Obama Intent on Removing Tax Breaks for Business Jets
Obama Intent on Removing Tax Breaks for Business Jets
TXT
US President Obama has been a strong supporter of ending tax breaks for private jets.
Recently, he had to defend his position on television when he was interviewed about the issue.
“What we don’t want to do is give somebody who’s buying a corporate jet an extra tax break that ordinary people can’t get because they don’t need it,” said Mr. Obama during a TV interview in Wichita.
Wichita, KS is home to Cessna, a unit of Textron NYSE:TXT, which is a popular private jet manufacturer. Some officials and corporate leaders in Wichita have strongly lobbied against the removal of the tax break, saying that it would result in fewer jet sales and fewer jobs.
Mr Obama says that businessmen do not buy jets for the tax breaks.
He asserts, “The reason people buy corporate jets is because it’s extremely convenient and they can afford it.” In addition to that, he says that these businessmen do not need an extra tax break especially when the government is trying to reduce its deficit.
The US President also mentioned that his economic plan will benefit aviation companies in Kansas. Stay tuned…
http://www.cessna.com/index.html
LTNs Analysis for TXT: Overall Short Intermediate Long
Bullish (0.27) Neutral (0.03) Neutral (0.20) Very Bullish (0.58)
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