From Taylor Swift to Fortune 500 chief executives, private air travel has for years been portrayed to exemplify lavishness and excess, putting it on the radar of Democrats who want to rid the tax code of incentives that promote its use.
President Biden raised the taxation of corporate jets at his State of the Union address this month and at a campaign event in Philadelphia last week as he laid out his ideas to make big companies “pay their fair share.”
At a Senate hearing on Thursday, Treasury Secretary Janet L. Yellen praised the Internal Revenue Service for embarking on a “new initiative to end abuse of corporate jet write-offs.”
The ideas have drawn swift backlash from the corporate aviation industry, which argues that the proposals unfairly undercut American companies that rely on private planes to allow their executives to more easily visit factories and remote offices.
“We haven’t seen any real justification on why an important and essential American industry is being targeted for tax increases,” said Ed Bolen, president and chief executive of the National Business Aviation Association.
He said many executives were required to fly on corporate airplanes, even for personal travel, and argued that finance departments tended to be overly cautious about how they reported aviation taxes because of the risk and cost of getting them wrong.
The original article contains 902 words, the summary contains 221 words. Saved 75%. I’m a bot and I’m open source!
This is the best summary I could come up with:
From Taylor Swift to Fortune 500 chief executives, private air travel has for years been portrayed to exemplify lavishness and excess, putting it on the radar of Democrats who want to rid the tax code of incentives that promote its use.
President Biden raised the taxation of corporate jets at his State of the Union address this month and at a campaign event in Philadelphia last week as he laid out his ideas to make big companies “pay their fair share.”
At a Senate hearing on Thursday, Treasury Secretary Janet L. Yellen praised the Internal Revenue Service for embarking on a “new initiative to end abuse of corporate jet write-offs.”
The ideas have drawn swift backlash from the corporate aviation industry, which argues that the proposals unfairly undercut American companies that rely on private planes to allow their executives to more easily visit factories and remote offices.
“We haven’t seen any real justification on why an important and essential American industry is being targeted for tax increases,” said Ed Bolen, president and chief executive of the National Business Aviation Association.
He said many executives were required to fly on corporate airplanes, even for personal travel, and argued that finance departments tended to be overly cautious about how they reported aviation taxes because of the risk and cost of getting them wrong.
The original article contains 902 words, the summary contains 221 words. Saved 75%. I’m a bot and I’m open source!