Those jets purchases are now 100% deductible….
Almost all cost over a million dollars per….
The ole’ steal from the poor and middle class is alive and well in America….
Demand for private jets has surged in recent months, as business owners and executives flock to take advantage of new provisions in the GOP tax bill that allow them to deduct 100% of a new or used plane’s cost on their tax returns, reports the WSJ.
Why it matters: This deduction accounts for a huge chunk of tax liability for many of the world’s wealthiest people. For some, it could even make buying a jet essentially free, according to Business Insider.
My Name Is Jack says
I’ve long been concerned about rich people purchasing airplanes.
Is this some of that job creatin stuff?
Democratic Socialist Dave says
Not only that, Jack, it will increase those healthful carbon emissions and save our poor suffering oil companies (while harming airlines who may have to bid higher for jet fuel).
Trickle down job creation ?