Institute on Taxation and Economic Policy

October 27, 2025

Bloomberg: Private Jets and Car Washes are the Latest Tax Shields for the Ultrarich

Media Mention

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President Donald Trump’s signature legislation permanently expands a perk, called bonus depreciation, to 100%, meaning taxpayers can take losses to write off as much as the entire value of qualifying assets from their income… in the hands of tax specialists, the benefit also is a way to scale back what their ultrawealthy clients owe to the government.

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Quoted Staff Member

Steve Wamhoff
Steve Wamhoff

Federal Policy Director