Tax Bill Impact - Approximately 80% of the tax bill's benefits accrue to the top 10% of earners [2] - The bottom 20% could see a decrease in after-tax income of $560 per year, a 2.3% decrease [3] - The middle 20% would see a slight gain of $760 per year, or 1.5% [3] - The top quintile receives a $6,000 cut, about 2.3% [4] - The top 1%, those making $650,000 or more, get a tax cut of about $32,000 a year, 2.1% [4] Tax Policy Details - Extending the standard deduction costs $1.4 trillion [4] - Child tax credit costs $800 billion [4] - Eliminating tax on tips and overtime costs over $120 billion [5] - Bonus depreciation allows businesses to deduct 100% of capital investments immediately, retroactive to January 2025 [8] Regional and Temporal Considerations - The extension of the salt deduction is a positive change for those in high tax blue states, up to $500,000 in income, phasing out in 5 years [6] - Many provisions of the tax bill are set to expire in approximately 5 years due to budgetary reasons [7]

Market Trends - Private jet travel remains strong despite slowing commercial airline travel [1] - Flights to/within Europe are popular among Americans, but fewer wealthy Europeans are traveling to the US [2] - The Sun Belt is rising in popularity for private jet travel, with West Palm Beach becoming the second busiest private jet airport in the US [3] - Locations like Palm Beach, Naples, Florida, and Scottsdale are experiencing less seasonality and becoming busy year-round [4] - Austin, Texas, Nashville, and Columbus, Ohio are seeing increases in private jet traffic [4] Tax and Financial Implications - Bonus depreciation, allowing immediate write-off of the full value of jets, is likely to pass in both the House and Senate bills, boosting the private jet business [5] NetJets Performance - NetJets sees no signs of a slowdown among its 13,600 owners and over 1,000 planes [2] Miscellaneous - 25,000 pets flew on private jets last year [8]