Quigley Urges Congress to Cut Tax Breaks for Yacht Owners

The Gentleman is recognized for one minute.

Thank you Mrs. Speaker. As Secretary Geithner has observed, failure to raise the debt ceiling would have "catastrophic economic consequences that would last for decades. This view is shared by former Treasury Secretary Paulson, who says that inaction "is simply not an option.

I agree, but also believe that raising the debt ceiling must be accompanied by deficit reduction, mostly by cutting spending, but also by eliminating some unnecessary tax breaks.

Now there are those who say that there are no unnecessary tax breaks, let me just give you one. If your neighbor buys a car and pays interest on the loan to buy that car, that interest is not tax deductable. If your other neighbor buys a yacht, and pays interest on the loan to buy that yacht, that interest is tax deductable.

When we're borrowing 40 cents for every dollar, we have to ask ourselves if those tax breaks are really worth it. If we were starting from scratch, would we really give yacht owners an extra tax break?

Thank you, and I yield back.