Texas Plan: Offer Tax Breaks on Expensive Yachts

Good news for Texas millionaires debating whether to buy a fancy yacht: The state House of Representatives is considering a tax break for people like you. The measure, which was approved by the House Ways and Means Committee last week, would cap the maximum sales tax Texas could collect on yachts costing $250,000 or more, Raw Story reports.

Opponents aren't sure how this would help with the state's $27 billion deficit ("With all due respect, sometimes I'm not sure what planet my Republican colleagues live on," said one Democratic representative), but supporters say it will keep yacht buyers from buying in Florida, which already has such a cap. (More yachts stories.)