If tax reform is going to be part of some grand budget compromise in Congress, U.S. Rep. Tim Walz wants to start with taxpayer subsidies for yachts.
The Minnesota Democrat, along with House members from Illinois and Michigan, rolled out the Ending Taxpayer Subsidies for Yachts Act on Wednesday. The bill would end a provision that allows boat owners to write off their mortgage interest payments if they classify their boats as second homes.
“We’re going to have to make some hard decisions to tackle our national debt,” Walz said, “but this isn’t one of them.”
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.
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.
More from Star Tribune
More from Hot Dish Politics
GOP poll: Paulsen ahead of Bonoff, lots of undecided voters
Amid reports that Donald Trump was in danger of not getting on Minnesota's presidential ballot, the Trump campaign says everything is in order and voters will have a chance to cast their ballot for him in November.
The Minnesota Jobs Coalition, a Republican allied political group, has alleged violations of campaign-finance law by a DFL House candidate and a former DFL state legislator.
Liberal group plunks $350k for ads in Duluth against Mills
Gov. Mark Dayton has scheduled a public meeting Thursday to discuss the future of the proposed Southwest Light Rail line.
Recommended For You
Trump has repeatedly invoked Chicago's bloodshed on the campaign trail to frame himself as the law-and-order candidate in his race against Hillary Clinton.
I felt a parent's desire to protect my child from the world, an instinct to talk sense to fools, sadness for another layer of innocence peeled away.
About 60% of Minneapolis residents would see increases under Hodges' 2017 proposal.
Let's not recklessly lose sight of the vulnerable people it serves. Don't shut it down. Find a middle ground.
National anthem protest brings out the worst in social media.