Trump's new tax law means everybody may soon be buying private jets - here are the 7 go-to planes for the super-rich
- Private jets and planes come with luxurious amenities - and high price tags.
- The Republicans' new tax bill included a change that allows rich people to purchase a private jet and write it off in full on their tax return.
- President Donald Trump has been called "the mascot of private jets."
Buying a private jet comes with a hefty price tag - but the Republicans' new tax bill has made the extravagant purchase more appealing to some.
Private jet buyers can now write off the full amount of their new plane's cost on their tax return, which applies to both new and pre-owned aircraft. That's due to a policy change within the Trump Administration's 2017 Tax Cuts and Jobs Act that updated the US tax code to allow 100% bonus depreciation for items such as aircraft.
For the mega-wealthy of the world, this deduction accounts for much, if not all, of their millions in tax liability - meaning buying a new private jet could practically wipe out their tax bill in the year they buy it.
The new tax bill also addressed a technical clarification that now prevents operators of private charter flights from being charged with a tax that was originally designed for commercial flights.
President Trump - who has long owned his own plane - might also be making private jet ownership more appealing. In an interview with The New York Times, Steve Varsano, who owns The Jet Business - an aviation showroom and retailer that sells private corporate aircraft - said: "[Trump] is changing the optics of private aviation. He's the mascot of private jets."
The public may not view private jets quite so positively, however. Health and human services secretary Tom Price resigned in September after a bipartisan outrage for his use of private chartered flights to conduct government business.
Whether sales of private jets spike as a result of tax reform remains to be seen. "This is a very generous depreciation offer and the market has been on the cusp of a turnaround for some time. Maybe this serves as one of the precipitating factors," Richard Aboulafia, vice president and aviation industry analyst at Teal Group, recently told Business Insider's Benjamin Zhang.
Below, a look at 7 private jets and planes currently on the market. If you're tempted to make a purchase for the tax deduction, make sure to check with an accountant first.