The legislation signed by President Donald Trump allows private jet owners to fully deduct the cost of their airplanes in the year of purchase, benefiting the ultra-rich. Additionally, it reinstates a 100% bonus depreciation tax break, which is frequently associated with luxury purchases like private jets. Analysts suggest this provision significantly boosts the fiscal appeal of business jet ownership, while critics label it as a substantial tax gift to wealthy individuals, highlighting environmental concerns linked to this form of high-end transportation.
The Republican budget measure that U.S. President Donald Trump signed into law enables private jet owners to write off the full cost of their aircraft in the first year of purchase, significantly benefiting the ultra-rich.
Business jet ownership is becoming increasingly attractive due to the reinstatement of the 100% bonus depreciation tax break, allowing immediate expense deductions on luxury items.
Bonus depreciation applies to various physical business expenses, but it is often linked to luxury purchases, such as private jets, which saw a sales boom following its previous implementation.
Experts have criticized bonus depreciation as a significant tax advantage for billionaires and centi-millionaires, particularly concerning its impact on environmental sustainability due to increased pollution.
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