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Forbes
6 minutes ago
- Forbes
How Trump's Spending Bill Helps The Rich Buy Their Private Jets
A little-discussed portion of the billionaire President Donald Trump's 'Big Beautiful Bill" hands a lucrative break to ultrawealthy Americans in the form of a tax policy for private jet purchases. An under-the-radar provision of Trump's spending bill lands a massive potential tax advantage for ... More the ultrawealthy as part of a provision which would cost an estimated $378 billion. Patrick McMullan via Getty Images Part of the spending package that just passed the Senate is the permanent restoration of the 100% 'bonus depreciation' federal law, which allows businesses to write off the full amount of qualifying items in the year of purchase. Bonus depreciation was originally a part of the Tax Cuts and Jobs Act of 2017, but phased down from the 100% level beginning in 2023 and was set to permanently expire by 2027, according to Thomson Reuters. The bonus depreciation policy applies to a slew of qualified, physical business expenses which depreciate over time, such as machinery and company cars, but the policy is often associated with big-ticket luxury items, such as private aircraft, and its institution last decade led to a boom in jet sales. That means that unlike standard business accounting procedures in which capital investments are spread across multiple years and are never fully written off, the full value of qualified property could be written off year one. A $10 million plane could now be a $10 million deduction in that same year, noted the aviation industry publication Flying magazine. 'For someone interested in buying a jet, whether new or used, this is a very big deal,' Matthew Bere, managing director of aviation at the Oklahoma-based bank BOK Financial, said this week, saying he expects the megabill's passage to 'spur a lot of activity in aircraft sales.' This is an 'example of oligarch friendly rules,' says Chuck Collins, director of the Program on Inequality and the Common Good at the Institute for Policy Studies progressive think tank. Collins described the bonus depreciation provision as a 'massive tax break for billionaires and centi-millionaires' from the 'private jet lobby' in a Tuesday post. Big Number $378 billion. That's how much the permanent establishment of 100% bonus depreciation would cost taxpayers over 10 years, according to Congressional Budget Office estimates. 'The all-at-once tax deduction could potentially reduce' jet buyers' taxable income by 'millions of dollars in a given year,' explained Bere. How The Senate Made This Deduction Permanent The version of Trump's 'Big Beautiful Bill' passed by the House in May only extended the 100% bonus depreciation through 2029, while the Senate made the deduction permanent. The private aviation industry celebrated the change, and charter plane provider FlyUSA described the legislation as 'a power-packed provision that could change the game for private aircraft acquisition.' Key Background The private jet friendly bonus depreciation provision adds to heavy criticism from Democrats and nonpartisan watchdogs who say the bill will disproportionately help the rich and hurt the poor. The bill will lower the lowest 20% of American earners' incomes by 2.9% while the top 1% of earners will get a 1.9% boost, according to the Yale University Budget Lab. 'This bill gives another tax break to the ultrawealthy — so they can buy another private jet,' Sen. Mark Kelly, D-Ariz., said this week. Environmental groups frequently criticize private jet usage for its outsized emission, and U.S. departures account for 65% of private jet flights globally, according to the International Council on Clean Transportation. Kyle Khan-Mullins and Lily Ogburn contributed reporting. Further Reading Forbes Senate Passes One Big Beautiful Bill Despite One Big Not-So-Beautiful Price Tag By Kelly Phillips Erb Forbes How Trump's Spending Bill Impacts Student Loans—Including Higher Payments And More Restrictions By Alison Durkee
Yahoo
6 minutes ago
- Yahoo
What to know about buying electric vehicles after the federal tax incentives end
The massive tax and spending cut bill that Congress passed Thursday ends federal tax incentives for electric vehicles. Buyers have until Sept. 30 to qualify for the federal tax credits on EVs before they are terminated. But experts say there are still strong financial reasons to consider buying the vehicles even without those incentives. Before the bill passed, new electric vehicles came with a $7,500 federal tax credit, and used EVs included up to $4,000. Those incentives were originally designed to help make the vehicles more affordable. According to the latest data from Kelley Blue Book, the average purchase price of a new EV is roughly $9,000 higher in the United States than the average new gas-powered car. Used EVs on average cost $2,000 more than comparable gas cars. Those credits, paired with other incentives in many states, helped bridge that price gap. Without them, Senior Policy Director Ingrid Malmgren of the nonprofit advocacy group Plug In America said they will become unaffordable to many lower- and middle-income Americans. 'That's really disappointing because ... they're just a really great way to reduce transportation energy cost burden," Malmgren said. The up-front cost of an electric vehicle might be higher, but for those who can afford to consider the lifetime fuel and maintenance savings, Malmgren said the EV is still a good financial and environmental move in every state. EVs are typically still cheaper to own long-term That is because electric vehicles might not be cheaper to buy, but they are cheaper to drive. Malmgren said that even without the federal tax credits, an electric vehicle owner would still come out ahead. 'Quickly you'll end up paying less than a gas car because it costs much less to fuel, and it needs almost nothing for maintenance,' Malmgren said. Malmgren said the point at which an EV driver's savings on fuel and maintenance outweigh the higher initial price varies. It depends on the kind of car and how often they are driven, as well as the cost of gasoline and electricity in an area. She said EV owners pay less in upkeep because the cars typically have fewer moving parts to maintain and require less frequent servicing. There are multiplecalculators online that pinpoint that moment based on some of those criteria. A 2020 study in the academic journal Joule found that the average EV in the U.S. charged with a typical mix of public and private chargers saves the driver $7,700 in fuel costs over a 15-year life span, compared to filling a car with gas. Savings vary by state. The study found that someone charging a car at home during off-peak hours, deemed as a best-case scenario, could save more than $14,000 over 15 years in Washington, where electricity is relatively affordable. The study said that an EV driver in any state exhibiting typical driving and charging behavior would save money on fuel costs. The study did not account for the car's purchase price, its maintenance cost or associated tax credits. EVs are still cleaner, even when they charge on coal power Manufacturing an electric vehicle typically creates more pollution than making a traditional gas-powered one. But experts say that driving an EV over the long-term is still less polluting than a gas car. Once they both drive about 15,000 miles (24,000 km) — slightly more than the average American drives in a year — the total pollution that has gone into making and driving each type of car has evened out, said Peter Slowik, U.S. Passenger Vehicles Lead for the International Council on Clean Transportation. Every mile after that widens the gap between the cleaner electric car and the more pollutive gas car. By the end of the car's life, emissions caused by the average EV are roughly half the average gas car, according to the U.S. Department of Energy. So unless you buy a new car each year, the EV is the cleaner choice, he said. 'They are a no-brainer,' Slowik said. 'Electric vehicles are already inherently so much more efficient.' A 2023 analysis by Yale Climate Connections found that electric vehicles are responsible for less carbon dioxide pollution even in areas where the electricity used to charge them comes from coal. An EV in West Virginia, which is one of the most coal-reliant states, still pollutes 31% less than an equivalent gas-powered car, according to the analysis. Slowik said that is because electric cars are better at translating energy into forward motion. For example, the most popular EVs in the US, the Tesla Model Y and the Tesla Model 3, can drive more than 100 miles (161 km) on energy equivalent to what is provided by a gallon of gasoline. 'If you compare that to a 25-mpg gasoline vehicle, that's already four to five times more efficient,' Slowik said. ___ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
BBC News
6 minutes ago
- BBC News
Crews tackle lorry fire on new build estate in Worksop
Firefighters were called to tackle a blaze involving a lorry on a new build estate in Fire and Rescue Service said four fire engines were initially sent to Red Lane in Worksop at 17:00 BST on crews were called to the scene after the blaze spread to multiple outbuildings and a number of trees. At about 19:45, group manager Leigh Holmes said the fire was under control but added crews had "a considerable amount of damping down to do". He said: "We expect to be scaling down the incident in a couple of hours and will provide further updates as appropriate."
