Corporate jet tax is a smokescreen

Mr. Obama, that jet-tax loophole that you proudly proclaimed as one of your ideas to reduce the debt is one that you proposed as part of the failed stimulus approved by a Democratic Congress. It’s your example of how the rich should pay more taxes or necessary things such as food safety face your budget ax.

But in 2009, after lawmakers scolded auto executives for flying to Washington in private jets, the Democratic Congress approved a tax break in the stimulus package to help businesses buy their own planes. The incentive, first used to help plane makers recover from the 2001 terror attacks, reduces the upfront tax bill for companies that buy assets like business planes.

In quoting Charles Krauthammer, “I did the math on this. If you collect the corporate jet-tax every year for the next 5,000 years, you will cover one year of the debt that Obama has run up. One year. To put it another way, if you started collecting that tax at the time of John the Baptist and you collected it every debt, first in shekels and now in dollars, you wouldn’t be halfway to covering one year of the amount of debt that Obama has run up.”

Obama pretends that he’s a serious adult at the “debt” discussions.

Robert Meale

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