Devastation of Luxury Tax Captured in New Video

A new documentary will be airing in
New Jersey this week called “The Rising Tide” which captures how the 1991 10% Luxury
Tax nearly put Viking Yachts out of business, and did put over 100 boat builders
and related companies under. In the process 25,000 direct jobs were lost in the
marine industry and an estimated 75,000 more were lost due to the indirect impact
of the tax. Congress pretended to be soaking the rich to distract the attention
of the media and Joe Six-Pack from the fact that it was also lowering the long term
capital gains rate from 33% to 15%. There were conga lines on Wall Street. The high-profile
boating industry was sacrificed by Congress to act as camouflage for the biggest
payday the rich had gotten in 30 years. America had been a net exporting nation
of large yachts and three years later it was a net importing nation, and that has
never changed.

See a video trailer for “The Rising Tide” -- 



A Rising Tide is the story of Bill and Bob Healey, who in 1963 set out to find their
fortune in the real estate market. Through fate, the purchase of a parcel of land
next to the failing Petersen Viking Boat Works, in New Gretna, NJ landed a prime
parcel of water front property and an opportunity to take control of a bankrupt
boat builder. Success followed and by 1989, Viking Yachts was the number one sport
fishing yacht in the USA employing 1400 people and housed in two manufacturing locations.
Then in 1990, newly elected President George Herbert Walker Bush reneged on his
campaign promise of “Read My Lips, No New Taxes.”

Brothers Bob and Bill Healey own Viking Yachts, the largest big boat builder in America.

The Ax of the Tax



Congress placed a 10% Luxury Tax on all new boats sold with a price over $100,000.
The effect was to kill off virtually all large recreational boat building in the
U.S. Bill and Bob decided to fight to save their business, which had shrunk to 68
employees. Placing their profit sharing plan on the line to keep their doors open,
the Healeys spent the next three years fighting in Washington DC to repel of the
Luxury Tax.



After the tax was repealed in 1993 Viking yacht began rebuilding and by the early
2000s was back on top of their class of yachts, employing 1500 plus and building
pride and integrity into each boat that came off their production line.


The Healeys are Honored



In 1997, Bill and Bob were honored by the marine manufacturing industry for the
work they did for boat builders across America when they decided to go up against
the federal government.



In recognition of their dedication to the industry, both in defending it from harmful
government regulation and helping to attract new talent, Bill and Bob in 2001 were
awarded the 23rd Annual Chapman award by NMMA at the Miami International Boat Show.
Their support of the industry and willingness to “get involved” in major issues
helps explain why Viking has consistently increased sales and expanded its market
reach since the luxury tax was repealed.

Bill Healey still works in the plant every day.

Personal Style



Bill Healey ends just about every work day at his Viking Yacht Co. headquarters
in New Gretna, N.J., by extending a farewell greeting to plant employees as they
leave for the day.



“I’ve been doing it since we started,” Healey said. “My dad used to do it in his
business.” It harkens back to a philosophy of business that Healey learned from
his father. Treat people the way you want be treated, and they’ll usually respond
in kind.



The company celebrates its 40th birthday on April 1, 2009 and Healey is quick to
hand much of the praise for Viking’s longevity to a core group of hard working,
dedicated managers and employees who’ve been with the company through much of its
history.


Where to Find “The Rising Tide”--


NJN Digital



Broadcast Over-the-Air:


* Ch. 22 - Camden


* Ch. 43 - Trenton


* Ch. 08 - New Brunswick


* Ch. 51 - Montclair



Cable: Comcast Digital Cable


* NJN-1 - Ch. 243


* NJN-2 - Ch. 244, 262


Time Warner Digital Cable


* NJN-1 - Ch. 723


* NJN-2 - Ch. 165


Verizon Fios


* NJN-1 - Ch. 515


* NJN-2 - Ch. 47


Purchase a copy of the DVD--



To purchase a copy of The Rising Tide please send check or money order for $11.99
per copy plus $3.50 shipping and handling to:



Rising Tide DVD


SLU Productions LLC


PO Box 64


Caldwell, NJ


07006



Fax # 973-228-5584


NJ residents add 7% sales tax.