Kudlow: GOP plan will include 'increased business deductions for meals and entertainment'
Source: The Hill
White House economic adviser Larry Kudlow said Monday that the forthcoming coronavirus relief package from Republicans will include "increased business deductions for meals and entertainment."
Kudlow mentioned the plan for a provision on business meals in an interview with Fox Business Network, but did not provide specifics. Senate Republicans are expected to unveil their proposal in the coming hours.
Currently, taxpayers can only deduct 50 percent of the cost of business meals, and they cannot deduct entertainment expenses.
Boosting business tax breaks for meals and entertainment has been a priority for President Trump. He pushed the idea earlier this year after speaking with well-known chef Wolfgang Puck.
Read more: https://thehill.com/policy/finance/509210-kudlow-gop-plan-will-include-increased-business-deductions-for-meals-and
Freethinker65
(10,061 posts)exboyfil
(17,865 posts)I never knew they would take Marie Antoinette as a model.
Nothing like a federally subsidized lobster dinner.
CaptYossarian
(6,448 posts)Ayn Rand, a Russian adulterer who hated poor people.
DBoon
(22,397 posts)Treated for lung cancer later in life under her married name because she was covered by medicare
CaptYossarian
(6,448 posts)But don't tell Paul Ryan or her other worshippers.
Thekaspervote
(32,796 posts)AleksS
(1,665 posts)Geez.
Could they be any more tone-deaf?
Not that it matters; their cult doesnt care. But still, in France theyd have been greasing the guillotines long before now!
muriel_volestrangler
(101,368 posts)Wow, they really do want to lose the election, don't they?
SWBTATTReg
(22,171 posts)IRS cracked down on these types of deductions (because of the abuse).
Easy enough to fudge these numbers anyway (for meals or entertainment, etc.) and the IRS thus put in guidelines to help handle the proper reporting of these types of expenses.
I guess rump is pissed off that he couldn't or illegally wrote off his deductions for strip girls under a different category since he couldn't claim the entire $130K expense under Entertainment before.
CaptYossarian
(6,448 posts)Where have I seen that figure before?
jmowreader
(50,563 posts)Cute and bizarre idea: The Republican Party is unable to do anything unless it has a tax cut in it. I am pretty sure that if they were to order pizzas, itd be like one pepperoni, one cheese, one Hawaiian and one tax cut, please.
So if we HAVE to cut taxes, why not restore the deduction for non-mortgage interest?
underpants
(182,904 posts)No you cant entertain there in person but what if you booked a fancy steak house and watched a game from there. Huh? Thats right. BINGO BABY!
Fritz Walter
(4,292 posts)Not to mention the hotel in DC!
I'm afraid to ask what constitutes "entertainment" in their relief package.
turbinetree
(24,720 posts)talk about gas lighting...................close to 40 million human being unemployed so of them are going to be hitting the total end of that Frances Perkins created benefit pretty soon and some will have nothing, not even a pot to piss in, and this shit for brains wants to talk about a food break for business expenses............JFC................
November 3, 2020 and January 21, 2021 cannot get here fast enough..............
Evolve Dammit
(16,778 posts)LonePirate
(13,431 posts)ProfessorGAC
(65,208 posts)The budgets I used to get included travel, meals & entertainment as a line item.
That makes them expenses.
Operating expenses, S,G,&A are the thing deducted from revenues to show operating income/profit.
So, those dollars are not taxed in the first place. Why would there be any sort of deduction for dollars spent that aren't taxed?
stopwastingmymoney
(2,042 posts)Meals are 50% and entertainment is no longer allowed. IIRC the entertainment expense was disallowed in the tax bill that took affect for 2018.
So you would see those on a Profit/Loss statement but theyre adjusted for tax returns.
ProfessorGAC
(65,208 posts)I retired that year, so haven't been seeing P&L statements since.
IronLionZion
(45,540 posts)and I'm not sure this is going to help many restaurants either. Maybe the Wolfgang Puck types, but probably not many small independent restaurants.
DBoon
(22,397 posts)but his needs and the needs of 99% of Americans do not exactly coincide
Marie Marie
(9,999 posts)Let's all do it at a Trump Hotel. This what is important to them???
duforsure
(11,885 posts)Then show how he's stiffing the american people , like he does to his contractors.
BlueIdaho
(13,582 posts)How thoughtful of them.
Collimator
(1,639 posts)That was owned by a couple where they and their two adult children held major positions.
The company credit card bills were rife with restaurant charges marked with the standard "M&E". So, yeah, any family dinner out could be marked as meals and entertainment since they undoubtedly discussed the business as part of any get together.
Meanwhile, I was fielding calls from vendors of our major supplies needed to produce our product line. They weren't about to send us any more of their products while they were waiting on payments for orders of months past.
They eventually fired the CFO and blamed him for all sorts of problems. Part of the money crunch was that they had expanded their business which increased overhead expenses and it was taking some time before the new locations were showing a profit.
But the bosses never stepped back their spending. They kept dining at the best places, buying items from high end catalogs because those could provide "design inspiration" for their own product line and using warehouse facilities and the company account to ship personal items.
The cleaning staff was let go; production workers directed to clean their own restrooms and then the production staff was pared back, little by little.The CFO was let go in part because he wanted to keep the morale building perks like pizza Fridays.
But hey, "Meals and Entertainment" was just a necessary part of doing business. Other companies unwilling to provide us their products until they got checks for outstanding invoices didn't seem to send up any alarm signals.
The basic rule of business regarding "Pay yourself first" may protect one's bank account, but does it really guarantee a successful business?
noneof_theabove
(410 posts)attach picture of those attending the M&E
attach copy of the contract for above M&E
If not hang the up in the lobby by their tie for theft or the next person to see
stopbush
(24,396 posts)BadGimp
(4,019 posts)and pulling it off
dhill926
(16,364 posts)and provide the entertainment. Fucking assholes...tie this around their fucking necks...
Gilbert Moore
(218 posts)So I buy a ticket to. . . a ballgame. It's a $50 seat, which is pretty decent. The small biz owner brings her husband and sit next to me. Right now they've paid the same as me with a 50% deduction. Any overpriced hot dogs, popcorn or soda is half off to them. Per Kudlow this deal will get even better.
By providing discounted everything to those who can deduct allows ballparks to keep their prices crazy high because many don't have to pay them. The family of 4 can go to a game a year if they are lucky.
Keeps getting worse.
calimary
(81,507 posts)MAN, the republi-CONS are now the Party of the "Free Stuff."
Business has received WAY more than its fair share of relief and attention. What about consumers? Homeowners? Renters? Students? Single heads-of-households? The working poor? The first responders? The sick? The poor?
How about all the people Jesus paid the most attention to, ie: THE POOR? The moneychangers were the ones He actually got mad at, and chased OUT of the Temple.
Retrograde
(10,159 posts)IMHO, Trump's people are expecting to lose the Senate as well as the presidency, so I expect in the next 5 months they'll be stealing every break they can for their donors.
BTW, being able to deduct meals and entertainment at 100% means Trump can raise the rates at his hotels an resorts!