Not surprisingly, the Income Tax Cocktail (yes, it's real) doesn't sound that good. Don't get me wrong, I'm a creative drinker with my own shaker who likes to get wacky with the floofy drinks when I'm up for something other than Raging Bitch. But something about tons of vermouth and a dash of bitters just doesn't sound like something I'd willingly do to myself. Therefore, maybe it's perfectly named.
Income Tax Cocktail makes one drink
1 1/2 ounces gin 1/4 ounce dry vermouth 1/4 ounce sweet vermouth 1 ounce orange juice (I used blood orange) 1 dash Angostura bitters Optional garnish: orange twist
Combine all ingredients in a cocktail shaker with ice. Shake vigorously. Strain into a cocktail glass. Garnish with an orange twist.
Sorry for being a little to the game on this one but everyone seems to still be in their meat-induced comas and this type of proposed legislation has left us wondering: IS NOTHING SACRED? If the affluent in our society can’t write off the mortgage interest on their second home that also happens to be boat, haven’t the terrorists won?
The Ending Taxpayer Subsidies for Yachts Act was introduced by Rep. Mike Quigley (D-IL) with co-sponsors Reps Tim Walz (D-MN) and Gary Peters (D-MI):
“There’s absolutely no reason why taxpayers should subsidize luxury yachts,” said Quigley. “As we work to address our budget challenges, closing this frivolous tax loophole is a no-brainer.”
“We’re going to have to make some hard decisions to tackle our national debt, but this isn’t one of them,” said Walz. “Closing this tax loophole restores the Mortgage Interest Deduction to its original purpose; helping middle class families realize the American Dream through homeownership.”
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. The Ending Taxpayer Subsidies for Yachts Act would limit the tax deduction to only those who use their boats as a primary residence.
“We need to get the deficit under control, and that means simplifying the tax code and eliminating special interest tax giveaways like the Yacht Loophole,” added Peters. “Homeownership is part of the American Dream and we should encourage it, but yacht owners don’t need any special handouts, especially in the middle of a budget crisis.”
Also, it’s our understanding that the Reps will use the following footage to make a case for their bill:
According to an indictment unsealed Tuesday in Manhattan federal court, Charles prepared tax returns at a tax preparation business called “420 Multiservices” in Bronx, N.Y., in 2006. Between 2006 and 2007, Charles, 34, Patterson, 29, Nekiya Edwards, 32, and Akmell Edwards, 33, engaged in a scheme to use stolen and other identification information, including names, dates of birth, and Social Security numbers, to file fraudulent tax returns.
[…]
According to the indictment, in March 2008, Patterson was approached by agents of the IRS-CID. During that encounter, Patterson threatened the agents, stating, among other things, “I know you guys got guns, so what,” and “That’s why I kill guys like you.”
