I won't link this story -- maybe I will -- but some folks may remember the small aircraft manufacturing industry shut down in this county when liability legislation hammered the industry; it has since come back (at least that's my understanding) with liability issue for small aircraft manufacturing companies "rectified." Actually, this site will help remind folks of the history of a small aircraft / small jet manufacturer issues regarding liability and taxation. Of course, the recession didn't help, but my hunch is that the recession was less of a problem than the public perception of the industry as profiled by the administration and the mainstream media. (A lot of companies have done very, very well during the recession.)
Now, here we go again, a tax on corporate jets. Not to worry. This time, if small jet manufacturers can't make it in the US, they will simply go to Brazil (huge aircraft industry down there) or to Japan, and take jobs with them.
Even Warren Buffett has weighed in, knocking the idea of taxing corporate jets. Remember, Warren has a long record of saying that the rich should pay more in taxes.
Don't bother commenting. This is editorial and I generally don't post comments to my rantings. (Unless, of course, the comments point out something factual I may have overlooked, like a typographical error, let's say).
Buffet is great at talking about 'tax the rich' - of course income taxes are based on income - and he has little of that....
ReplyDeleteHis 2010 income salary was a measly $100,000 - along with some other personal protection stuff it got up to about $500,000 - but his salary checks are based on $100,000.
So Warren says - "yeah, tax the rich" (cause I'm not really one of them - based off of salary income)....
but when it comes to his planes (invested in a timeshare jet company) - then yeah, it affects his business for sure! he's squawking now!!!
http://www.reuters.com/article/2010/03/11/us-berkshire-buffett-compensation-idUSTRE62A5SH20100311
Now, if the gov't would tax his assets - he'd be singing a way different tune!
Over the years I've lost a bit of respect for Mr Buffett.
ReplyDelete1. He didn't buy shares in AAPL.
2. He bought my shares in BNI.
3. He has a strange view of taxes, speaking out of both sides of his mouth.
4. He said his secretary pays more taxes than he does, or a bigger percent (I forget his exact quote), but all he told me was that he underpays his secretary.