The New York Post had an interesting article today about John Kerry and his wife Teresa Heinz Kerry. Apparently, they have docked their boat not in Nantucket where they have a summer home (‘xcuse us) but in Rhode Island where they save a truck load in taxes. The New York Post:
Massachusetts Sen. John Kerry is docking his family’s new $7 million yacht in neighboring Rhode Island, saving roughly $500,000 in Bay State taxes.
The Boston Herald reported Friday the 76-foot, New Zealand-built sloop has two cabins, a pilot house fitted with a wet bar and cold wine storage. It is owned by a limited liability corporation in Pittsburgh, the longtime home of Kerry’s wife, philanthropist Teresa Heinz Kerry.
If the boat were docked at the couple’s summer vacation home on Nantucket, they would be liable for $437,500 in one-time sales tax. They’d also have to pay $70,000 in annual excise taxes.