“When a corporate executive uses the company jet for personal flights, he does not pay anything. Instead, the value of the trip is treated as a taxable fringe benefit, just like the personal use of a company car.
Taxpayers pick up one-third of the real cost because buying and operating a corporate jet is a tax-deductible business expense. Shareholders of publicly traded companies pick up the other two-thirds. That means that ordinary folks who have put their retirement money into companies are dinged twice for this executive perk, once as taxpayers and a second time as investors.”
Free Lunch by David Cay Johnston
Mr. Johnston is a New York Times reporter who won the Pulitzer Prize as an investigative journalist.
When I read this book I was struck by the fact that every American who does not participate in Network Marketing has willfully given up his right to the same tax advantages enjoyed by the greedy hogs running major companies. For two decades I’ve enjoyed the tax advantages of owning my own home business. Maybe we can’t fly for free on company jets, but the least we can do is deduct our car mileage and home office expenses. Those who refuse to benefit from their own legal rights have no business criticizing wealthy people for corporate perks. Either get involved in MLM or stop whining!
Statement of Purpose
If you’re new to this blog on Food for Brains, please be advised of my mission.
As an avid reader, author and concerned critical thinker, my goal is to provide daily food for the brain, not steroids for the heart. If it’s positive thinking you crave, please look elsewhere. My objective is to encourage self-reflection, not self-absorption.
– Mark Yarnell