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Obama criticized over business aviation remarks
American business aviation lobbyists have reacted angrily to President Barack Obama’s proposal to end a tax break for corporate jet owners, claiming he is “vilifying and mischaracterizing” the industry. The remarks may have also concerned those working in business airline jobs.
The Democrats want companies that use jets for business purposes to write off the cost over seven years instead of the five years currently allowed, as part of efforts to reduce the federal deficit. Planes used for charter or commercial flights have to be depreciated over seven years under current rules.
The plan, outlined during a news conference at the White House on June 29, has drawn criticism from the business aviation industry, which points out that the tax break is worth about $3 billion over 10 years – less than one-tenth of 1 per cent of the President’s target for reducing the federal deficit.
National Business Aviation Association president and CEO Ed Bolen said, “The president has inexplicably chosen to vilify and mischaracterize business aviation – an industry that is critical for citizens, companies and communities across the U.S., and one that can play a central role in the economic recovery he says he wants to promote.”
Mr Bolen added, “The idea that, in the current job environment, we would meddle with a proven formula for incentivizing the purchase of American products is unthinkable, and flies in the face of policies he and other elected officials on both sides of the aisle agreed to just months ago.”
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