Sunday, February 24, 2013
Save the Corporate Jet Tax Cut???
* Americans should be very upset with the looming sequester cuts because the Republicans continue to defend the tax loopholes for their very rich buddies.
ThinkProgress shines a spotlight on the Republican defenders of the rich and their protected corporate jet tax loophole. Here is a little slice of Think Progress on the topic:
....not only are Rubio, Crapo and the rest defending a tax loophole for the most fortunate Americans, they’re completely misunderstanding it. As hard as it to believe, the private jet tax break is no “metaphor” or “code” for people making too much money — it is an actual loophole in the tax code that applies to private jets and not commercial ones. The provision, created in 1987, allows corporate jets to be depreciated over a five-year period rather than the seven-year period required for commercial ones. It has been defended and supported by Republicans since.
The more sophisticated conservative defense of special tax breaks private corporate jets, advanced by the Hertiage Foundation, among others, is that it was created by the stimulus package. As ThinkProgress’ Matt Yglesias explained, this myth too is bunk.
While closing the loophole wouldn’t raise enough money to solve the deficit problem by any means, it points to the absurdity of much of the spending in the tax code and would surely be a step in the right direction. The conservative response to ending it, meanwhile, speaks to the priorities of their tax cut “theology” — fewer taxes for the wealthy above all else.
You can practically hear Marco Rubio, and the rest of the Republicans shouting, "Save the rich! Protect their tax cuts for their corporate jets!!!"
Shame on the Republicans for their unending support for this ridiculous tax cut.