Trump Considering Restoration of Corporate Tax Deduction to Help Restaurants

President Trump is considering a creative way to help the restaurant industry that has been hit hard by this pandemic. Trump is reportedly considering restoring the corporate tax deduction for meals to help the industry.

According to The Hill:

President Trump said Sunday that he would push to restore the ability for corporations to deduct the full cost of meals and entertainment from their taxes as the restaurant industry suffers during the coronavirus pandemic.

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Trump said Sunday afternoon that he would ask Treasury Secretary Steven Mnuchin and Labor Secretary Eugene Scalia to look into reversing a provision of the 2017 tax-cut law that could incentivize corporations to spend more money on restaurant meals.

“You’re going to lose all these restaurants and they’re not going to make it back. They have to get going,” Trump said Sunday during a briefing at the White House. The president said he spoke with iconic chef Wolfgang Puck earlier in the day.

“Some are closing right now. Despite the fact that they could be open in the not too distant future. We expect that. But there are some that aren’t going to be able to get open.”

This would likely require an act of Congress to pass a new tax code, but it seems Trump is laying the groundwork to make this happen.

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Tyler Jones
Tyler Jones
4 months ago

Deduct food? Yes.
Deduct entertainment? No.
Deduct alcohol? GLOB NO!

Douglas R. Smith
4 months ago

But Mr. Trump took it AWAY from truckers. We dont have “expense accounts” and our companies dont buy our meals or work clothes, or supplies. But hey…we ain’t a part of the corporate privileged.
RESTORE OUR PER DIEM MR. TRUMP. Many of us used that money to purchase cars, or for college tuition for our children. Even to put down payments on homes. Us NOBODIES got shafted and yet you sign a bill full of pork pay raises for Congress? I THOUGHT YOU WERE FOR US WORKING AMERICANS MR. PRESIDENT.

Diana
Diana
4 months ago

I really want to know was this planned, was this done on purposely, to kill of the population, and who is responsible, something is definitely wrong, I can remember obama saying 65 you are no use, well hate to tell you the young is the ones that are the laziest, disrespectful, I have ever seen, not all but most, and the drug head parents, grandparents, are the main cause, their drugged parties, open sex have caused, damage to the cells and make up of humans, We better keep a close eye on this government, and the stuff they are doing while we are locked down, like putting up some kind of machines, on poles and else where is this the G5 they are talking about, I here it is not safe, for humans, watch be careful can’t trust anyone, we don’t need the National Guard here in Michigan not yet anyway

george briar
4 months ago

can hunter Biden deduct the cost of pole dancing watching or knocking one of the ho’s up now??