New Bugatti owner upset at $900,000 tax bill! LOL! - DA.C
 

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Old 04-13-2019, 08:56 PM   #1
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Default New Bugatti owner upset at $900,000 tax bill! LOL!

Only in Canada Don't know why the son is so upset? It's his daddy that's paying the bills and keeping his son's lifestyle up and running.

https://www.ctvnews.ca/canada/chines...rcar-1.4378611

A Chinese tycoon’s son took to Instagram to complain about British Columbia’s taxes – upset that he was paying more than $900,000 in fees on the purchase of a $5 million supercar.

Ding Chen, the son of China-based multi-millionaire Chen Mailin, posted the invoice for his custom Bugatti supercar to his Instagram on Thursday along with a caption which translates to “This tax… The heart is really tired.”

The bill from Vancouver’s Weissach Performance dealership shows a breakdown of the fees and taxes on the car, but what seemed to upset Chen was the federal and provincial sales taxes, with GST costing him $210,404.25, alongside a whopping $697,939 in PST.
The tax – which equals almost a quarter of the car’s total costs -- is a result of B.C.’s longstanding luxury car tax, which was recently increased by the provincial NDP in February of 2018.

Vehicles costing $125,000 to $149,999 are hit with a 15 per cent rate, while vehicles costing more than $150,000 come with a 20 per cent tax.

"The purpose of a luxury tax is to shift the burden of taxation away from those who can't afford taxes who have to make a choice between taxes and feeding their family, and shifts it to those who can afford to pay taxes so that they make a contribution back to the general welfare of society,” NDP MLA Janet Routledge told CTV News Vancouver.

While the tax seems steep, it’s presumably no issue for Ding Chen, whose father paid for the car according to the bill.

The 49-year-old businessman is a former duck farmer, who now sits as chairman of Nanjing Dingye Investment Group, a property and investment conglomerate which he founded.

He also previously made headlines back in 2015 for making one of the biggest residential transactions in Canada’s history. He purchased a palatial Point Grey mansion for $52.8 million.

The younger Chen is no stranger to showing off his lavish lifestyle either, posting pictures online of other expensive cars, expensive clothing and watches, and a jet with his name painted on the tail in the past.

Chen’s Instagram account went offline on Friday.
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Old 04-13-2019, 10:47 PM   #2
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Default Re: New Bugatti owner upset at $900,000 tax bill!

And these are the individuals who write off expensive cars cause of their dangerous driving habits only for ICBC ( which is a crown corporation ) to buy them new ones paid off or repair them which costs thousands of dollars.

Its pathetic that this *** hat is that upset, poor fricken baby.
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Old 04-14-2019, 08:18 PM   #3
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Default Re: New Bugatti owner upset at $900,000 tax bill!

I hate Luxury Tax also. I always land on it before I pass "GO".
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Old 04-14-2019, 08:34 PM   #4
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Default Re: New Bugatti owner upset at $900,000 tax bill!

Regardless of the actual guy, I think it's ridiculous.

You pay when you earn it, you pay when you spend it, you pay for it again on things you've already spent and paid taxes on. If they actually presented your final tax that you owe as a total of all taxes in the form of a percentage of your income then the number would be shocking.
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