He’s a millionaire with a private jet. But now he’s selling it for the sake of the environment
CNNCNN — The global private jet fleet has more than doubled in the last two decades and the market is on fire, with new industry records set for transaction and dollar volume in 2021 and 2022, according to a new report by the US Institute for Policy Studies. Private jets emit at least 10 times more pollutants than commercial planes per passenger, disproportionately contributing to the aviation sector’s climate impact, according to the report, which was published in May 2023. Prince, an entrepreneur in the gift card and payments industry, may be ditching his jet – but he’s not going to give up private air travel entirely. In line with Prince’s thoughts, the Institute for Policy Studies report advocates for higher taxes on both private jet sales and fuel. “In my community outside Boston, there’s a private airport, Hanscom Field, and there’s a whole push to expand it because that is the suburban private jetport,” he says.
History of this topic
Budget: Private jet passengers hit with extra tax bill as rate increases by 50%
The Independent
Michel Barnier to tax private jets as France faces budget abyss
The Telegraph
Biden proposes tax increase on fuel for private jets
LA Times
Biden proposes major tax increase on fuel for private jets
Raw StoryBiden proposes tax increase on fuel for private jets, casting it as making wealthy pay their share
Associated Press
Amsterdam Schiphol Airport proposes a ban on private jets
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