this is not a april 1st story

[Clem Z.]

http://underthehood.oldcarsweekly.co...01&rid=3384178 about time those owners of $100K corvettes pay their fair share

[Domenic T.]

Re: this is not a april 1st story

So,
If we take a car and spend thousands getting it restored, not to mention the work, we ern the right to pay more tax?

DOM

[Paul H.]

Re: this is not a april 1st story

I had heard about this proposed legislation in Ct. Clem. Another liberal looking for a revenue stream on the backs of those of us that have worked hard for everything that we have. Hopefully the clear thinking conservatives will flush this proposal down the drain where it belongs.

[Clem Z.]

Re: this is not a april 1st story

So,
If we take a car and spend thousands getting it restored, not to mention the work, we ern the right to pay more tax?

DOM

same as improving your home you get to pay more taxes.

[Clem Z.]

Re: this is not a april 1st story

I had heard about this proposed legislation in Ct. Clem. Another liberal looking for a revenue stream on the backs of those of us that have worked hard for everything that we have. Hopefully the clear thinking conservatives will flush this proposal down the drain where it belongs.

it was a april fool story on a mustang site and the pols that read it must have thought it was a good idea. i bet those guys that sell at BJ better have paper to show how much $$$ they have spent because i will think the govt will be looking for capital gains taxes pretty soon on those sales.

[Dick W.]

Re: this is not a april 1st story

it was a april fool story on a mustang site and the pols that read it must have thought it was a good idea. i bet those guys that sell at BJ better have paper to show how much $$$ they have spent because i will think the govt will be looking for capital gains taxes pretty soon on those sales.

Clem, they have looked at sales like that for years. I know of a couple of people that the IRS burned a fairly large blister for not reporting capital gains. I have always documented expenses for figuring the basis in a vehicle when I sell it.