I don’t think that word means what you think it means.
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.
YSK that eating the rich is a nutritious way to redistribute wealth
The law, in its majestic equality, allows rich and poor alike to deduct private jet expenses from their taxes.
To 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
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.
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
In my experience, poor people gamble a lot. I’ve never seen a rich person buy a lottery ticket
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.
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.
I too get nervous every time I do my taxes but I figure if I’m honest about it they’ll forgive most mistakes
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
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.
Thank you, government. That is really an improvement of my life!
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
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
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!
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
Gross.
deduce private jet expenses
I can deduce it right from a receipt, if they give you one.
Kash Patel is gonna make a killing!
How many arms this guy got?
Just the one that he does the Hitler salute with, silly
