Some argue this is nothing new — that the bill simply brings clarity to a longstanding dispute about how private jets ought to be taxed. Indeed, the private jet industry would have you believe this bill provides much-needed relief to businesses that rely on private jet travel. But these points obfuscate the issue at hand, which is that time after time, the rich continue to enjoy their own preferential set of rules while hard-working Americans subsidize them.
As a private jet owner and a proud member of the Patriotic Millionaires, there is simply no way to defend the disparity between the taxes paid by high-end jet owners and those paid by commercial airline passengers. This inequity makes even less sense when you consider that America’s millionaires and billionaires can easily afford their luxury travel, and should at the very least pay equivalent taxes to those who fly in coach.
I strongly believe in big business and market capitalism as engines of economic growth and job creation. They are the lifeblood of American prosperity. But wealthy CEOs and corporations do not have a right to game the system, and certainly not at the expense of middle-class Americans.
On the contrary, we have an obligation to speak up when the system is unfairly rigged in our favor. Millionaires do not need more private jet loopholes, and Congress should pass legislation to make the one-percent pay our fair share.
Stephen Prince is founder and president of National Business Products and vice chair of Patriotic Millionaires, a coalition of high-net worth Americans concerned about the destabilizing concentration of wealth and power in the U.S.