Posted on 06/29/2011 1:03:55 PM PDT by Nachum
President Obama has a new term for the people he wants to tax more: jet owners.
In his news conference today, the president said: “I think it’s only fair to ask an oil company or a corporate jet owner that’s doing so well to give up that tax break….I don’t think that’s real radical.”
(Courtesy of JetSuite Air)
Asking private-jet owners to give up tax breaks may not be that radical. And it probably would be supported by the vast majority of the nonjet-owning voters.
The problem is that most of the people that would be subject to the higher taxes the president wants aren’t likely to be private-jet owners. Someone earning $250,000 a year–among those scheduled for a tax increase in 2012–is unlikely to afford a jet–or even a few charter trips on a jet.
For those, like the president, who may not be well-versed in Jetonomics, here are some of the basics. The numbers come courtesy of Jay Duckson at Central Business jets:
COST OF BUYING A JET
New Citation CJ (entry level jet)–$5 million. Annual operating costs (fuel, hangar space, pilots) about $500,000.
Cheapest Used Jet–$100,000 to $500,000. Annual operating costs (hangar, pilots, mechanics, fuel) about $1 million a year.
(Excerpt) Read more at blogs.wsj.com ...
Limousine liberals? Number of government-owned limos has soared under Obama
http://www.freerepublic.com/focus/f-news/2727823/posts
EXTRA wide limo for her.
Well, the owner of one of these Jet manufactures I believe is none other than Warren Buffett, one of the Zero’s principal supporters. I wonder how he feels being the equilivent of his gym supporter now.
He doesn't have the sense that God gave a goose. Neither do most of the people who voted for him.
Remember, boys and girls, Palin is dumb and Bachmann is a flake because Anderson Cooper told us it was true.
Meg Whitman on Fox right now talking about business people being demonized.
And think about surgeons who go into a specialty - they don’t even START on a professional level salary ‘til their ‘30s. And probably 6-figure debt of varying degrees. By that time they are at least a decade behind in earnings compared to those who chose union or govt jobs; the only people in society being rewarded right now.
anyone starting to think these class warfare speeches are really coded signals to the apes in the inner-city to form their flash mobs and attack whitey?
Hell we’ve got enough anecdotal evidence to run it as the top story on CBS....
So how is it they could own an airplane that has a $60K per year property tax?
He's going to be critical of any woman who dares come out in public.
Best he be banned until the end of the election.
Your statement is true, but class envy will always exist, even without tyrants.
As a side note, I think Obama and the Democrats could actually make a case of increased taxes for the “rich” if they defined the rich as something like anyone who recieves $ 1,000,000 a year. In fact, if the Dems or the Repubs shifted the tax base off of anyone making less then $250,000 per year, he or they could get a huge ground swell of support.
I just watched a documentary done by the great grandson of one of the Johnson and Johnson founders, called something like “the 1 percent”. It is very eye opening and disturbing how super wealthy some people are and how many breaks they still get from the government and how they influence the government and how they get away with so much. I think that the super rich should take more steps to publicize how they contribute to the community and country, or we will see something here in the United States like the French Revolution.
Unless I’m wrong Barry is the one who initiated the jet owners tax breaks so he could have more shovel ready jobs in small jet manufacturing. I hope somebody at Fox brings that little jewel to light tonight.
He’s got more on the ball the than the “one”.
The Joint Chiefs of Staff make almost 250K with pay and benefits. Not that they do it for the money. I don’t think they have their own private jets.
The War on Achievement continues....
Obama Blasts Private Jet Tax Breaks Created by His Own StimulusBut 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.
Proponents of the tax break lauded it as a means to spur economic activity by encouraging purchases of large manufactured goods (planes). So the president’s statement today – and his call to repeal that tax break generally – is either a tacit admission that the stimulus included projects that did not, in fact, stimulate the economy, or an attempt to “soak the rich” without regard for the policy’s effects on the economy.
Scribe - Bluey Reports; author: Lachlan Markay
14 Amendment. The debts of government officials shall not be questioned, or something.
Why is the IRS income so high then? It is because I am a part owner of a Subchapter S corporation and so business “paper profits” are reported as “income” on my personal tax return. The irony is that the business has profits, but those profits have never turned into “cash” that I can get. It always needs new investments in capital, paying off old loans, buying out other stockholders, making down payments on assets, etc.
As such I get the opportunity to pay taxes on “theoretical income” that someday, I may get as retained earnings, but doubt that I will ever see.
To be offered the opportunity to pay more taxes on theoretical income by our current president is just plain nuts.
Envy is the mother of tyranny. Just ask the Founding Fathers. That’s why they wrote the Constitution.
Back in the 70’s I heard Paul Harvey say that if all income over 50,000 were taxed at 100% it would run the gov’t just a few days. I doubt if much has changed, except the numbers.
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