Also: Unaware as to how egregious corporate jet loopholes are, I contacted the White House to find out how much money could be gained by ending the tax break. I got an answer on background: The administration wants to change the depreciation schedule for corporate jets from five years to the seven-year schedule for commercial planes but does not know how much would be saved.
Oh, and spokesman Jay Carney says that the GOP "maximalist" position essentially argues: "We would rather have the United States not maintain its full faith and credit. We would rather have that than eliminate tax subsidies for the oil and gas industry, which has had tremendous multibillion-dollar profits. We would rather have that happen than eliminate a loophole for corporate jet owners."
In short, with a gun to the head of the U.S. economy, the White House worked up a talking point on loopholes regarding corporate jets before it did the math.
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