Saturday, December 2, 2017

Tax "Reform" Will Result in a BIG Tax Break For You, If....



..you own a private jet.



I do not believe this tax break applies to auto maintenance even if you drive very fast, but check with your accountant.

 -RW

6 comments:

  1. Will this affect the market for flying cars?

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  2. Standard deduction for individuals increases from $6,000 to 12,000 and for couples from $12,000 to 24,000. Corporate tax rate cut from 35% to 20%. Obamacare mandate abolished. But instead of reporting this he focuses on trivialities.

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    Replies
    1. Yup. Rand Paul's on board, too. Surprised we haven't seen a "Bob Corker: Heroic" post yet.

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  3. I assume we'll get a complete breakdown of this latest "reform" within the next couple of days?

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  4. In a way, some do. IRS allows mileage deductions for business & charitable purposes - which includes, as I understand it, factors for maintenance, insurance, gasoline, and "wear-and-tear" costs. While not entirely equivalent to the proposed language in the bill under discussion, it doesn't strike me as all that different in nature...

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