Take The Last Plane To Galtsville
Shorter Richard Epstein:
Surely our economy would collapse if our Galtian Overlords are forced to fly first class with the common riff-raff.
He actually wrote this:
Take a chief executive officer who earns ten times as much as the president does per hour. What is gained by stranding him in an airport, having him wait with countless other travelers—whose time is not worth one percent of his time—to catch a plane that might not get him to his final destination?
We can now see the primitive economics that lie behind the presidential rhetoric. First, it is not possible to gain more money for the public treasury by taxing heavily those practices that are efficient for a firm. Putting a special tax on corporate jets will cut corporate profits, leaving nary a dime to fund the worthy causes that the president promotes. To repeat a constant refrain, taxation policies that are unsound in good times do not become sound in bad times.
Obama is asking to eliminate the accelerated depreciation of corporate jets. This is “putting a special tax on corporate jets.”
Democrats want to require companies that use jets for business purposes to write off the cost over seven years, instead of the five years allowed under current law, said a congressional aide and a White House aide. Airplanes used for charter or commercial flights already must be depreciated over seven years.
This, quite obviously, horrifies Richard Epstein….
There is no sycophant quite like a corporate whore sycophant.