp;msid=210365842016833678427.0004766255f6e5801f342&amp;ll=41.926931,-87.646351&amp;spn=0.051086,0.082226&amp;z=13&amp;source=embed\" style=\"color:#0000FF;text-align:left\">Illinois&#8217;s 5th Congressional District (CHI)<\/a> in a larger map<\/small><\/p>\n<blockquote><p><strong>Quigley, Walz, Peters Introduce Bill to End Subsidies for Luxury Yachts<\/strong><br \/>\nTuesday, 03 May 2011 13:29<\/p>\n<p>WASHINGTON\u2014Today, 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.<\/p>\n<p>\u201cThere\u2019s absolutely no reason why taxpayers should subsidize luxury yachts,\u201d said Quigley.  \u201cAs we work to address our budget challenges, closing this frivolous tax loophole is a no-brainer.\u201d<\/p>\n<p>\u201cWe\u2019re going to have to make some hard decisions to tackle our national debt, but this isn\u2019t one of them,\u201d said Walz. \u201cClosing this tax loophole restores the Mortgage Interest Deduction to its original purpose; helping middle class families realize the American Dream through homeownership.\u201d<\/p>\n<p>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\u2019t 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.<\/p>\n<p>\u201cWe need to get the deficit under control, and that means simplifying the tax code and  eliminating special interest tax giveaways like the Yacht Loophole,\u201d added Peters.  \u201cHomeownership is part of the American Dream and we should encourage it, but yacht owners don\u2019t need any special handouts, especially in the middle of a budget crisis.\u201d<\/p>\n<p>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. <\/p>\n<p>The proposal is included in Quigley\u2019s 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. <\/p>\n<p>Source: Mike Quigley press release<br \/>\nhttp:\/\/quigley.house.gov\/index.php?option=com_content&#038;view=article&#038;id=480%3Aquigley-walz-peters-introduce-bill-to-end-subsidies-for-luxury-yachts&#038;catid=19%3A2011-press-releases&#038;Itemid=24<\/p><\/blockquote>\n<p>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&#8230;<\/p>\n<p><strong>Here&#8217;s how the media fabricates information: <\/strong><\/p>\n<p>The Hill directly copies information from the press release, publishing the unsourced numerical data as if it were factual news:<\/p>\n<p>http:\/\/thehill.com\/blogs\/on-the-money\/domestic-taxes\/159065-house-lawmakers-urge-elimination-of-tax-subsidy-for-yachts<\/p>\n<p>But The Hill is honest enough to inquire, and report:<\/p>\n<blockquote><p>The IRS doesn\u2019t 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. <\/p><\/blockquote>\n<p>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. <\/p>\n<p>Perhaps Quigley and his over-taxing colleagues can examine the studies prepared for justifying the funding of additional harbors for Chicago?<\/p>\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[89,51,76,72,92,93,90,64,91,41,47,88],"tags":[],"class_list":["post-628","post","type-post","status-publish","format-standard","hentry","category-boating-industry","category-chicago","category-chicago-harbors","category-law-politics-and-government","category-marine-industry","category-marine-recreation","category-sailboat-industry","category-sailboats","category-sailing-industry","category-sailing_promotion","category-sailmakers-and-sail-lofts","category-usa"],"_links":{"self":[{"href":"https:\/\/www.sailfastchicago.com\/site\/wp-json\/wp\/v2\/posts\/628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sailfastchicago.com\/site\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sailfastchicago.com\/site\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sailfastchicago.com\/site\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sailfastchicago.com\/site\/wp-json\/wp\/v2\/comments?post=628"}],"version-history":[{"count":19,"href":"https:\/\/www.sailfastchicago.com\/site\/wp-json\/wp\/v2\/posts\/628\/revisions"}],"predecessor-version":[{"id":630,"href":"https:\/\/www.sailfastchicago.com\/site\/wp-json\/wp\/v2\/posts\/628\/revisions\/630"}],"wp:attachment":[{"href":"https:\/\/www.sailfastchicago.com\/site\/wp-json\/wp\/v2\/media?parent=628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sailfastchicago.com\/site\/wp-json\/wp\/v2\/categories?post=628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sailfastchicago.com\/site\/wp-json\/wp\/v2\/tags?post=628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}