Posted on 01/31/2009 3:11:38 PM PST by taildragger
Freepers I have a dilly for you.
Today I attended the Great Lakes International Aviation Conference at the Rock Financial Center in Michigan. Many vendors with a couple of planes on display, parts, schools etc etc. I approached one booth at a distance and the Gent reeled me in. Asked if I knew about how to reduce the cost of purchase around or below $800,000.00. Signs denoted lower tax rates etc. I asked is this accelerated depreciation he said no. Then he says With the new stimulus package getting done by the end of the week the amounts have gone up, and our guy have checked on it bla-bla bla.... ( Note it may be an extension of Bush Policies with larger amounts for these big ticket purchases, I will assume for business)
He then opens the brochure will all sorts of references the stimulus bill.
Now I didn't get his name, the firm or anything, because by now I am absolutely fuming....
I then said something to this effect: Excuse me but hypocrisy alert here. I don't mean to sound like Rush, but they busted the Big-3 Cohones over flying their jets, and yet you are promoting it here with stimulus money, well I guess some Comrades' are more equal than others, and walked away.
Now I may have been pissed and maybe I shouldn't haven't sliced and diced this guy verbally, but the point is this.
I love Aviation, but given the economy this is not what I call stimulus or even a cut in Gov't expenses, in fact the opposite. This is not the time to be subsidizing this high end product when at the same time they bust everyone's chops that buys one or uses one, unless they are coming into Dulles for X44....
BTTT....
Tradecraft by Jonathan Hoenig
Citi’s Plane Isn’t the Problem
Yet another uproar broke this week after it was revealed Citigroup (C: 3.55, -0.35, -8.97%) was set to take delivery of a $50 million private jet, even as the company was burning through $45 billion in taxpayer-funded TARP funds.
More Stori
Under intense public pressure and direct intervention from the Obama administration, the company later canceled the purchase. As usual, pundits decried the excesses and greed on Wall Street.
I’m of the mind that a large multinational bank like Citigroup needs a private jet. They should have a private jet. But taxpayers shouldn’t be paying for it — for any of it.
And that’s the problem here. A company must be run by its shareholders, not public opinion. Yet now that the government has become the unlikely majority shareholder in a host of large Wall Street institutions, it is wielding considerable power as to how those firms are run. Just Wednesday the company disclosed a new regulatory agreement, crafted by the Treasury Department, which will further govern how the company is managed.
In essence, we’ve witnessed a coup: Large corporations are now being micromanaged by political bureaucrats who, unlike shareholders, do not have an ownership interest on the line. The same scenario played out back in October when AIG (AIG: 1.28, -0.01, -0.77%) held its now infamous spa retreat.
Whether it’s CEO pay, a private plane or Super Bowl ad, companies in which the government holds an ownership stake will forever be hounded about every dollar they spend or move they make. Note that this doesn’t happen in private companies, only “publicly owned” ones. We’re now involuntary investors in property in which we can neither use nor dispose of.
The textbook definition of capitalism is an economic system by which the means of producing wealth is privately owned. The only way to fix this is to reverse the trend of further government ownership of the economy. A “free market” owned and controlled by Uncle Sam simply won’t work.
The way to fix this is for the companies to liquidate and pay the tax payers back their money. Hope they start Monday, then we will see what the former, ceo's say about planes and bonuses.
Didn't even snag a free brocure to scan and post ?!?!?
No I didn’t like I said I was boiling....
Understand....just wish ya had. This bailout crap is criminal now........to bad numbers for filibuster aren’t there.
Regarding the corporatist economics of Mussolini's fascist regime:
"In actual fact, it is the State, i.e. the taxpayer, who has become responsible to private enterprise. In Fascist Italy the State pays for the blunders of private enterprise. As long as business was good, profit remained to private initiative. When the depression came, the Government added the loss to the tax-payer's burden. Profit is private and individual. Loss is public and social."Salvemini goes on to discuss the bailouts, which were targeted to large corporations but not small businesses. All of this sounds familiar to everyone, I'm sure...--Under the Axe of Fascism, by Gaetano Salvemini, p. 416 (1936).
"In December 1932 a Fascist financial expert, Signor Mazuchelli, estimated that more than 8.5 billion lire had been paid out by the Government from 1923 to 1932 in order to help depressed industries (Rivista Bancaria, December 15th, 1932, p.1,007). From December 1932 to 1935 the outlay must have doubled."--Under the Axe of Fascism, by Gaetano Salvemini (1936).
Hmmm, wonder if this applys to Yachts?
Liveaboard and move about.
Foreclose, find me.
Isn't that what Marxist dictators do, seize control of private property?
AIG was and is different thing however. That was a repayable short term loan, not a forgivable bailout, so the gov. did not become the controlling shareholder.
Bump
A few gallons of marine paint, and a different name and voila! Bad luck to rename a boat though. They only way they would be able to track you down is by watching who rents a slip at marina's.
LOL... I am working on being ready to do just that.
LOL !
It’s the gay “craftman’s survival”, what Stalin or Lenin called selling ropes hanging them. They do not care to see who buys their stuff, good or bad people, they think that the economy is everything and that none will hurt them who buys their stuff. It’s what got many Jews to keep working for Nazies during the 30s and us capitalists to trade with communist China. Anything for a biscuit.
It’s corruption for a biscuit. Whether it is our governors or aviation...
Now if you are a competitive person, these folkes will denounce you to the gov. for not following rules. So corrupt companies get ahead. It’s been going on in the US for a while locally, in fact. It’s like those who are not competitive and unbusiness brave are for government handouts, the brave are cut out. You are right to fume.
God forbid the world asks Obambi for further handouts. Apparently the steel trade flap hypocrisy, leading him to review his bill (after calling Rush hypocriticaly an obstacle to bipartisanship) is another such kink.
The package includes an extension of the bonus depreciation and the enhanced expensing election originally included in the 2008 economic stimulus package through December 31, 2010. Under the new proposal owners who use their aircraft in business would be entitled to an accelerated 50% bonus depreciation on new aircraft purchases. Bonus depreciation would also include new improvements to a used aircraft. Current law allows taxpayers to expense up to $133,000 of investments in new and used capital improvements provided the taxpayer does not invest more than $663,000 during the taxable year. In the new bill the expensing election will increase to $250,000 and the investment limitation will be phased out at $1,050,000.
BUY AN AIRPLANE IN 2009, GET A REFUND OF 2004 INCOME TAX The package also includes a new provision that allows losses incurred in 2008 or 2009 to be carried back 5 years to obtain refunds. Present law provides that net operating losses are carried back 2 years and forward 15 years. The expansion of the carry back may generate immediate cash flow for taxpayers with significant income tax liability in 2004 through 2006.
” The expansion of the carry back may generate immediate cash flow for taxpayers with significant income tax liability in 2004 through 2006.”
Quick, forward this information to Dashle. Maybe you can save his nomination.
At the very least maybe Daschle can say he owned a plane to deduct the taxes he has been forced to pay lately. Maybe Dodd can rustle up some fake papers of plane ownership.
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