Private Jets, Buffett and Taxes
3 very interesting things…. Esp under one title!
Uncle Sam is suing Warren Buffett’s company over taxes.
the rest of us who fly commercial — pay a federal excise tax when we fly (7.5 percent of the ticket price plus $3.80 for each leg of travel.) People who own an entire plane outright have not been subject to the same tax since, ostensibly, there is no ticket to buy.
NetJets, in a court filing, argues that “the ticket tax was not intended to apply to private aircraft owners and the fees they pay to maintain and operate their aircraft.
1. Are the current tax methods fair on consumers? Can any change make it fair? Does it even need to change?
2. Are these tax ‘threats’ in place for the tax people to show they are still active? Or do they actually try regulating the flow of money?