Current GOP Tax Plan

[GMDino]

Quote:Republican Tax Bill Gives Private Jet Owners a Tax Break








Republican Tax Bill Gives Private Jet Owners a Tax Break

More

If you're one of the lucky Americans who owns a private jet, don't fret.  Republicans have your back—in the form of tax breaks. 

The new Senate tax bill will give those who own or lease private planes breaks on the amount they pay to companies for maintenance, storage, fueling and even when they want to hire pilots and a crew onboard. 


The proposal is tucked in the middle of the controversial bill's latest version, dubbed the Tax Cuts and Jobs Act. The House approved the bill Thursday and it's now headed to the Senate. 


Trending: Trump's Afghanistan Troop Surge is Complete, Raising Total Number of U.S. Servicemen to 14,000

The bill's main goal is to help businesses, with hopes of spurring more competition and preventing them from moving overseas, according to The Washington Post. 


But it also will help the very rich, including President Donald Trump. In fact, not as many of the wealthy will be required to pay the estate tax, which is paid when property and other assets over $5.5 million are passed on to someone's heir because lawmakers are doubling the amount to $11 million, the newspaper reported. 


Don't miss: Berlusconi's Ex-Wife Ordered To Pay Back $70 Million In Alimony Because She Has Enough Money


A part of the bill on tax breaks for those who own or lease a private plane reads in part: 

Quote:
The proposal exempts certain payments related to the management of private aircraft from the excise taxes imposed on taxable transportation by air. Exempt payments are those amounts paid by an aircraft owner for management services related to maintenance and support of the owner’s aircraft or flights on the owner’s aircraft. Applicable services include support activities related to the aircraft itself, such as its storage, maintenance, and fueling, and those related to its operation, such as the hiring and training of pilots and crew, as well as administrative services such as scheduling, flight planning, weather forecasting, obtaining insurance, and establishing and complying with safety standards. Aircraft management services also include such other services as are necessary to support flights operated by an aircraft owner.

There were about 11,261 private planes registered in the United States as of 2012, according to Forbes.



Most popular: Kim Jong Un May Have Caused a Parasitic Worm Epidemic in North Korea By Making Farmers Spread Human Faeces on Their Crops


Massive tax cuts have been a priority for Trump since he took office. After news broke the bill passed—by a 227-205 vote—he applauded the House's efforts on Twitter. Thirteen Republicans voted against the measure. 

This article was first written by Newsweek

[/url]
https://www.yahoo.com/news/republican-tax-bill-gives-private-021122188.html


Meanwhile....

http://time.com/5017111/gop-tax-plan-teacher-tax-credit/

Quote:Educators who spend hundreds of dollars out of their own pocket to buy school supplies would no longer be eligible for a tax deduction under the [url=http://time.com/5012233/gop-tax-reform-congress/]GOP tax reform bill, and the proposal is drawing fierce criticism from teachers’ advocates.


Under current law, teachers are eligible for a tax deduction of up to $250 for money spent on classroom supplies.

“Will a teacher in my district who buys pens, pencils, paper for his students be able to deduct these costs from his tax returns under this plan?” Washington Rep. Suzan DelBene asked on Monday, at a markup hearing for the proposed GOP tax bill, which she described as “morally bankrupt.”

Thomas Barthold, chief of staff of the Joint Committee on Taxation, confirmed that the tax plan would repeal the deduction for teacher expenses. The bill has drawn criticism from Democrats and teachers’ associations, who argue it will further burden teachers who already spend a significant amount of their own money on their classrooms.


“Under the Republican plan, corporations are still allowed to deduct state and local taxes,” California Rep. Mark Takano, a Democrat, said in a Facebook post on Monday. “Workers are not. Corporations are still allowed to deduct business expenses. Teachers are not.”

Republicans have argued that the bill will simplify the tax code and reduce taxes overall, but an analysis by the Tax Policy Center found that high-income households would see the largest cuts.

An Oklahoma teacher drew national attention earlier this year when she panhandled for school supplies at a highway intersection. At the time, she said she typically spends $2,000 to $3,000 of her $35,000 salary on classroom supplies each year. A 2013 study by the National
School Supply and Equipment Association found that 99.5% of teachers use their own money on school supplies, spending $485 on average in one school year.

“As educators spend more and more of their own funds each year to buy basic essentials, Republican leaders chose to ignore the sacrifice made by those who work in our nation’s public schools to make sure students have adequate books, pencils, paper and art supplies,”
National Education Association President Lily Eskelsen García said in a statement about the tax proposal last week.

Randi Weingarten, president of the American Federation of Teachers, also spoke out against the tax plan.

“They are giving huge estate tax breaks to the Trump kids while taking away working families’ ability to deduct the costs of higher education, union dues and even the money educators spend on their classrooms,” she said in a statement last week. “We will do everything we can to fight this bill.”

Clearly Trump has not forgotten the little guy!  He remembered to go there to get his cuts to give to himself!