For the People who Can Be Fooled All the Time 07/01/2011

My point here is not advocate whether a certain tax incentive should or should not be repealed, but to show just how stupid politicians think you are.

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The president cited “corporate jets” or “corporate jet owners” three times during an eight-minute opening statement on the deficit and debt limit, and three more times during a six-minute response to the first question.

The implication here is, first of all, we should hate people who fly in corporate jets because we can’t and they make their money off the backs of the working man.

The second implication is that removing the corporate jet “loophole” would significantly help the deficit and debt problem created by the stimulus which put the incentive (now a loophole) into law in the first place. It was part of the 2009 stimulus bill the president signed on the (supply side) theory that it would spur new purchases of corporate jets and help an ailing U.S. industry: Cessna and Gulfstream alone have plants in 15 U.S. cities.

The provision, if adopted, would add $3 billion in taxes (not taking into consideration repealing a provision that was put into place to increase wealth and, therefore, taxes) in 10 years.  That would allow us to reduce the deficit by 0.018% per year (provided it wasn’t increased by other spending).
So let’s all envy the corporate rich folks, slow the sales of corporate jets (built by the working man, by the way), and not address the real issue of irresponsible spending of our money by self-serving politicians.