Porsche Tax

[Trog]

British tax-the-rich scheme runs into trouble with nonwealthy ‘rich’ people | Full Comment | National Post

It’s only a matter of time before North America adopts a wealth tax as an additional source of tax revenue. Always popular with the great unwashed…..tax the rich guy, he’s got lots of cash.

So with this eventuality in mind, would you keep your Porsche if it were subject to an annual tax based on its replacement value?

[vash]

with my porsche..somebody owes ME money. my next mountain bike will be worth more cash.

[RWebb]

you pay a Porsche Tax every time you pay someone else to work on it and every time a contractor comes over to work on your house and sees it

[aigel]

We already pay this tax in CA. It is called registration fees. It is proportional to the value of your car.

G

[GWN7]

I have a buddy that lives in North London. He lives in a small side by side house. The kind you see on Coronation Street. You can look up property values online and his place was worth about 350,000 Pounds

[Trog]

Originally Posted by aigel

We already pay this tax in CA. It is called registration fees. It is proportional to the value of your car.

G

Do you have to pay the registration fee annually, or only when it's first registered?

[LSA]

Originally Posted by Trog

Do you have to pay the registration fee annually, or only when it's first registered?

Annually and some bozo senator recently proposed to more than triple it from .65% to 2%, fortunately they dropped the idea.

Also yeah... of course I'd keep mine considering it'd cheaper than my girlfriends Camry tax

[aigel]

Originally Posted by Trog

Do you have to pay the registration fee annually, or only when it's first registered?

Both!

It isn't terribly much on my 993. Under $100 IIRC. They mark it down quite considerably on older vehicles, independent of their new price.

Taxing the "rich" always will dip at least into the upper middle class. Often more so than the targeted "rich", because the upper middle class has regular jobs (not self-employed or living off investments) and few ways to shelter their assets from the tax man. Many people that look "rich" on paper may be living in an urban area that has very high real estate prices and cost of living. (See the "looking for a room for 1k/mo" thread).

G

[Tervuren]

Originally Posted by Trog

British tax-the-rich scheme runs into trouble with nonwealthy ‘rich’ people | Full Comment | National Post

It’s only a matter of time before North America adopts a wealth tax as an additional source of tax revenue. Always popular with the great unwashed…..tax the rich guy, he’s got lots of cash.

So with this eventuality in mind, would you keep your Porsche if it were subject to an annual tax based on its replacement value?

When you said replacement value, I thought you meant cost when brand new, lol. I was thinking....heck no. I'd move to a motorcycle.

[mreid]

Many states already have a personal property tax. CT, VA, and CA to name a few. I hate it! I lived in CT for 10 years. Worst state of the 12 I've lived in and they still chase me for tax on my 1966 Ford Bronco that I sold last year and haven't had in CT for 2 1/2 years! I hate the unfairness of the tax and the ridiculousness of that state. My MB cost me almost $2,000 a year. Just a bunch of crap!

[GH85Carrera]

My 911 registration cost me $21 per year. I will keep it.

[Dantilla]

Originally Posted by Trog

.... based on its replacement value?

Ah, the beauty of an old 944!

[gr8fl4porsche]

We pay personal property tax in Missouri. 87 911 and an '06 mini van run over $500 a year. $900 a year when the van was newer. Plus bi annual registration fees of $ 25-30 a year.

[RWebb]

Originally Posted by mreid

I hate the unfairness of the tax ...

why is a personal property tax unfair?

[R K T]

Originally Posted by RWebb

why is a personal property tax unfair?

Why is it fair? You paid tax on it when you purchased it, but you have to pay tax on it again and again and again?

[john70t]

Originally Posted by RWebb

why is a personal property tax unfair?

I don't see an annual tax on owning $50,000,000 diamond ring/painting, but a $50,000 house/car gets taxed.
Which would be the better investment to hold long-term?

[RWebb]

Originally Posted by R K T

Why is it fair? You paid tax on it when you purchased it, but you have to pay tax on it again and again and again?

no, I didn't - no sales tax here

I am still curious why a personal property tax is unfair.

The only reply close (above) is on a different question: that taxing some types of pers. property but not others is inequitable.

[Tervuren]

Originally Posted by RWebb

no, I didn't - no sales tax here

I am still curious why a personal property tax is unfair.

The only reply close (above) is on a different question: that taxing some types of pers. property but not others is inequitable.

I think a "property/wealth/ownership tax" erodes ownership. You shouldn't have to make payments on stuff you own IMO, that is some what like working the land as serfs. I feel the same way about about current property tax on houses and cars. I can understand a fee to keep track of ownership, keeping land plots, car titles, etc, for the purpose of proving ownership, but it needs to be just for that purpose, and not a "value tax" in addition.

[R K T]

Originally Posted by RWebb

no, I didn't - no sales tax here

I am still curious why a personal property tax is unfair.

The only reply close (above) is on a different question: that taxing some types of pers. property but not others is inequitable.

Congratulations on NOT paying tax.

I was not that lucky. I'm still curious why personal property tax is fair!

[john70t]

I still haven't gotten my brain around the concept of taxation/morality/fairness, but obviously some existence of government needs a way to operate with public funding.

Perhaps the idea of taxation via ownership is antithetical to ownership itself?
You've purchased something.
It's "yours".
But it can be taken away(stolen) at any time by a larger entity represented by the group for not giving protection money.