All I can find on Obama’s new tax increase proposal is that he wants to increase taxes on corporate jet holders (and a couple of other rich folk) to the tune of $3 billion. Is this closing the corporate jet loophole that Obama has been complaining about (after signing it into law in ’09)? As I understand it, that wasn’t a loophole targeted for corporate jets. It was bonus and special depreciation that applied to all business property, including jets. So does Obama want to specify in the tax code that corporate jets are treated differently from all other business property, different than buses or helicopters? Or does he want to decrease the depreciation deduction across the board? And are jets to be treated differently than Cessnas? I am muy confused.
Perhaps instead of adding more complexity to the tax code, we should be… Oh, nevermind. It’s all been said before.