Originally Posted by vinea
Still no one with a mere $1M in assets can afford a NEW 60' yacht given these start in the $700K range. I briefly entertained the notion of purchasing a 1966 66' Stevens for around $150K as a liveaboard. VERY briefly. With $1M in net worth and a steady income it is doable if living on water is your thing. Not so much as your weekend getaway unless you really really really really want it as your one toy.
Generally, you pay 10% of the cost of the yacht each year in maintenance, and a new 60' yacht costs 500K to $1 million.http://www.explore-yachts.com/charter/amaretti.htm
If your table is right, I will pay just a little extra in taxes due to the expiry of the bush tax cuts - no big deal because I realized all my long term capital gains already this year to protect me from Obama. I won't be affected directly unless he raises the cap on payroll taxes, but I am still worried about it:
1. Obama raises taxes. Poor people don't benefit until spring 2010 because the 2009 tax year is the first one he can change.
2. As soon as he gets elected, people start selling their stocks that have gains, so as to realize the gains before the tax rates go up. This pushes the stock market down considerably
3. Obama raises spending, thinking that "the exra taxes on the rich" will cover it.
4. 2009 tax year receipts are low due to capital losses, deficit spending discourages foreign capital which pushes stock market down further. Companies are not able to easily raise capital in stock or debt markets, so unemployment goes up.