Obama and Private Jet Tax Subsidies
Kansas isn’t taking President Barack Obama’s comments about ending tax subsidies for private aircraft purchased by corporations lightly says Roxana Hegeman of Businessweek.
When President Obama recently targeted “egregious loopholes that are benefiting corporate jet owners or oil companies at a time where they’re making billions of dollars in profits” during debt ceiling talks, Kansas governor Sam Brownback pointed out that at least 30,000 people in the state are employed by the aviation industry, and more than 40 percent of general aviation aircraft around the world is built in Kansas. Other community leaders said:
“…vast majority of businesses and organizations that fly planes are not wealthy chief executives, but people who use airplanes as another tool to do businesses. About 90 percent of airports in this country do not have commercial airline service.”
If eliminated, the resulting tax increase would raise $3 billion over the next decade.