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Photo: aviation-images.com/UIG via Getty Images

Demand for private jets has surged in recent months, as business owners and executives flock to take advantage of new provisions in the GOP tax bill that allow them to deduct 100% of a new or used plane's cost on their tax returns, reports the WSJ.

Why it matters: This deduction accounts for a huge chunk of tax liability for many of the world's wealthiest people. For some, it could even make buying a jet essentially free, according to Business Insider.

The big picture: The new tax law, or at least publicity surrounding the new tax law, has driven buyers who were previously unable to break into the private jet market to begin exploring their options, per the Journal.

  • Suzanne Meiners-Levy, who runs a tax firm that helps businesses buy planes, has seen a 30% increase in clients this year. She estimates four out of five of her clients ask about the new deduction rules.
  • Marcus Adolfsson, CEO of online publisher Mobile Nations, wrote off the full cost of a $2 million jet he bought at the end of 2017. He estimates its value has since appreciated 15%.
  • Others told the Journal they "wouldn’t have even considered a new plane if not for the change in tax law."

The new deduction rules have also encouraged companies like Jet It and NetJets to launch time-sharing or partial ownership programs, allowing people to fly private who don't quite have the funds to buy jets themselves.

  • "The growth of our shared ownership model is outpacing our card programs and we expect that the recent tax law changes will further fuel that trend," Adam Johnson, the CEO of NetJet, told Forbes.

The bottom line: President Trump has a well-documented obsession with private jets, and his signature tax law is helping extend a market accessible only to those with the highest incomes.

Go deeper

Updated 2 hours ago - Technology

Twitter sues Texas AG Ken Paxton

Texas Attorney General Ken Paxton at February's Conservative Political Action Conference in Orlando, Florida. Photo: Joe Raedle/Getty Images

Twitter on Monday filed a lawsuit against Texas Attorney General Ken Paxton (R), saying that his office launched an investigation into the social media giant because it banned former President Trump from its platform.

Driving the news: Twitter is seeking to halt an investigation launched by Paxton into moderation practices by Big Tech firms including Twitter for what he called "the seemingly coordinated de-platforming of the President," days after they banned him following the Jan. 6 Capitol insurrection.

6 hours ago - Politics & Policy

Senate retirements could attract GOP troublemakers

Sen. Roy Blunt (R-Mo.). Photo: Jim Lo Scalzo/EPA/Bloomberg via Getty Images

Sen. Roy Blunt's retirement highlights the twin challenge facing Senate Republicans: finding good replacement candidates and avoiding a pathway for potential troublemakers to join their ranks.

Why it matters: While the midterm elections are supposed to be a boon to the party out of power, the recent run of retirements — which may not be over — is upending that assumption for the GOP in 2022.

Congressional diversity growing - slowly

Data: Brookings Institution and Pew Research Center; Note: No data on Native Americans in Congress before the 107th Congress; Chart: Danielle Alberti/Axios

The number of non-white senators and House members in the 535-seat Congress has been growing steadily in the past several decades — but representation largely lags behind the overall U.S. population.

Why it matters: Non-whites find it harder to break into the power system because of structural barriers such as the need to quit a job to campaign full time for office, as Axios reported in its latest Hard Truths Deep Dive.