Kudlow: GOP plan will include 'increased business deductions for meals and entertainment'

[brooklynite]

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]

1. No fucking way. If Dems cave on this.....ugh!

[exboyfil]

2. But don't help teachers out in getting supplies for the classrooms

I never knew they would take Marie Antoinette as a model.

Nothing like a federally subsidized lobster dinner.

[CaptYossarian]

9. Not Marie...

Ayn Rand, a Russian adulterer who hated poor people.

[DBoon]

17. adultere, chain smoker, and amphetamine abuser

Treated for lung cancer later in life under her married name because she was covered by medicare

[CaptYossarian]

27. Well, nobody's perfect.

But don't tell Paul Ryan or her other worshippers.

[Thekaspervote]

3. That will never fly in the house

[AleksS]

4. How many "Let them eat cake" moments can they have?

Geez.

Could they be any more tone-deaf?

Not that it matters; their cult doesn’t care. But still, in France they’d have been greasing the guillotines long before now!

[muriel_volestrangler]

5. Alongside the cut in unemployment benefit from $600 to $200?

Wow, they really do want to lose the election, don't they?

[SWBTATTReg]

6. This is one of the most abused deductions that are out there, and thus, there are reasons why the...

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]

7. The max limit on entertainment will be $130,000.

Where have I seen that figure before?

[jmowreader]

8. Yeah. That'll help.

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, it’d 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]

12. Well the sports is opening back up

No you can’t entertain there in person but what if you booked a fancy steak house and watched a game from there. Huh? That’s right. BINGO BABY!

[Fritz Walter]

10. They have to: the menu prices at Mar-A-Lago keep going up!

Not to mention the hotel in DC!

I'm afraid to ask what constitutes "entertainment" in their relief package.

[turbinetree]

11. Oh like that is going to solve a pandemic problem...................they are fucking idiots.........

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]

13. Leavin' out Main Street again. The losses of jobs and businesses will largely continue..

[LonePirate]

14. The grift and theft are strong with Kudlow and others in this administration.

[ProfessorGAC]

15. Wait A Second

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]

30. Not all operating expenses are deductible for tax

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 they’re adjusted for tax returns.

[ProfessorGAC]

32. Thanks

I retired that year, so haven't been seeing P&L statements since.

[IronLionZion]

16. So forget teachers and health care workers

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]

18. Wolfgang Puck may be an excellent chef

but his needs and the needs of 99% of Americans do not exactly coincide

[Marie Marie]

19. Let's bring back the 5 martini lunch.

Let's all do it at a Trump Hotel. This what is important to them???

[duforsure]

20. That would make a great ad against them

Then show how he's stiffing the american people , like he does to his contractors.

[BlueIdaho]

21. Obviously trying to support the strip club industry...

How thoughtful of them.

[Collimator]

22. I did accounts payable for a small company. . .

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]

25. proof...

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]

23. WTF??????

[BadGimp]

24. I think Kudlow is looking to be the new Ghouliani

and pulling it off

[dhill926]

26. yes...very helpful for those who serve the meals...

and provide the entertainment. Fucking assholes...tie this around their fucking necks...

[Gilbert Moore]

28. Supply and Demand

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]

29. DAMN him!

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]

31. Is even Kudlow reading the writing on the wall?

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!