Remember when Obama was railing on about “the tax-break for corporate jets,” during the debt-ceiling fights of 2011? He repeatedly invoked this “tax break,” which was really about how some corporate jets were depreciated over five years instead of seven. The message was clear: Republicans are in bed with corporate-jet owners. His loyal legions on the Left joined thechant.
But today, Obama’s export-subsidy chief promised a billion dollars in taxpayer-backed subsidies for corporate jets, according to Bloomberg News.
Fred Hochberg heads the Export-Import Bank, a federal agency that subsidizes U.S. exports by loaning money or guaranteeing loans to foreign buyers of U.S. goods. Bloomberg reports:
Export-Import Bank Chairman Fred Hochberg plans to provide more financial aid to U.S. corporate jet manufacturers, branching out from a traditional support for Boeing Co. (BA) to help an industry where demand has suffered….