Sen. Jerry Moran (R-KY) on Thursday attacked President Obama's call for an end to tax breaks for corporate jet and yacht owners (video below).
According to RawStory.com, closing this tax loophole for the wealthy would cut the federal deficit by $3 billion.
“The President’s fixation on corporate jets stands in direct contrast with his supposed desire to help the aviation industry and create jobs,” Sen. Moran said on the Senate floor. “It’s long time past to address the real problems with meaningful spending reductions and every moment spent talking about corporate jet loopholes is a wasted moment."
Sen. Moran claimed that closing this tax break would somehow hurt job growth in Kansas, where many private jets are built.
However, if that logic were true, then every type of manufacturing plant in the U.S. would require a special tax break to remain in business.
Currently, private corporate jets can be written off as a business expense for seven years, while commercial jets can be written off for five years.