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The Most Recent Recipient Of Obama's Middle Class-Funded Generosity: Key Largo's Ocean Reef Club For The Mega Wealthy

Tyler Durden's picture




 

A reader submits the following disclosure released by Ocean Reef Club, a country club, which very much unlike America's 35 million food-stamp recipients, has roughly a $35 million net worth cutoff for members, who enjoy such amenities as 100 foot yachts, a private airport, and two golf courses. It is precisely in connection with golf that we see these very needy multi-millionaires follow in Wall Street's footsteps and proceed to redistribute wealth away from those who actually work for their money, to those who merely use the dollar as a temporary (or otherwise) replacement for one-ply Cottonelle.

As a reminder, here is how one gets to become a member of ORC: in short, one doesn't. Just like the Centurion, one is either invited, or not.

On the northern tip of the Florida Keys, sophistication and simplicity
live in perfect harmony at Ocean Reef Club. Our members treasure a
balance of luxurious lifestyle and uncomplicated pleasures. They enjoy
The Reef's exceptional recreation choices, its abundant natural beauty
and the opportunities to relax in privacy with family and friends. In
equal measure they value what they don't find. Undisturbed by crowds
and clamor, this is a peaceful place.

Above all, our members cherish their sense of connection to The Reef.
More than a club, this is a community of individuals who share an
affinity for the rewarding lifestyle here. Over the decades, Ocean Reef
Club has quietly acquired international acclaim for its privacy and
pristine nature. The prestigious Robb Report has described it as “one
of America's most exclusive club communities.”

To preserve the special nature of The Reef, membership is by
invitation only. Invitations are extended to individuals who value a
community that rewards their success and satisfies their quest for a
rich and meaningful lifestyle.

For further information about Ocean Reef membership, please contact Executive Director of Membership, Michelle Simpson, at msimpson@oceanreef.com or 305.367.5921.

Yet it appears those who value a community that rewards their success and demand a rich and meaningful lifestyle, are just as interested in a lifestyle that is subsidized as much as possible by the US taxpayer. And lest these multi-millionaires actually have to pay to avoid walking on the club's numerous golf clubs, here comes Uncle Obama, dispersing helicopter Ben's worthless pieces of paper. We are certain that Club Car is doubly happy to rape the hundred or so remaining members of America's middle class who have yet to depart America with one way tickets for any other place (doesn't matter where) in the world.

Tax Credit-Eligible Golf Car Approved for Use on ORC Golf Courses

Several weeks ago, the Emergency Economic Stabilization Act of 2008 created an IRS tax credit of #2,500 - $7,500 for those who purchase qualifying electric cars through Dec. 31, 2009.
 
Until recently, electric cars that qualified for this credit were not eligible for use on Ocean Reef Club's golf courses. However, thanks to a recent approval from the Ocean Reef Club Golf Committee, a specific tax-credit eligible electric car, manufactured by Club Car, has been approved for use on the Dolphin and Hammock Courses.

The approved car, pictured at right, is street legal and eligible for an IRS tax credit when sold with a shatter-proof windshield, head lights, tail lights, windshield wipers and seatbelts. The speed of the cart is about 24-miles-per hour. Additional accessories are also available.

Ocean Reef Club Golf Car Sales & Accessories Manager John Eledge is available to assist members who are interested in purchasing a golf course approved, tax credit eligible car, however, taxpayers' circumstances may vary and purchasers should consult a tax professional to verify the ability to claim all or a part of this credit.

To learn more, call 305-367-6591

From Cash for Clunkers, to Cash for Golf Carts, Obama has all future electoral constituencies covered. And since by 2012 there will be no middle class left, the president has effectively guaranteed himself at least one more term (and possibly many more: we expect Mayor Bloomberg will soon teach the administration a thing or two about such pesky things as "term limits").

 

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Sun, 11/22/2009 - 21:16 | 138890 Mad Max
Mad Max's picture

This is the sort of thing often seen shortly before a "reset" in the governance system.

Sun, 11/22/2009 - 23:54 | 139014 Anonymous
Anonymous's picture

Hey Max,

I think we're looking at a hard reboot....

Mon, 11/23/2009 - 04:53 | 139156 WaterWings
WaterWings's picture

I smell burned plastic. I wonder if a reboot would make it worse.

Mon, 11/23/2009 - 10:40 | 139265 Hephasteus
Hephasteus's picture

Isn't it just weird how computers are defined as finite state machines. And people keep trying to make them infinte state machines.

Mon, 11/23/2009 - 11:01 | 139291 Mad Max
Mad Max's picture

An infinite state requires appropriate machines.

Mon, 11/23/2009 - 08:54 | 139201 blindfaith
blindfaith's picture

 a "reset" in the governance system, boy you said it. 

Only it is Ocean Reef Club that has reset the system.  It is against the law to enclose the ground floor of a stilt house in Monroe County to comply with National Flood Insurance.  But not Ocean Reef Club...they have told the County to get the fuck off the property and don't come back.  The County obliged.  And, to make up for the brush off, the County has crawled up everyone else's butts for the slightest infringement.  We can't even store Christmas orniments under our homes, but in Ocean Reef Club, you can have the servant quarters and a ballroom.  Oh well, they are only a few miles from the nuclear reactor.

Sun, 11/22/2009 - 21:16 | 138891 deadhead
deadhead's picture

Heck of a job, Barry!

Sun, 11/22/2009 - 21:42 | 138896 buzzsaw99
buzzsaw99's picture

Chicago gangster in D.C.. Capone would be impressed.

Sun, 11/22/2009 - 21:44 | 138898 ChickenTeriyakiBoy
ChickenTeriyakiBoy's picture

wsj had a story about this about a month ago, unbelievable...

 

http://online.wsj.com/article/SB1000142405274870410720457447372409954243...

Sun, 11/22/2009 - 21:50 | 138902 MsCreant
MsCreant's picture

Gold = $1160.50

Silver= $18.67

Is there any doubt?

I won't say it, but you know what Chumba would say.

In the land of the absurd, nothing else is knowable but PMs.

Sun, 11/22/2009 - 22:38 | 138924 geopol
geopol's picture

I love it when gold gos up in the nighttime..$1164.30

Sun, 11/22/2009 - 22:51 | 138939 lookma
lookma's picture

There is about 3m oz of open interest on the COMEX calls with strike at $1,200 that expire Monday.   Just imagine if it hits and they call for phsycial delivery....

Sun, 11/22/2009 - 23:14 | 138967 illyia
illyia's picture

Yeah. Just imagine that...

Sun, 11/22/2009 - 22:54 | 138945 Lndmvr
Lndmvr's picture

ya think this is what all the a**kissing was about in China nad Japan last week?

Sun, 11/22/2009 - 21:50 | 138903 RockyRacoon
RockyRacoon's picture

Gee, it's really amazing that Obama could write special legislation, and get is specifically targeted for his buddies, and get it passed through the always wary Congress.  And all that dedicated attention to this special tax credit, with Obama's busy schedule, you know, the two wars, the general economy, passing health care, and all that.  He's one heck of a guy.  The good part of this, of course, is that we can have a specific person to blame for such an underhanded scheme.  Saves all the trouble of doing research to actually see how the wording got into the legislation.

Sun, 11/22/2009 - 22:10 | 138915 SayTabserb
SayTabserb's picture

I think the President has a veto power, does he not? Might he have seen that this sort of thing is just plain unseemly in this day and age?

Sun, 11/22/2009 - 22:25 | 138919 RockyRacoon
RockyRacoon's picture

Yep, it's plain as day, right there in the legislation.  Doesn't specifically say "golf carts" but we all know what they meant (wink, wink).  It's even more explicitly a golf cart in the two notices.  See how they divert you to another area to hide the hoodwinking even more?

 

"EESA created a tax credit (plug-in electric drive motor vehicle credit) for vehicles that have at least four wheels and draw propulsion using a rechargeable traction battery with at least four kilowatt hours of capacity. For 2009, the minimum credit is $2,500 and the credit tops out at $7,500 to $15,000, depending on the weight of the vehicle 0and the capacity of the battery.

ARRA creates a tax credit (plug-in electric vehicle credit) for low-speed or two- or three-wheel electric vehicles, such as motor scooters, purchased after Feb. 17, 2009, and before Jan. 1, 2012. The amount of the credit is 10 percent of the cost of the vehicle, up to a maximum credit of $2,500. To qualify, a vehicle must be either a low-speed vehicle that is propelled to a significant extent by a rechargeable battery with a capacity of at least 4 kilowatt hours or be a two- or three-wheeled vehicle that is propelled to a significant extent by a rechargeable battery with a capacity of at least 2.5 kilowatt hours.

If the individual qualifies for both the plug-in electric vehicle credit and the plug-in electric drive motor vehicle credit, then the plug-in electric drive motor vehicle credit should be claimed. 

During 2009, low-speed, four-wheeled vehicles manufactured primarily for use on public streets, roads and highways (neighborhood electric vehicles) may qualify both for the plug-in electric drive motor vehicle credit and, if purchased after Feb. 17, 2009, for the plug-in electric vehicle credit. A taxpayer may not claim both credits for the same vehicle. Vehicles manufactured primarily for off-road use, such as for use on a golf course, do not qualify for either credit.

Notice 2009-54 provides certification procedures for the plug-in electric drive motor vehicle credit for vehicles purchased in 2009. The IRS is working on guidance regarding certification procedures for the plug-in electric drive motor vehicle credit for vehicles purchased after 2009. Notice 2009-58 provides certification procedures for the plug-in electric vehicle credit."

Sun, 11/22/2009 - 22:26 | 138920 Zombie Investor
Zombie Investor's picture

Instead of taking the initiative and submitting a stimulus plan to Congress, Obama turned over the responsibility to Pelosi.  The end result was a bill full of crap like this, basically a wish list for the friends of Pelosi.  In the end it was Obama's responsibility to rein it in or veto it.

Sun, 11/22/2009 - 22:43 | 138928 RockyRacoon
RockyRacoon's picture

Yeah!  Them dang Democrats...

Sponsors of the bill — Sens. Dianne Feinstein (D-Calif.), Susan Collins (R-Maine) and Charles Schumer (D-N.Y.)

U.S. Rep. Dave Camp, R-Mich., is a co-sponsor of “Cash for Clunkers,” ...

Sun, 11/22/2009 - 22:53 | 138942 Zombie Investor
Zombie Investor's picture

I hate Republicans and Democrats equally. 

Sun, 11/22/2009 - 22:59 | 138948 SayTabserb
SayTabserb's picture

"Cash for Clunkers program took a strange turn with Cash For Carts program. With the federal government’s American Recovery & Reinvestment Act of 2009 (ARRA), “road worthy” golf carts now qualify for the electric-car credit. A recent IRS ruling now qualifies certain electric golf carts for the same $4,200 to $5,500 incentive for other electric vehicles."

The program should have simply specified that a qualifying electric cart may not be used on a golf course. Period. That would have prevented the gazillionaires on Key Largo from using a tax break they don't need to buy an upgrade on America's shrinking dime. It's a dumb and unnecessary loophole in the legislation.


Sun, 11/22/2009 - 23:39 | 138963 RockyRacoon
RockyRacoon's picture

Bingo!  Give that man a cigar.  The point I've been making is two-fold:

1. It is a loophole... period.  Not intentional in all probability (although some tin-foil chapeaued weiner will attest to having incontrovertible evidence to the contrary).

2. It's cheap and intellectually lazy to lay blame at the feet of some lone individual the entire machination involved in creating a typical government fiasco.

I dislike seeing this in ZH articles; it's just plain sloth.  A little political objectivity, and delving into the issue, is what I've come to expect from ZH, and Mr. Durden especially.  But we did not get that here.  I'll chalk up this lapse to battle fatigue.  Some R&R is in order.

 

 

 

Mon, 11/23/2009 - 00:25 | 139041 MsCreant
MsCreant's picture

Weiners on tin foil

Roasted golden in the sun

Procyon treat

Mon, 11/23/2009 - 05:01 | 139158 WaterWings
WaterWings's picture

My turn:

A times B times C.
X is less than a recall,
So we don't do one.

Mon, 11/23/2009 - 05:05 | 139161 WaterWings
WaterWings's picture

Okay, last one:

Tyler's army grew.
To what purpose, might one ask?
In Tyler We Trust.

Sun, 11/22/2009 - 21:51 | 138905 Anonymous
Anonymous's picture

We the peasant class supporting the new Versailles

Sun, 11/22/2009 - 21:53 | 138906 Anonymous
Anonymous's picture

It is quite likely that the total income tax generated from the residents (who have to file in the US) would be less than the night crew at the McDonald's in Times Square.

Sun, 11/22/2009 - 21:53 | 138907 knukles
knukles's picture

We the peasants supporting the new, shining Versailles.

Sun, 11/22/2009 - 21:56 | 138908 Anonymous
Anonymous's picture

Ocean Reef Club...
I'm thinking a ragtag handful of ex special-ops guys, airdropped under cover of night....

Sun, 11/22/2009 - 23:26 | 138987 Anonymous
Anonymous's picture

why risk a drop when your mission has water on three sides?

Mon, 11/23/2009 - 01:33 | 139086 dark pools of soros
dark pools of soros's picture

just poison their coffee & brandy

Mon, 11/23/2009 - 06:58 | 139181 Anton LaVey
Anton LaVey's picture

Why go to all that trouble?

In a few years, right after the final collapse of the US$, just paste little signs everywhere saying there is lots of food, drinks and shelter to be had at Key Largo Ocean Reef Club.

Then stand back, grab a cold one, and watch as the starved and armed to the teeth local populace tear their puny security force to shreds and starts rampaging through the club house.

Make sure the landing strip is mined and booby-trapped before, of course. Exploding Learjets always burn very nicely...

Sun, 11/22/2009 - 22:00 | 138910 Anonymous
Anonymous's picture

seeing as you can get condos within ocean reef club for less than 250k i think your $35m net worth cutoff is a little exaggerated

http://www.cspor.com/default.aspx

Mon, 11/23/2009 - 01:34 | 139088 dark pools of soros
dark pools of soros's picture

the help has to live somewhere...

Sun, 11/22/2009 - 22:07 | 138913 Sqworl
Sqworl's picture

I put my white flag in front of my home today.

Sun, 11/22/2009 - 22:29 | 138922 Zombie Investor
Zombie Investor's picture

I think it's time to mail a white flag to my bank (along with the keys to the house).

Sun, 11/22/2009 - 23:08 | 138959 MsCreant
MsCreant's picture

Your avatar is so, so, so, uh,..... lovely! ROTFL

Mon, 11/23/2009 - 00:07 | 139022 Mad Max
Mad Max's picture

Vilderness Giiirrls!

Sun, 11/22/2009 - 22:40 | 138925 torabora
torabora's picture

Someday, and it won't be soon enough, a hurricane will blow this isle away.

Sun, 11/22/2009 - 22:54 | 138946 Mad Max
Mad Max's picture

Yeah, and it will be declared a federal disaster area, and taxpayers will be on the hook for rebuilding the whole thing even nicer than before.  Probably will wipe out all relief money for the rest of Florida for that storm.

Sun, 11/22/2009 - 22:40 | 138926 torabora
torabora's picture

Someday, and it won't be soon enough, a hurricane will blow this isle away.

Sun, 11/22/2009 - 22:51 | 138927 Mazarin
Mazarin's picture

The $7500 tax credit for electric cars is at least a BIG step forward from Bush's $100,000 single year accelerated deduction for Hummers (well, any "work" vehicle weighing more than 6,000 lbs)...  And of course, smart people are going to figure out ways to exploit these hand outs...A few free golf carts = a small price to pay for a whole bunch more all electric vehicles on the road. What were Obama's people supposed to do, say "vehicles purchased with this tax credit cannot be used on golf courses"?? There's a whole class of street legal electrics made by companies like GEM that are very practical and qualify for this deduction...any one of them could be used as a "golf cart"...

Now if you want to get pissed about something, go after FULL TAX DEDUCTIBILITY OF EXECUTIVE JET EXPENSES. There are NO LIMITS to how much a corporation can deduct for shuttling it's brass around in $50 Million G-Vs that cost $6k an hour to operate. This is OBSCENE. There should be a per mile cap on executive air travel deductions (say $0.35 = $1,225 for a cross country flight)...See how many corporate jets would get grounded if the company had to start picking up the remainder. 

Sun, 11/22/2009 - 23:06 | 138954 SayTabserb
SayTabserb's picture

Yes, disallow the deduction for a vehicle used as a golf cart, sometimes or ever. You're not going to drive your Volt around the fairways. There are lots of examples where the way a vehicle is used determines the tax treatment; a regular car used for business, for example, can be depreciated, but not if you use if only for personal use.

Sun, 11/22/2009 - 23:49 | 139009 Mazarin
Mazarin's picture

there's a bunch of people using these here in CA for around town errands etc. They go about 40mph tops. Of course, if your club allows, they make nice golf carts.

http://www.gemcar.com/

ps: note the nice splash page promoting the tax credit ;-)

pps: Global Electric Motorcars, a Chrysler company, has been in operation for ten years. Located in Fargo, North Dakota, 

Sun, 11/22/2009 - 23:22 | 138981 Ned Zeppelin
Ned Zeppelin's picture

It is true that on Ocean Reef, like many islands of that ilk, golf carts are the transportation - cars are basically parked (or not used at all if you fly in on your personal jet, a favored method to arrive - and you drive around to the beach, clubs, etc. in your golf cart.

Place is so exclusive you need to almost inherit the right to fly in, as the flights in are tightly regulated. 

 

Sun, 11/22/2009 - 23:27 | 138990 Mad Max
Mad Max's picture

$6000/hour to operate a Gulfstream V?  Are you kidding?  I think it's more like $15-20,000/hour if you account for all costs.

Sun, 11/22/2009 - 23:46 | 139006 Mazarin
Mazarin's picture

Nope. ~$6k/hr (pilots, fuel, insurance, maintenance, depreciation, interest expense if financed).

http://www.bjtonline.com/flying/used-jet-review/s/article/gulfstream-gv-...

A mere $72,000 for a round trip NY>LA flight.

Sun, 11/22/2009 - 22:45 | 138929 charles platt
charles platt's picture

While it is true that the US President does not and should not have the power to draft legislation, we can certainly hold the current president responsible for promoting the idea that government should subsidize electric vehicles. No doubt such presidential endorsement does encourage such legislation to be created and enacted.

This story suggests that subsidies will always be used or abused by people for whom they were never intended. They are a Bad Idea.

Mon, 11/23/2009 - 01:43 | 139091 dark pools of soros
dark pools of soros's picture

the US president has rarely been responsible for anything for decades...  Kennedy getting shot,  Clinton shootin on an intern, Bush shootin his dinner outta his mouth -  maybe a few others, but not much

 

the powers that be let these guys be their dancing monkey - they dont care who gets elected..  people feel like their vote counts since the outcome isnt rigged, just that they are all on the same team anyway

Sun, 11/22/2009 - 22:45 | 138931 Anonymous
Anonymous's picture

What you left out is that not only does ORC use golf carts for golfing, but when you're there, you typically don't use a car. You travel everywhere on golf carts.

Sun, 11/22/2009 - 22:47 | 138932 mock turtle
mock turtle's picture

the rich are suffering right along with the middle class

where is your sense of compassion

do you have any idea how much greens fees have gone up in just this year alone

 

think of the people who have 6 or 7 homes to maintain...the cost of upkeep must be crushing

 

have you no shame

Sun, 11/22/2009 - 23:13 | 138965 Guy Fawkes
Guy Fawkes's picture

+1

Sun, 11/22/2009 - 22:47 | 138933 Anonymous
Anonymous's picture

("We the peasant class supporting the new Versailles")

When they have no bread, "Let 'em eat cake".

History repeats itself. As George Santayan said......

Mon, 11/23/2009 - 11:02 | 139295 Mad Max
Mad Max's picture

Except that unfortunately that little party didn't work out well for ANYONE.

Sun, 11/22/2009 - 22:50 | 138936 tom a taxpayer
tom a taxpayer's picture

Bill Murray from Caddyshack knows what to do:

http://www.youtube.com/watch?v=ON-qGVCdVPY

Sun, 11/22/2009 - 22:52 | 138941 JohnKing
JohnKing's picture

It's not enough to pillage the middle class, they must also be mocked. I can imagine some smart-ass lawyer writing this into the bill and laughing with his chums.

 

FUCK THEM.

Sun, 11/22/2009 - 22:56 | 138947 Anonymous
Anonymous's picture

oh... let them have their tax break. these folks will not be taking their electric golf carts, or anything else for that matter, with them when they pass on. 9 Therefore God has highly exalted him and bestowed on him the name that is above every name, 10 so that at the name of Jesus every knee should bow, in heaven and on earth and under the earth, 11 and every tongue confess that Jesus Christ is Lord, to the glory of God the Father.

Sun, 11/22/2009 - 23:02 | 138950 CB
CB's picture

so this is where employment in amerika might be found

Sun, 11/22/2009 - 23:13 | 138964 simone
simone's picture

If the status quo were not OK, the electorate would change it.  America is the greatest nation in the world.  Why is everyone complaining?

Sun, 11/22/2009 - 23:17 | 138970 tom a taxpayer
tom a taxpayer's picture

 

EESA also created an educational tax credit for parents who buy plug-in electric kiddie cars for children ages 3 to 12 before Christmas 2009. With a $2,500 tax credit, parents would pay $1,000 for the a typical electric kiddie car. Some critics say this is more tax money going for more toys for the rich and the filthy rich. But Energy Secretary Stephen Chu said children need to learn early the importance of clean energy and need to grow up with clean plug-in electric cars.

 

Sun, 11/22/2009 - 23:16 | 138972 Guy Fawkes
Guy Fawkes's picture

It is impossible to live off the backs of the working peasantry unless you constantly manipulate the playing field in your favor.

Somehow they makes them think they are entitled.

Sun, 11/22/2009 - 23:17 | 138973 Ned Zeppelin
Ned Zeppelin's picture

I have a personal connection to this club and the story is absolutely true. 

Bizarre tales From the Olden Times, children, back before the End Times.

 

Sun, 11/22/2009 - 23:17 | 138974 Anonymous
Anonymous's picture

While I agree with the sentiment of this post and believe that the electric vehicle incentive is ridiculous, like many recent "incentives," you have some facts wrong about the Ocean Reef Club. Not sure where you found the "$35 Million" cutoff tidbit, but that is nowhere near the cutoff, if there even is one. Yes, it is a private club, but my former boss bought a home at Ocean Reef for $1.0 million in 2006 and became a member of the club. I would guess his net worth to be around $3 million.

Mon, 11/23/2009 - 00:42 | 139054 Anonymous
Anonymous's picture

Any time you see someone with his hand out you can figure that guy's the problem. Any time you see someone who refuses the handout, you're looking at someone who will still be standing after all that is going to happen happens.

Mon, 11/23/2009 - 10:21 | 139245 Anonymous
Anonymous's picture

You don't know your boss. $3mm nowhere near enough to carry the home on the reef.

Mon, 11/23/2009 - 00:50 | 139060 Anonymous
Anonymous's picture

Anyone else notice the club is locate on "Blackwater Cove"? Nothing to see here, keep moving. I heard Bush owns some heavily fortified island near there?

Mon, 11/23/2009 - 10:20 | 139243 Anonymous
Anonymous's picture

Down the Keys, Islamorada.

Mon, 11/23/2009 - 01:19 | 139076 Anonymous
Anonymous's picture

Team Obama says the Yuppie must never die.
Healthcare Reform's "Botox Tax" is really a tax on the middle class. The wealthy won't fret at paying an extra 15%. But it will be a dealbreaker for those in the middle.

Mon, 11/23/2009 - 12:57 | 139457 Anonymous
Anonymous's picture

Good - maybe everyone can stop wasting money on doing wierd shit to their bodies, and pay down their debt instead...

Here's an idea...maybe they could SAVE the money for retirement instead of depending on a broken entitlement system for their future welfare.

Mon, 11/23/2009 - 02:55 | 139127 Anonymous
Anonymous's picture

They could have added a wording to that provisisn to prevent such abuses. Example:adding a definition in the law of a car to be"a vehicle that meets the consensus of the genearl public of what a car is.Anything That does not meet the general public definition of what a car is,will be exempt from that credit,even if it meets the motor vehicles department requirement to be considered a car in any particular state"

Mon, 11/23/2009 - 09:28 | 139211 Miyagi_san
Miyagi_san's picture

Chrysler was given billions to make electric cars... well guess who cancelled electric vehicle manufacturing.

Mon, 11/23/2009 - 10:54 | 139279 Whatta
Whatta's picture

Here is a great essay on how the elite close themselves off from us, the riff-raff.

 

http://lewrockwell.com/north/north20.html

Do NOT follow this link or you will be banned from the site!