I have no special like or dislike of wealthy people. It's the hypocrites that I can't stand! Massachusetts Senator John Kerry bought a boat. It would be more proper to call it a yacht as it measures 76 feet. It features two VIP cabins, a wet bar and cold wine storage and was designed by Rhode Island boat designer Ted Fontaine.
Here's the kicker. By purchasing the dinghy in Rhode Island and docking it there, he avoids paying Massachusetts state sales and excise taxes. The boat cost around $7 million and he saves roughly $500,000 in sales and excise taxes by buying and mooring the yacht in Rhode Island.
Here's what he should have done. Assuming that he has a strict budget of $7 million to buy a boat. He could have shopped around for a used boat for, say $6 million. He could have easily afforded to pay the Massachusetts sales and excise taxes, dock the boat in his home state and had money left over to stock the yacht's bar and to buy some fuel! He also would have avoided this embarrassing post.
We should remember this the next time Kerry votes for a tax increase.
