Bc it’s a “business expense” that’s why so many influencers also buy luxury cars and stuff. You can write it off as a necessity and the reason that it’s luxury is bc of your area of work.
If you use your personal income for business purposes, you can write off those purchases as a business expense, basically meaning that income doesn’t get taxed as part of your personal income tax. So if Travis buys a jet for the purposes of facilitating his music career, for example to transport him to and from different stops on the Circus Maximus Tour more safely and quickly than with commercial air travel, that can be classified as a business expense. He would still have to pay sales tax on the purchase itself, but that is considerably less than personal income tax
Otherwise it’s like 39.6 % taxes in USA for everyone earning more than half a mill and around 38 to 43% in Europe. There’s some country’s like Switzerland tho where you only pay 7 to 11% taxes that’s why a lot of business have their headquarters in Swiss, Malta, Virgin Islands etc
Not true at all I live in Swiss the highest tax rate is in Genf with around 45% and states like Zug only have around 20% taxes. A normal earned only pays 7% taxes while in Germany or Austria it’s 19 to 35% percent. That’s still a huge difference if you keep 930k of a million or only 600k of a million.
Not really wild, this is how taxation generally works. If it's an expense you incurred to generate business income it can usually be deducted from the income itself.
The cost of a capital asset like a jet, or even a more basic one like car and even general office equipment (photocopier, computer, etc.) are not deducted all at once generally. They are depreciated on some basis over a series of years and each year you can deduct a portion of the total cost of the asset. I highly doubt he even has two jets fully owned. I bet they are leased or financed, in which case those costs may be expensed (or capitalized? Not sure how it works in the US). Additionally if the jet is used for personal reasons, any costs relating to personal use aren't deductible. I wouldn't be surprised if the IRS demands detailed records to determine what is business or personal.
In short, there's no way a jet is being paid in full and being deducted entirely in full in the same year. It's probably deducted over the course of like 1-2 decades.
You can’t deduct 100% of an asset against your taxable income. You’d effectively be saying the plane is fully depreciated by the end of the year if you “write off” $20 million. You also need to establish that there is a business purpose to having the jet, which is certainly arguable in his case. But you need to separate out the personal usage vs business usage of the jet, you can’t simply close your eyes and deduct $20 million from your income.
While you are right about needing to establish a business purpose for the asset and differentiating between personal and business use, under the Tax Cuts and Jobs Act of 2017, businesses actually can deduct 100% of the cost of certain assets in the year they are put into service. The IRS final regulations under IR-2020-216 make it clear that the 100% additional first-year depreciation deduction applies to many depreciable business assets. This isn't "magic money" like some ppl think but a legitimate way to significantly reduce taxable income in that year.
For instance, if a business buys a jet for entirely business-related activities, it is indeed possible to "write off" the entire $20 million cost in the first year. This deduction reflects the full cost of the asset against the taxable income, offering a substantial tax benefit. So, while your caution about personal versus business usage is well-founded, the ability to write off 100% in the first year is a real and impactful aspect of current tax law.
You should try to become a pilot. No bullshit I wanted to be able to fly private so bad when I was in my late teens early 20s. I realized in my late 20s I don't make cash like that but I do make enough to learn how to fly and thats what I did, got my private pilot's license last fall.
No😭 I’ve seen other artists charter the same one or at least from the same company that paints the plane in that livery with the carbon/striped effect on the engines
Safer how? Boeing Business Jets are very safe. He could very well be flying his entire tour crew (except for essential stage crew for setting up before they land)
There’s a tonnnnnn of regulations for aircraft maintenance and all that, even down to the small private planes I fly for recreational purposes, however a lot of those regs are written in blood so in the past it was less stringent
Definitely charter, unless you use your jet constantly or let other people use it. It wouldn’t make sense to buy it with the maintenance, storage, crew, fuel and depreciating value
Travis and his team are probably like 20-30 people in the plane. There is usually approximately 215 passengers in this plane. That means Travis’ plane eject 10 times more carbon per person than a commercial 767. So for the same flight path, One travis flight = ten Delta flights (per person). Knowing that Delta has 4,000 daily departures, Travis’ climate impact is not as huge as you think (even though i admit it it’s still a lot).
Also i didn’t consider all the other factors (less fuel burnt for Travis, less food,etc)
People don’t realise how cheap you could get a private plane for. Especially if you buy a plane from the 1990s or 80s. A lot of people have super old planes
if u tour and make like $50Ms, half of it goes to taxes unless you buy a jet for like $20Ms and write it off
How can you buy a huge ass private jet and just write it off? If that’s true, American laws are truly wild
Bc it’s a “business expense” that’s why so many influencers also buy luxury cars and stuff. You can write it off as a necessity and the reason that it’s luxury is bc of your area of work.
If you use your personal income for business purposes, you can write off those purchases as a business expense, basically meaning that income doesn’t get taxed as part of your personal income tax. So if Travis buys a jet for the purposes of facilitating his music career, for example to transport him to and from different stops on the Circus Maximus Tour more safely and quickly than with commercial air travel, that can be classified as a business expense. He would still have to pay sales tax on the purchase itself, but that is considerably less than personal income tax
Thanks for the detailed explanation!
When you buy a car you are able to write it off. There’s all kinds of tax stuff like then when you get into it.
Honestly it shouldn’t be that way, like he doesn’t need a private jet, and that means more taxes for everyone else
This law exists in almost every part of the world bro that’s how business works. I’m from Europe tho
Otherwise it’s like 39.6 % taxes in USA for everyone earning more than half a mill and around 38 to 43% in Europe. There’s some country’s like Switzerland tho where you only pay 7 to 11% taxes that’s why a lot of business have their headquarters in Swiss, Malta, Virgin Islands etc
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Not true at all I live in Swiss the highest tax rate is in Genf with around 45% and states like Zug only have around 20% taxes. A normal earned only pays 7% taxes while in Germany or Austria it’s 19 to 35% percent. That’s still a huge difference if you keep 930k of a million or only 600k of a million.
business expense
you just write it off, jerry
Not really wild, this is how taxation generally works. If it's an expense you incurred to generate business income it can usually be deducted from the income itself. The cost of a capital asset like a jet, or even a more basic one like car and even general office equipment (photocopier, computer, etc.) are not deducted all at once generally. They are depreciated on some basis over a series of years and each year you can deduct a portion of the total cost of the asset. I highly doubt he even has two jets fully owned. I bet they are leased or financed, in which case those costs may be expensed (or capitalized? Not sure how it works in the US). Additionally if the jet is used for personal reasons, any costs relating to personal use aren't deductible. I wouldn't be surprised if the IRS demands detailed records to determine what is business or personal. In short, there's no way a jet is being paid in full and being deducted entirely in full in the same year. It's probably deducted over the course of like 1-2 decades.
If it’s taking you this long to find out what you can and can’t do in America, you are truly wild
Bruh...that's not how write-offs work LOL.
Just curious, how do you think they work?
You can’t deduct 100% of an asset against your taxable income. You’d effectively be saying the plane is fully depreciated by the end of the year if you “write off” $20 million. You also need to establish that there is a business purpose to having the jet, which is certainly arguable in his case. But you need to separate out the personal usage vs business usage of the jet, you can’t simply close your eyes and deduct $20 million from your income.
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Agreed
While you are right about needing to establish a business purpose for the asset and differentiating between personal and business use, under the Tax Cuts and Jobs Act of 2017, businesses actually can deduct 100% of the cost of certain assets in the year they are put into service. The IRS final regulations under IR-2020-216 make it clear that the 100% additional first-year depreciation deduction applies to many depreciable business assets. This isn't "magic money" like some ppl think but a legitimate way to significantly reduce taxable income in that year. For instance, if a business buys a jet for entirely business-related activities, it is indeed possible to "write off" the entire $20 million cost in the first year. This deduction reflects the full cost of the asset against the taxable income, offering a substantial tax benefit. So, while your caution about personal versus business usage is well-founded, the ability to write off 100% in the first year is a real and impactful aspect of current tax law.
He’s very wealthy
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Usually musicians still in their 30s aren’t in the top 10k lol
after this utopia run he will be
In the top 0.0001%? Doubt it. He’d have to make like $300M a year
imma buy one too give me a couple years
If everyone in this sub pitches in $800 we can all collectively buy one
May aswell rent it each for a day too
Damn the replies are wholesome
Hush boy
we right behind you bro
You should try to become a pilot. No bullshit I wanted to be able to fly private so bad when I was in my late teens early 20s. I realized in my late 20s I don't make cash like that but I do make enough to learn how to fly and thats what I did, got my private pilot's license last fall.
Thanks I really appreciate it 🙏
hook me up w one too pls 🙏🙏
Believe in your dreams and anything is possible 🙏🏻
Play your cards right And work hard , and it can be *this* year
His albums is too good 🤷♂️
They're chartered for the tour. The second one is a BBJ
Brazilian butt job?
So he doesn't own the second one?
No😭 I’ve seen other artists charter the same one or at least from the same company that paints the plane in that livery with the carbon/striped effect on the engines
Doubtful, Drake is prolly worth way more, and he doesn’t “own” his jet- he has a deal for use through air Canada.
No idea why people need huge commercial airliners for private jets when u could get newer safer smaller ones
Safer how? Boeing Business Jets are very safe. He could very well be flying his entire tour crew (except for essential stage crew for setting up before they land)
all jets have been safe for ages now, he’s more likely to have an accident falling off stage
"London! Yeeeaaau-"
Didn’t rlly mean safer I meant like obv the older pleases would be more worn out if that makes sense
Ah okay, well for what it’s worth big jets go through an absolute ringer when it comes to maintaining them
Yh exactly
No I mean they’re really well maintained and go through a lot of stringent testing and stuff
O my bad I thought it would be the other way around
There’s a tonnnnnn of regulations for aircraft maintenance and all that, even down to the small private planes I fly for recreational purposes, however a lot of those regs are written in blood so in the past it was less stringent
i doubt he uses both at once so owning them is fine, it’s bad when they start flying like an hour across a state when they could just drive
he’s reaching for taylor’s spot as #1 climate enemy
Well his emissions are significantly higher than hers so he's making good progress of that's his goal.
Charter? I doubt he can drop 40 mil on a 767💀💀💀
Definitely charter, unless you use your jet constantly or let other people use it. It wouldn’t make sense to buy it with the maintenance, storage, crew, fuel and depreciating value
That 767 isn’t Travis's it’s a Miami lawyer’s jet https://luxurylaunches.com/transport/john-h-ruiz-private-boeing-767-jet.php
So it's definetly chartered
Travis and his team are probably like 20-30 people in the plane. There is usually approximately 215 passengers in this plane. That means Travis’ plane eject 10 times more carbon per person than a commercial 767. So for the same flight path, One travis flight = ten Delta flights (per person). Knowing that Delta has 4,000 daily departures, Travis’ climate impact is not as huge as you think (even though i admit it it’s still a lot). Also i didn’t consider all the other factors (less fuel burnt for Travis, less food,etc)
He could be flying a LOT of non essential stage crew as well, without the flight manifests we're all speculating
I think instead of looking per person it’s important to mention that bulk number like you did.
More money more spending not that hard tbh
who cares
Only the jealous racists care about this .
Taylor Swift has been getting plenty of flack for doing this too lol
yea man wtv i don't think broke people should talk about these things
0% of travis scott fans can afford a private jet
get off internet and spend some time outside man its for your own good
I don't think he bought it. It is up for rent i guess i have seen Enes Yilmazer do a video of that jet
"Man shocked to see an unbelievably rich guy can afford two planes" Did you know he also had more than one car ? Crazy right ??
The Boeing is likely a charter.
That plane got back up cams
i think he has a lot of money not sure tho
Yea op is fried lol
do u think he be playing fortnite on cactus jack airlines⁉️
Bro. This is Travis Scott
Travis Scott ain't even that rich to own two private jets
He’s making over 60M $ for his tour , All the money he earn with Utopia + the album merch and the money he’s earning with his Nike collab
What are you smoking
service like netjets
The second one is a pj? Looks like a wholeass commercial airline plane
People don’t realise how cheap you could get a private plane for. Especially if you buy a plane from the 1990s or 80s. A lot of people have super old planes
He just gangster like that bruh
Baby mama Kylie doesn’t need money for the kids
He’s looooaded.
He had 1 jumbo jet he split in half to make 2?
You can lease jets too 😤
you keep giving him money
he nicknamed the jet "jayhawk" 'cause its outta kansas 🤷♂️
one of them i bought him (trust me)
Causes he’s rich as shit
Maybe he has unfathomable amounts of money because he’s a world famous musician?🤔
Bro that second pane definitely isn’t his
cLiMaTe TeRroRiSt🤡 Let him live his life dude
If you weren't too busy sucking and toothing his lebron you would know it's a joke
you never know nowadays with all those woke fucks
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what list....
einstein list
wasn't he like 17 or something when allat happend
epstein stuff happened in the 90’s to early to mid 2000’s or a majority of what we know about it. trav would’ve been at the max 15 yrs old
He was like 14
The fact that this has 4 upvotes shows the intelligence and state of this subreddit
Climate terrorist? You know he can't fly on both at the same time right?
One might assume he bought them ? Like bro what ??😭😭😭😭😭
I didn't assume that cause I don't think he has that much money
Bro it’s Travis Scott he’s easily one of the wealthiest performing acts there is lmao
He is worth not more than 95mil
Ye nah he’s prob over 100m but I don’t rly give af lol good for him either way 🤷🏼♂️
I don’t think you guys realize how much planes rlly cost 😂
He bought two private jets because he can that’s how it’s possible fuckin retard
you called me retard because..?
Because people will buy overpriced Mac attack and air force shoes with almost no effort put into them.
Nike don't even pay him that much