$40Million Yacht owned by DeVos flies Cayman flag.

[WhiteTara]

They keep the thing on Lake Michigan, but register it as foreign owned so they get a tax break. Lock Her Up.

Link to tweet

Kyle Griffin
✔
@kylegriffin1

Federal records reportedly show that Betsy DeVos has her family's $40 million yacht on the Great Lakes registered as a foreign-flagged vessel from the Caymans, a situation that, according to Newsweek, allows for tax dodging. http://bit.ly/2KASQ0p
7:00 AM - Aug 8, 2018
The DeVos family yacht that made the news doesn't fly under the American flag

The Education Secretary's floating mansion was moored at an Ohio dock—but was registered in a Caribbean archipelago.
newsweek.com

[secondwind]

1. I remember a similar incident regarding John Kerry.

He had to pay up.

[2naSalit]

2. No surprise there...nt

[C_U_L8R]

3. Yet another republican tax dodger?

How unsurprising. And how dare they show their faces when our national anthem is sung.

[KPN]

4. If it was a common person like you or me, you

can be damned sure we’d get busted.

[fescuerescue]

5. Very few large yachts are registered in the US

And when they are bought and sold, the transaction always done at sea to escape local taxes.

It's interesting, when you read yacht listings, many of them even say "not for sale within the US", even thought they are being advertised in the US.

This is mostly done for tax purposes, but at the same time given that large yachts are truly international vehicles and frequently are moved between hemispheres for seasons at time for weather, many truly do not have a home port, and the home port chosen is more of tax decision than any reflection of where it spends most of it's time.

http://nomadcapitalist.com/2017/07/17/ultimate-guide-yacht-registration/

[gopiscrap]

6. so much for supporting the USA