Regards Obamacare tax on Sporting Goods/Fishing Tackle such as that being shared around about Cabela’s and other sporting goods stores taxing fishing tackle etc.… I looked it up 1st, BEFORE I posted it. It reads to me that IT DOES APPLY to Fishing Tackle etc. It might not be showing as charged on the receipt from Cabela’s etc., that might have been a mistake, but IT IS OR WLL BE CHARGED to manufacturers who will pass the tax cost on (in the form or higher prices) to the consumer so YOU are paying healthcare taxes on your sport fishing tackle purchase. Be sure to look at sections on pages 29 & 31 (near the bottom right of each). There may be MORE references to this in the 60 pages on the PDF but I didn’t make a career of reading this. I’m not a tax attorney. Not some hard right wingnut website out to upset the world. Official U.S. Government issue website Click the link below to see the official IRS PDF document. irs.gov/pub/irs-pdf/p510.pdf Summary of page 29 5 Manufacturers Taxes The following discussion of manufacturers taxes applies to the tax on: Sport fishing equipment; Fishing rods and fishing poles; Electric outboard motors; Fishing tackle boxes; Bows, quivers, broadheads, and points; Arrow shafts; Coal; Taxable tires; Gas guzzler automobiles; and Vaccines. THEN scroll down to page 31 (near bottom of page) for this “Sport Fishing Equipment”: Sport Fishing Equipment A tax of 10% of the sale price is imposed on many articles of sport fishing equipment sold by the manufacturer. This includes any parts or ac-cessories sold on or in connection with the sale of those articles. Pay this tax with Form 720. No tax deposits are required.Sport fishing equipment includes all the fol-lowing items. 1. Fishing rods and poles (and component parts), fishing reels, fly fishing lines, and other fishing lines not over 130 pounds test, fishing spears, spear guns, and spear tips. 2. Items of terminal tackle, including leaders, artificial lures, artificial baits, artificial flies, fishing hooks, bobbers, sinkers, snaps, drayles, and swivels (but not including nat-ural bait or any item of terminal tackle de-signed for use and ordinarily used on fish-ing lines not described in (1)). 3. The following items of fishing supplies and accessories: fish stringers, creels, bags, baskets, and other containers designed to hold fish, portable bait containers, fishing vests, landing nets, gaff hooks, fishing hook disgorgers, and dressing for fishing lines and artificial flies. 4. Fishing tip-ups and tilts. 5. Fishing rod belts, fishing rodholders, fish-ing harnesses, fish fighting chairs, fishing outriggers, and fishing downriggers.See Revenue Ruling 88-52 in Cumulative Bulle-tin 1988-1 for a more complete description of the items of taxable equipment.Fishing rods and fishing poles. The tax on fishing rods and fishing poles (and component parts) is 10% of the sales price not to exceed $10 per article. The tax is paid by the manufac-turer, producer, or importer.Fishing tackle boxes. The tax on fishing tackle boxes is 3% of the sales price. The tax is paid by the manufacturer, producer, or importer.Electric outboard boat motors. A tax of 3% of the sale price is imposed on the sale by the Chapter 5 Manufacturers Taxes Page 31 manufacturer of electric outboard motors. This includes any parts or accessories sold on or in connection with the sale of those articles.
Posted on: Sun, 04 Aug 2013 16:09:43 +0000
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