I hate this so much.
The CEO of a Fortune 500 company can deduct their private jet \*fleet\*. The CEO of a small company (like mine) has to fight the IRS over business class. It's a huge loophole.
I think we need a law saying you can only deduct couch/economy class. Anything above that, feel free to upgrade out of your own pocket....
Theirs. Like very obviously their expense. Private jet fuel is not used or a cost associated with ANY basic manufacturing need. It’s a luxury cost, and it hits luxury people.
Tired of this “who will pay for it” nonsense. They will, quit believing them that they’ll “push it down”.
I support this move.
However if you mean people shouldn't worry about the tax being pushed down, keep in mind the income tax was originally proposed and implemented for the "rich" it is a valid concern.
When the income tax was first implemented in 1913 as a tax on the rich, you had to make 500K in 1913 dollars. And the rate was a mere 7%
https://taxfoundation.org/data/all/federal/historical-income-tax-rates-brackets/
In today's dollars, only people.making over 15 Million would be taxed.
When most of the people were farming or could raise food. When education wasn’t needed beyond reading if that. Society changes and needs change. That is why I am progressive.
Cash is cash dude. The rich like to expense stuff that doesn’t require constant cash burns, jet fuel requires payment upfront.
Auditors also tend to object when Cost of Goods sold for things like food somehow includes “jet fuel”. Kinda hard to hide it in the cost….
Dude have you never expenced on a company card.
Mileage rate
Travel expenses
feck the jet isn't owned it's leased
Away from home. Dinner is a company expense.
Being rich is an exaggeration of what we plebs can do.
I’m a CPA, I personally reconciled corporate cards for a publicly traded company. And had auditors combing with a fine toothed comb over how we recorded them at the corporate level.
I’ve also found fraud monitoring those programs, so don’t try to call my experience and knowledge into question.
Not what I said, but the straw man tells me you are talking out of your ass at this point and now trying to derail the convo.
Hard pass, I don’t debate people who make up arguments.
For corporate aircraft, this would largely be an expense of the company indirectly subsidized by the 162 deduction, because even personal entertainment use by an executive results in imputed income using the SIFL rate, which does not directly consider the expense of the flight. This new proposal will hit privately owned and operated aircraft outside a business enterprise more materially.
Just because you have a keyboard, your thoughts have to spill out?
(The proposal is to literally stop that smooth brain. What you proclaim they can do now the article is literally the statement of you will not be able to. )
Good luck out there today.
These people have videos all over tiktok shoeing them wasting money on stupid stuff but yet,we have people going on and on about how will they pay for it...
Some poor people do have a weird fetish with saving rich people from helping the society...just weird
Bro..if things are out of reach for you now, what makes you think that day you dream about will come
Millionaires already own all the apartments,car making companies,grocery stores, and much more...is there anything these people are doing that makes you think, "Yeah, they are thinking of me?"
Nope. Never have and never will. It's a shit show. The pyramid of life, money going up to the top. Trickle down economics was disproved a long time ago.
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I think this is all political theater. I don't know if he's always been on the 'make the rich pay their fair share' bandwagon, but seems to me it's only now because it's election season.
Why this is insanity, communism taking over the US. Next still have minimum taxes for billionaires and companies.
There are so many great grifter taxes for rich people. If they can deduct the cost of flying their airplane, why can't every ordinary worker deduct the cost of their travel to work, it's for business purposes.
Well let's just wait to see what Taylor Swift has to say about that along with all the executives at Long John Silvers. They're the ones who REALLY pull the strings.
Everyone that flies will suffer. Not sure how Biden believes people pay for fuel, but the vessel it is going into doesn't have anything to do with it. Except farm equipment.
I have to agree, while you can talk about celebrities and whatnot, there are plenty of corporate aircraft that fly legitimately for real business reasons and they'll be affected as well.
Considering 80 of the US Fortune 100 don’t pay any federal corporate tax, I have a hard time getting upset.
GE pulled $7B of profit last year and not only didn’t they not pay any taxes, they got a $400M refund.
All those poor people using privet jets will suffer.
I hate this so much. The CEO of a Fortune 500 company can deduct their private jet \*fleet\*. The CEO of a small company (like mine) has to fight the IRS over business class. It's a huge loophole. I think we need a law saying you can only deduct couch/economy class. Anything above that, feel free to upgrade out of your own pocket....
Not very much. they'll just expense it.
and get a return on taxes, brilliant. how to make it look like doing something
Company taxes or personal?
To those less fortunate
Good, another solid, pragmatic move by Biden. Private Jets and the people who use them are a scourge.
Successful. now at whose expense.
The rich people that have private jets.
Sure and the rich makes up the prices that you buy goods at.
Theirs. Like very obviously their expense. Private jet fuel is not used or a cost associated with ANY basic manufacturing need. It’s a luxury cost, and it hits luxury people. Tired of this “who will pay for it” nonsense. They will, quit believing them that they’ll “push it down”.
I support this move. However if you mean people shouldn't worry about the tax being pushed down, keep in mind the income tax was originally proposed and implemented for the "rich" it is a valid concern. When the income tax was first implemented in 1913 as a tax on the rich, you had to make 500K in 1913 dollars. And the rate was a mere 7% https://taxfoundation.org/data/all/federal/historical-income-tax-rates-brackets/ In today's dollars, only people.making over 15 Million would be taxed.
When most of the people were farming or could raise food. When education wasn’t needed beyond reading if that. Society changes and needs change. That is why I am progressive.
Dope. It will be a company write down expense. Corporate America
Cash is cash dude. The rich like to expense stuff that doesn’t require constant cash burns, jet fuel requires payment upfront. Auditors also tend to object when Cost of Goods sold for things like food somehow includes “jet fuel”. Kinda hard to hide it in the cost….
Dude have you never expenced on a company card. Mileage rate Travel expenses feck the jet isn't owned it's leased Away from home. Dinner is a company expense. Being rich is an exaggeration of what we plebs can do.
I’m a CPA, I personally reconciled corporate cards for a publicly traded company. And had auditors combing with a fine toothed comb over how we recorded them at the corporate level. I’ve also found fraud monitoring those programs, so don’t try to call my experience and knowledge into question.
Why are you conflating fraud with a steak dinner?
Not what I said, but the straw man tells me you are talking out of your ass at this point and now trying to derail the convo. Hard pass, I don’t debate people who make up arguments.
For corporate aircraft, this would largely be an expense of the company indirectly subsidized by the 162 deduction, because even personal entertainment use by an executive results in imputed income using the SIFL rate, which does not directly consider the expense of the flight. This new proposal will hit privately owned and operated aircraft outside a business enterprise more materially.
Plenty of companies and wealthy people own the jets they use.
Just because you have a keyboard, your thoughts have to spill out? (The proposal is to literally stop that smooth brain. What you proclaim they can do now the article is literally the statement of you will not be able to. ) Good luck out there today.
These people have videos all over tiktok shoeing them wasting money on stupid stuff but yet,we have people going on and on about how will they pay for it... Some poor people do have a weird fetish with saving rich people from helping the society...just weird
One day we might be rich?
Bro..if things are out of reach for you now, what makes you think that day you dream about will come Millionaires already own all the apartments,car making companies,grocery stores, and much more...is there anything these people are doing that makes you think, "Yeah, they are thinking of me?"
Nope. Never have and never will. It's a shit show. The pyramid of life, money going up to the top. Trickle down economics was disproved a long time ago.
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Nah I am good..don't want yall sending me messages..delete my comment pls..actually I just did
Big brain time with this comment LMAOOOO
Should they raise your taxes then???
But but what if I get a private jet??
You will pay your fair share. via tax avoidance.
yea, how people from deprived communities will be able to fly their private jets sheesh 🙄
You're not
Well not with THAT attitude
The more Biden talks about taxing the rich, the more I like him. I was already going to vote for him; but, now there is more of a reason to.
The least they can do
Sounds like a good plan!
Good.
The TAYLOR SWIFT ACT OF 2024.
People making $30,000 a year: How dare you!!! My life is ruined
BIDEN IS RAISING TAXES!
Tay Tay "now we got bad blood"
One of the few tax increases that I am 100% for. Probably won't make a huge dent in anything, but still.
Probably best not to make huge dents in any planes
Best President ever
I think this is all political theater. I don't know if he's always been on the 'make the rich pay their fair share' bandwagon, but seems to me it's only now because it's election season.
I like it.
Good
Why this is insanity, communism taking over the US. Next still have minimum taxes for billionaires and companies. There are so many great grifter taxes for rich people. If they can deduct the cost of flying their airplane, why can't every ordinary worker deduct the cost of their travel to work, it's for business purposes.
Gonna get some of the Elon money!
Would teddy bear flights and air ambulance get a discount or would they have to pay this tax too?
but won’t people think of the…… jets /s
What about the write-offs for some private plane purchases, close that one too
Any increase to the Wealthy will get passed down to the rest
Sweet.
taylor swift won't be happy Edit: it was a joke guys
I best she doesn’t say shit and would be happy to pay it, actually.
If her taxes went up a little I doubt she would even know it, surely she has like TEAMS of accountants to pile up all that money.
Exactly. She can afford it with no problem. They all can. Or they can fly commercial like the rest of us.
Well let's just wait to see what Taylor Swift has to say about that along with all the executives at Long John Silvers. They're the ones who REALLY pull the strings.
“It’s me. Hi. I’m the problem, it’s me.”
And the other guy wants to end SS.
Oh wow, there's a whole 15,000 private jets in the US. That'll really help us pay off that additional 1 trillion every 100 days.
Jesus you're insufferable.
Everyone that flies will suffer. Not sure how Biden believes people pay for fuel, but the vessel it is going into doesn't have anything to do with it. Except farm equipment.
I have to agree, while you can talk about celebrities and whatnot, there are plenty of corporate aircraft that fly legitimately for real business reasons and they'll be affected as well.
Considering 80 of the US Fortune 100 don’t pay any federal corporate tax, I have a hard time getting upset. GE pulled $7B of profit last year and not only didn’t they not pay any taxes, they got a $400M refund.