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GOP Proposes Cutting Twenty ‘Wasteful’ Programs That Combined Cost Less Than The Corporate Jet Owner Tax Loophole

By Pat Garofalo  

"GOP Proposes Cutting Twenty ‘Wasteful’ Programs That Combined Cost Less Than The Corporate Jet Owner Tax Loophole"

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Republicans yesterday, in an email blasted around by House Majority Whip Kevin McCarthy (R-CA), identified “twenty wasteful spending programs” that they have proposed cutting in the new federal spending bill released this week. The GOP claims that it’s using the bill to “make hard but necessary cuts to help reduce the nation’s deficit.” However, all 20 of the programs combined cost less than the tax loophole that allows corporate jet owners to write off the cost of their jet over five years (as opposed to seven years for a commercial passenger jet). The 20 programs the GOP wants to cut cost $456 million, while maintaining the corporate jet loophole costs $460 million, for a cost of about $4.6 billion over a ten year budget window.

As Sean Pool and Lauren Simenauer at Science Progress explained, the GOP’s bill “would have a negative impact first and foremost on jobs. It would also inhibit critical agricultural and industrial science research, food safety monitoring systems, science education, healthy food access in schools, violence prevention programs, drug trafficking enforcement, rural innovation and economic development, coastal development, and efficient, low-carbon urban transit systems.” All for the price of preserving one loophole for corporate jet owners.

‹ Corporations Renew Push For Tax Holiday A Day After CBO Says It Would Have Negligible Effect On Job Creation

Econ 101: November 17, 2011 ›

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