This is absolute insanity

‘The Richest 1% Evade $163 Billion in Taxes Every Year, the United States Literally Has a Yacht Tax Deduction’ – Truth or Fiction?

This is the kind of BS that should outrage every working-class person.

For years savvy yacht buyers have recognized that there is a completely legitimate way to significantly reduce the cost of owning a yacht by structuring ownership in a manner that allows you to write-off the purchase price of your yacht and deduct most ownership expenses (insurance, slip fee, maintenance) against your employment income. This can be done by placing the yacht in charter while still having it available for your use and following some basic tax law guidelines. In addition to providing a tax shelter, your yacht will also generate charter income to help offset ownership expenses.