Why Are So Many Millionaires Buying Private Jets?
Nothing gets on my nerves more than someone who doesn’t pay their fair share of taxes. I’m looking at you, wealthy people. Not all of you — but certainly a good chunk — need to start paying up.
Tax loopholes are no stranger to the wealthy, and there’s a new one floating around — private jets. Private jet sales have gone up, and the rich pay no taxes on them, with some even receiving tax refunds.
And of course, this was inspired by Senator Kelly Loeffler after she purchased a private jet to exploit the tax system.
We need to understand a couple of things before we get into why the wealthy are buying specifically private jets.
- Recent tax laws set in place, including the CARES Act
- How businesses are used to write off expenses
We always hear about new laws being passed about benefiting CEOs and the wealthy, but exactly what part benefits them? Not everyone is knowledgeable on tax laws— I barely am — but it’s important to understand the different pieces of legislation that affect the economy.
These tax breaks only apply to businesses, so we need to understand how that works as well. Individuals are limited on the types of…
