NBAA released its new Federal Excise Taxes Guide late last week, marking the first time the guidelines have been updated since 2005. It is intended to provide business aircraft owners, flight departments and charter operators with a basic understanding of the federal excise taxes (FET) that apply to business aircraft activity.
British Defence Minister Philip Hammond published the details of his plan to appoint a commercial company to manage the UK’s defense procurement. The controversial proposal has been mooted for more than a year and is Hammond’s response to what is widely perceived to be a long history of under-performance by the 15,000-strong Defence Equipment and Support (DE&S) organization.
While many people breathed a sigh of relief when Congress pulled the nation back from the so-called “fiscal cliff” at the beginning of the new year, most of those who were following the contretemps didn’t realize it was mainly political theater.
“While we are pleased Congress made some headway on tax elements to avert the fiscal cliff, we are concerned that they could not agree to a long-term solution to fix a problem no serious person wants: sequestration,” said Aerospace Industries Association (AIA) president and CEO Marion Blakey.
Washington, D.C., seems to be a city that is in perpetual crisis. Now the U.S. government is in conniptions over the “fiscal cliff.” Federal Reserve chairman Ben Bernanke coined that metaphor to describe the tax increases and automatic spending cuts that kick in on January 2 unless Democrats and Republicans somehow tame the $16 trillion national debt.
The divided U.S. government edged closer to the so-called the “fiscal cliff,” a combination of tax increases and automatic spending cuts that will be imposed on January 2 unless political parties reach agreement on a package to reduce the country’s $16 trillion national debt. With 25 days remaining before the measures take effect, the parties were at a stalemate.
A year after industry groups such as the Aerospace Industries Association started warning about the threatened U.S. government budget reductions known as “sequestration,” the White House has offered specifics about what the impact would be for the Department of Defense (DoD) and other federal agencies.