ORLANDO, FL (January 17, 2022) – Correct Craft CEO Bill Yeargin appeared on the BOAT BOSS podcast to discuss the proposed Canadian luxury tax on boats. During the interview Yeargin shared the history of luxury taxes previously implemented around the world, why they don’t work, and why they are harmful to both the workers who build boats and small business owners who sell and service them.
Bill Yeargin, Correct Craft President and CEO stated, “The lessons learned from previous luxury taxes is clear; a lot of countries have implemented them and every single time it fails and is repealed. In the United States, we tried this in the early 90s and thousands of jobs were lost. The U.S. luxury tax actually created a revenue deficit for the federal government, so it was repealed quickly.”
Yeargin added, “The proposed Canadian luxury tax will clearly have a negative effect, hurting small Canadian businesses the most. I hope people will help us share the past lessons, so we don’t have to repeat them.”
To learn more, listen to Bill Yeargin’s short interview on the BOAT BOSS podcast. Click here to listen.
About Correct Craft: Celebrating 97 years of excellence in the marine industry, Correct Craft is a Florida-based company with global operations. Focused on “Making Life Better,” the Correct Craft family includes Nautique, Centurion, Supreme, Bass Cat, Yar-Craft, SeaArk, Parker, and Bryant boat companies, Pleasurecraft Marine Engine Group, Watershed Innovation and Aktion Parks. For more information please visit www.correctcraft.com