Not long ago, President Barack Obama’s press secretary mentioned that the president wants to eliminate “subsidies to corporate jet owners.” It’s a politically popular line in tough economic times — but it’s wrong, says Aircraft Owners and Pilots Association President Craig Fuller in an op-ed piece in the Politico. In it he noted: “General aviation is an incredible American success story. It’s a homegrown industry that exports aircraft worldwide and generates 1.2 million American jobs and $150 billion in annual revenue.” Read the full editorial here.
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Aviation, especially general aviation, is held close to my heart. I think it is one of America’s great advantages. That said I oppose all subsidies!
I also oppose the idea of depreciation and feel that all business purchases should be deducted from income in the year the expenditure is made – including interest paid for that purchase. If you buy an aircraft for business and pay for it upfront the cost should be a legitimate business expense to be deducted that year. If you finance such a purpose then the principal and interest should be a business deduction in the year the payments are paid. If such a purchase results in a loss, any unrecoverable loss should carry forward to succeeding years.
But if an aircraft is for private (general aviation) use any money spent on it, including upgrades should not be deductible.
As a professional pilot veteran of 27 years and a gainfully employed corporate pilot, I tend to agree with Dennis above. The tax breaks of the super wealthy and corporations are ridiculously generous, and these breaks extend well beyond the flight department. These wealthy individuals and corporations have had the lion share of tax breaks and favorable treatment for years. Enough already, a correction is overdue.
As most of you know that are professional aviation types like myself, the extravagance of the flight department is obscene. In-flight WiFi bills of $2000/month, $80,000 cabin carpets, $2000/flight catering bills – the list is endless. Single passenger trans-cons and Hawaii excursions to the tune of $50,000. I’ve seen $500 worth of untouched Sushi go out with the garbage. Yes, some corporate flight departments are run very efficiently, the Costco’s and Nordstrom’s out there set the bar for others. But you only have to spend 10 minutes at the local jet FBO to see what I’m talking about.
I stand behind President Obama and his observations regarding my industry. And I fully understand and am sympathetic to the economic impact our industry contributes. It is a significant and considerable contribution and corrections need to be carefully implemented. I’m sick of the Obama criticisms, particularly on this issue.
By the way, $7 Avgas has nearly crippled the GA community and our ability to operate our small aircraft and keep some of our dollars flowing more locally into our communities. I say if we had more of this small scale local flow of money, our communities would benefit. Let the dollars flow in that direction for a change.
And you don’t think this fraud of a president is extravagant? He makes more trips throwing out sushi and playing golf than all the executives in the country combined. Maybe he should try to regulate himself before he tries to regulate everyone else. Talk about sick, I have never been so sick of anyone running this country than I am of this imposter.
However, it does show how strong this country is, in that it can survive in the face of an onslaught of destruction that is constantly being thrown at it by this administration.
Yes, GA is a huge success in spite of the government an this so-called president is a complete failure. So, who gives a damn what he says?