Skip to main content

Did lack of tax refunds hurt boat sales?

The Internal Revenue Service usually overestimates the money it withholds from taxpayers each year, but this year, it underestimated the amount of withholding for millions of taxpayers. That means many of those who typically receive hundreds or thousands of dollars in refunds from the U.S. government had to write checks, according to The Street.

The 2017 tax cut increased the after-tax income of most Americans by about 1 percent, even among those who owed thousands of dollars this past April, the publication pointed out. The trouble is that distributing those savings over the course of a year caused most people to miss the extra amount in their paychecks.

May’s Pulse Report survey asks dealers to weigh in on whether the lack of refunds for middle-class Americans hindered new-boat sales or created positive momentum among high earners.

It also asks dealers to discuss market conditions in for the month.

The Marine Retailers Association of the Americas and Baird Research launched the Pulse Report in 2013. Soundings Trade Only partners with Baird to distribute the survey and report the results.

The surveys analyze such industry data points as new-boat demand, inventory levels and access to credit, as well as the Marine Retail Sentiment Index.

Click here to take the survey.

Related

1_RIGHWHALES

Industry Pushes Back Against Speed Restrictions

A NOAA Fisheries proposal would restrict boats 35 feet and larger to a 10-knot speed limit along the East Coast to protect right whales from vessel strikes.

4_MAGONIS

Magonis Opens Connecticut Office

The Spain-based, electric-boat builder offers an 18-footer that’s available with motors from Torqeedo and Mag Power.

01_YOUTH.FISHING

Bill Seeks to Increase Youth Fishing

The bipartisan Coastal Fishing Program Act of 2022 would ease barriers to accessing the outdoors in underserved communities.

Norm

Fall Is in Full Swing

With the autumnal equinox ushering in a new season today, the fall boat-show circuit is in high gear. Here are some recent reports and a look at what’s to come.

3_MANUFACTURER.CONFIDENCE

Manufacturer Confidence Drops

Still, U.S. builders remain largely optimistic despite ongoing constraints with the supply chain and workforce, as well as yesterday’s interest rate hike.

1_TEMO.DEFENDER

Defender Adds TEMO Electric Boat Motor

Defender Industries is the official U.S. dealer for the French company’s lightweight, portable electric motors.

2_TWIN.DISC.BELGIUM

Twin Disc Sells Belgium Facility

The transmission manufacturer is still using the facility in a leaseback transaction as it looks to reduce costs.