IN THIS ISSUE:
- Is JETBLUE deal Tax-Deductible?
- When will TAX HIKES Kick-in?
- Reducing Taxes for Lower Income Earners?
- Worth thinking about - from Mark Twain
IS JET BLUE'S DEAL TAX DEDUCTIBLE?
As you probably know, Jet Blue is now offering an "unlimited, fly-all-you-want between 9/8 and 10/8" deal for $599.
Want to visit friends and family and have the air fare 100% tax deductible?
It's possible. Here's how... IF you have business trips scheduled, or to-be-scheduled, between 9/8 and 10/8 and
IF you could travel by JetBlue, and IF the normal cost would be greater than the $599 30-day JetBlue fare, you
could buy the 30-day deal for getting to from your business meetings, and, of course the cost would be tax-deductible.
Since that "unlimited travel" deal covers all the JetBlue travel you wish to do between 9/8 and 10/8, any additional use,
for flying anywhere, visiting anyone, could be done on the same tax-deductible ticket.
Rationale:
(a) The $599 ticket was purchased for business travel,
(b) traveling to the same cities, on the same dates, for the same meetings /using any other airline/, would have cost the same or more, so
(c) any use of the same 30-day pass for any other reason would have no effect on the cost of the business ticket.
WHEN WILL TAK HIKES KICK IN?
Since details are still being actively debated in Congress, and since any decisions made there will no-doubt be highly
controversial, don't expect to feel any impact until 2011, at the earliest.
REDUCING INCOME TAXES FOR LOWER WAGE EARNERS???
Statistics for tax year 2007 have just been released.
The numbers show that the bottom 50% of all income-earners paid only 2.9% of all taxes paid.
That begs the question/*: How much further can you actually reduce a mere 2.9%?
The top 5% (no, not 50% just *5%!*) of all income earners paid-in 60.6% of all taxes.
That begs the question/*: Just how much more can we "soak the rich" without totally taking away
any incentive to get rich?
WORTH THINKING ABOUT
"If you pick up a starving dog and make him prosperous, he will not bite you; that is the principal difference
between a dog and a man." (Mark Twain)
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