01 Jul 2011

Tax Breaks for Corporate Jets

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FoxNews:

The chief economic culprit of President Obama’s Wednesday press conference was undoubtedly “corporate jets.” He mentioned them on at least six occasions, each time offering their owners as an example of a group that should be paying more in taxes.

“I think it’s only fair to ask an oil company or a corporate jet owner that has done so well,” the president stated at one point, “to give up that tax break that no other business enjoys.”

But the corporate jet tax break to which Obama was referring – called “accelerated depreciation,” and a popular Democratic foil of late – was created by his own stimulus package.

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SDD

No doubt Obama will someday give Sasha a new car, and then complain loudly that she is a “spoiled child”.



Anonymous

Thought Experiment: If I register my car with the FAA as an experimental corporate jet, can I get the tax break? I use my car to make money, as I commute to work, thus selling my product (labor) to a client company (employer). Thus, my commute is using my “experimental corporate jet” for business.

Also, can I get a vanity tail number for my “plane”?



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