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Sun, Mar 10, 2024

NBAA Takes Umbrage With Biden's ‘Punitive Tax Treatment’

Job-Rich Corporations Very Law-Abiding, Despite Errant Politically-Charged Aspersions

President Biden's State of the Union address ruffled feathers at the National Business Aviation Association, thanks to comments pointing to a crack down on one of his easier targets… those high-falootin' corporate jets.

The Biden admin put out a press release following the speech, taking aim at "making big corporations pay their fair share in taxes." As part of that mission, they outline a tax plan that would raise the corporate tax rate to 28%, "crack down on tax avoidance by large multinationals and big pharma"...and "eliminate tax breaks for corporate jets".

"President Biden believes corporations and wealthy people who use corporate and private jets should pay their fair share. That’s why he would eliminate a tax break that gives preferential treatment to corporate jets, compared to commercial aircraft. He would also increase the fuel tax on corporate and private jet travel, so that corporate executives and other wealthy Americans pay their fair share for the use of airspace and other public services related to air travel."

Naturally, the NBAA opposed such a measure, with head Ed Bolen weighing in: “Of course, every American business should pay the taxes they owe, but President Biden has unfairly chosen to target those who use business aviation, even though the vast majority of flights are taken by U.S. companies to help them compete effectively in a global marketplace."

He said that the majority of corporate aviation is borne far more often out of necessity than it is leisure, particularly throughout the portions of the country underserved by aeronautical infrastructure. “Business aviation allows companies to optimize efficiency, productivity and flexibility and access hard-to-reach communities across the country with little or no airline service. That’s why the president’s own Cabinet members sometimes use business aircraft to do their jobs and visit with people in towns and cities across the nation. The IRS has not identified a compliance gap in business aviation, which in fact is an industry that supports 1.2 million jobs and contributes $250 billion to the nation’s economy.” 

“Business aviation is an industry that is essential to America’s economy and transportation system,” Bolen said. “It supports jobs, connects communities, helps companies succeed and provides humanitarian lift in times of crisis. This is an industry that should be promoted, not pilloried.”

FMI: www.nbaa.org

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