Massachusetts Senator John Kerry just bought a new $7 million yacht and it’s causing a stir because of where he’s docking it.
The “Isabel” is parked in Rhode Island rather than at the Senator’s summer home on Nantucket or in Boston Harbor, and because it’s there he avoids paying a nearly $500,000 tax and he doesn’t have to pay his $70,000 a year excise tax.
Rhode Island repealed those taxes in 1993. That has made the state something of a nautical tax haven.
Kerry’s people released this statement, “The boat was designed by and purchased from a company in Rhode Island, and it’s based in Newport at the Newport Shipyard for long term maintenance, upkeep and charter purposes, not tax reasons.”
Related Posts: On this day...
- Heat waves and stimulant use - 2011
- Sony reveals a "no-3D-glasses holographic" display - 2010
- Inception's musical secret - 2010
- Five "freedoms" you'd lose in health care reform - 2009
- Linux Foundation launches branded credit card - 2009
- Pretend cop pulls over real one - 2009
- As expected, Ninja Assassin trailer looks awesome - 2009
- Phoenix BIOS Locks out all OS's except Vista! - 2008
- How Skype and company get around firewalls - 2008