Financial obesity is an existential threat to any society that tolerates it, and needs to cease being celebrated, rewarded, and positioned as an aspirational goal.
Corporations are the only ‘persons’ which should be subjected to capital punishment, but billionaires should be euthanised through taxation.
I am pretty sure this isn’t new. Air travel is like any other business travel expense, and plane are an expense like a plumbers van is…
Yeah, I was going to say I deducted airplane expenses for a client for twenty years
We couldve been a flight based country instead of cars if we went in another direction, when we had more pilots than planes
I don’t think that word means what you think it means.
indeductable!
It’s bonus depreciaton, not expenses, and it’s a business tax benefit, not an individual tax benefit.
Businesses can, and for a long time, have been able to deduct aircraft expenses. Nothing has changed there, and it’s not unique to this turd of a president. The return of bonus depreciation lets them depreciate faster, but again, depreciation is not new. It’s reasonable to removed about that, but you have to get every fact wrong to make that complaint.
And let me tell you how this works with cars. With planes it is the same, except that the savings are even better.
A real rich person owns no cars. He owns a car sales company. That company has a few select cars, which the rich person can “test drive” whenever they like. If the prime time of a car is over, the car is sold and a new one is bought. The car sales company pays for everything: purchase, insurance, taxes, fuel, cleaning, etc. Of course, this company does not make any profits. On the contrary. So the rich person pays for these losses, and those payments are tax deductable.
This also applies to houses, boats, and inevitably surrogates now that they’re using them like pack mules.
YSK that eating the rich is a nutritious way to redistribute wealth
Way too much fat
Don’t eat shit, mulch the rich.
The law, in its majestic equality, allows rich and poor alike to deduct private jet expenses from their taxes.
Made for the
rich whitepeopleTo be fair, you don’t have to be rich to buy a Cessna 150. $35,000 can get you a nice old one
Issue is with taking advantage of the tax benefits
You realize that a majority of Americans don’t have more than 1,000$ in their savings accounts?
Maybe this somehow makes them start manufacturing planes again, remember seeing those homelesss pilot photos when they had a surplus of pilots and not enough planes or ppl taking flights
Can’t find an image on google was “will fly for food” or something like that.
Deduct. And the USA is taking the world in completely the opposite direction from where it needs to go.
It would be nice if we could deduce them.
Finally! Do you have an idea how expensive those things are and how much my wage slaves must work for that?
The cost ranges from $30,000 to over $100M
For example, a $3 million aircraft purchase – of America’s favorite business jet, the Pilatus PC‑12 – could potentially lower your tax liability by over $1 million if you’re in the 35 % bracket. This isn’t just savings; the Big Beautiful Bill private aircraft subsidy offers financial strategy at its finest. You can read more about the tax benefits of private aircraft ownership in our special report here.
Thanks magats
Certainly a bigger problem is how someone who can afford over $1M private jet would be in only the 35% bracket
I’m out of the loop did they get rid of 39%?
The PC-12 is a turboprop, not a jet, though.
It’s a leech hauler alright, but not a jet.
The distinction isn’t relevant to the point being made. Although the article title says “jets”, the body of the article uses the more generic “aircraft” interchangeably with “jet.”
I’d expect this is applicable to helicopters as well, though they have a different usage.Edit: I looked it up and apparently helicopters are not included. The distinguishing feature is “fixed wing” aircraft.
Lemmutts love speaking authoritatively about things they don’t actually know.
It was a quote from the article. Your complaint is with Boomerang, not the guy quoting them
Buy two! Save double!
Ah, and only 90% of gambling losses. Looks like another point against the poor.
Not that I’m condoning gambling, but, weird how those things impact polar opposite sides of the wealth gap.
In my experience, poor people gamble a lot. I’ve never seen a rich person buy a lottery ticket
rich people gamble plenty, they just call it investing and get way more tax write offs for doing so
That’s the point. Poor people gambling can’t write off their losses on taxes. Well, they can, just only up to 90%. Rather than all of it like it has been.
Does it require them to itemize? Most cant
Pretty sure poor people don’t have enough money to hire someone who can write off losses
They don’t make enough to itemize in the first place, they’ll just take the standard deduction. (Unless they lost like $20k on scratchers somehow)
Anyone can write off stuff on their taxes. It’s pretty easy actually.
I’m always terrified to write stuff off because I fear I will accidentally write something off that I’m not really allowed to due to some obscure legalese and then I will get audited in 5 five years and owe 10 grand in late fees and interest or some shit.
It’s not too bad as long as you’re not a dick about it. One year I marked myself as head of household instead of single. I’m not even sure why I did it. I only thought “huh, this saved a lot on my taxes”, and really had no idea what I was doing. They sent back a correction and how much i owed. I paid and that was it. Not scary at all.
Of course in today’s world all about spite and punishment I could imagine it being much worse
Yeah, I’m a sane world you just get a letter explaining where they think you made a mistake, and you can either pay the difference or provide evidence your position is correct. All done by mail.
I too get nervous every time I do my taxes but I figure if I’m honest about it they’ll forgive most mistakes
In most countries for average people if you can make a convincing argument about why you thought it would be allowed and can argue it with a straight face they arent interested in nailing you over it because it isnt worth their time.
I asked my accountant “Hey, when I take sick leave at work and I have to get a doctors certificate to get paid for those days, does that make the doctors visit a work expense?”
He said “Thats a legitimate enough argument that if you want me to I’ll put them on your return. Dont know if it would pass an audit but the reasoning is solid”
It’s not hard to file taxes. Especially for an individual, with a normal W2 income, and not much else. Certain people try to make it hard, but it’s not.
I don’t need to pay someone to put a number on a form.
Most poor people probably just take the standard deduction anyway. It’s not like they have enough money to accumulate a large amount of deductible expenses anyway. Possible exceptions might be large medical expenses or a mortgage.
The rest of the world: nah, its insane and difficult that you have to file taxes
Wait, if you buy a 10 dollar scratch card, you can deduct 9 dollars from you income for tax purposes?
You think the people buying scratch tickets are itemizing? Idk, maybe they will, they’re not the brightest
Gross.
Thank you, government. That is really an improvement of my life!
You allowed this before proper health care because that’s Socialism? Communism? Gay?
To be fair, America has the best aviation infrastructure in the world, and it is almost entirely socialized. So we do socialism sometimes
Why not make it be for bicycle repairs instead?
Only poor people ride bikes that’s why
If I get write-offs for my bike collection, I will also be stimulating the construction sector as I barely have room to store them all as it is. :-D
