Sen. Moran Statement on President Obama's Interview with Wichita-Based Television Station About the "Corporate Jet Loophole"
Feb 21 2013
WASHINGTON, D.C. – Today, U.S. Senator Jerry Moran (R-Kan.) released the following statement in response to President Obama’s interview with a Wichita-based television station about ending tax breaks for corporate jets:
“The President continues talking out of both sides of his mouth. His obsession with the so-called ‘corporate jet loop hole’ stands in direct contrast with his supposed desire to help the aviation industry and create jobs. Ending the accelerated depreciation schedule for general aviation aircraft will send hundreds if not thousands of hardworking Kansans straight to the unemployment lines. The President says his political gimmick isn’t about cutting jobs, but that will be the result.
“This rhetoric from the President is misguided and dangerous. According to the nonpartisan Joint Committee on Taxation, the revenues raised by the President’s proposal over the next 10 years will not even cover what the federal government borrows in one day. The five-year depreciation schedule for general aviation aircraft has been law for nearly a quarter century, and was created not for the benefit of the aircraft purchaser, but for the 1.2 million Americans who make a living building and servicing these planes. Accelerated depreciation for aircraft helps spur manufacturing sales and creates jobs. I’m disappointed the President would rather continue his endless campaign to score political points with sound bites like the ‘corporate jet loophole’ than work toward a real solution to solve our nation’s fiscal challenges.”
Click here to see the interview with President Obama.