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Posted by: beavith1 10 months, 2 weeks ago

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beavith110 months, 2 weeks ago

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actually, its an indirect subsidy for the private jet industry.

the private jet industry is worth billions in new jets and spares.

if those bastids won't be using private jets anymore, we've just kicked out the support for that industry.

which is the next industry that the federal gov't is going to gut?

FWIW, the amount they spend on jets isn't going to make a whit's difference in the solvency of the company. this looks to me like another class warfare 'line in the sand.'

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  flyonthewallzz10 months, 2 weeks ago
  
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  If you like: I could pull up the IRS spread sheet.
  Average for corporations that actually pay tax.
  The numbers look something like this:
  Receipts =100%
  Cost of goods sold..54.61%
  Compensation of officers..1.48%
  Salaries and wages..9.73%
  Repairs..0.70%
  Bad debts..0.79%
  Rent paid on business property..1.82%
  Taxes paid..2.00%
  Interest paid..5.31%
  Charitable contributions..0.07%
  Amortization..0.70%
  Depreciation..3.67%
  Depletion..0.07%
  Advertising..1.19%
  Pension, profit-sharing, stock, annuity...0.77%
  Employee benefit programs..1.45%
  Net loss, noncapital assets..0.25%
  Other deductions..11.83%
  Total income tax after credits..1.25%
  This leaves a net of about 3.94% of which about 1/2 is paid out to share holders as dividends.
  Those airplanes fall under the "Other deduction" category.
  Now that the taxpayers are shareholders it is fair to try to cut "other deductions".
  As a note the "other deductions" for the Finance and insurance industry is 20.28%
  
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