Listening to the radio RE the tax change on corporate jets

[TBMASE]

and the host said that when we did this for yachts, previously, that the amount paid out in umemployment exceeded the tax collected because of the jobs lost. THen he goes into the Krauthamer shit about John The Baptist

Does anyone know if this actually happened? I've googled and only came up with a WSJ article cited in a blog but that's all.

[NightWatcher]

1. if they can afford millions for a jet, I doubt the taxes put the price now out of reach

Great, I was going to get solid gold fixtures in the bathroom and a 60 inch tv in the Gulfstream 5, but the damn taxes forced me to get gold plated fixtures and a 55 inch tv and now I can only afford the G4.

-things you'll never hear spoken

[spanone]

2. john the baptist had a yacht? cool.

[TBMASE]

3. No, but evidently he had a corporate jet

[PoliticAverse]

4. I remember the Yacht fiasco. Let me see if I can find some additional info on it. n/t

[PoliticAverse]

5. Here's some additional info/analysis...

Excerpt from Paul Krugman's book with an economic anaysis of the tax result:

http://books.google.com/books?id=VqFNV6YZGUwC&pg=PA156&lpg=PA156&dq=tax+on+yacht+job+loss&source=bl&ots=BPVSD0CBow&sig=Ve5ut3BDRdNNWxhlPryXpj2HLok&hl=en&ei=v1AgTrrEKozfgQfaqujjBQ&sa=X&oi=book_result&ct=result&resnum=2&ved=0CB0Q6AEwATgK#v=onepage&q=tax%20on%20yacht%20job%20loss&f=false

2 NY Times articles:
http://www.nytimes.com/1991/07/21/nyregion/new-luxury-tax-trimming-boat-sales.html
http://www.nytimes.com/1992/02/07/business/falling-tax-would-lift-all-yachts.html

PBS News Hour discussion:
http://www.pbs.org/newshour/bb/budget/budget_1-1.html

[PoliticAverse]

7. Note the difference between the Yacht and Jet taxes...

In the case of Yachts, it was an added sales tax on the purchase of the Yacht.
In the case of Jets it is a tax credit in the form of accelerated depreciation.

An economic analysis needs to be conducted to see whether the Jet case is one in
which eliminating the incentive will likely result in less Government revenue.

[TBMASE]

9. thanks

[sinkingfeeling]

6. This is all over the RW blogs and sites. Of course, Rand Paul told Blitzer all about

it last November, but didn't site any source.

http://24ahead.com/rand-paul-noblesse-oblige-out-randroid-tax-yachts

Closest thing I can find with any numbers is here:

http://books.google.com/books?id=4-Vr4KKQd4sC&pg=PA96&lpg=PA96&dq=tax+on+yachts&source=bl&ots=A_N4nN0R2J&sig=3CqgNa-RaAAxa9sqLPdUJ7ys8z8&hl=en&ei=VFIgTsc8k4KxA9LK8Fs&sa=X&oi=book_result&ct=result&resnum=7&ved=0CEgQ6AEwBjhG#v=onepage&q=tax%20on%20yachts&f=false

[gratuitous]

8. And remember what the change is . . .

It's extending the depreciation schedule from five years to seven years. Wealthy elites still get the same tax benefit, it just takes an additional 730 days to get the full effect. See how the wealthy fight and how hard they fight on even this picayune matter? Keep that in mind when someone tries to tell you that you're being too strident or shrill about something that doesn't really matter all that much anyway.