President Trump Offers Drowning Restaurant Industry One Solution: Tax Deductions

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The restaurant industry has been scrambling for solutions to save itself during the coronavirus pandemic. President Trump has floated the idea of changing a provision in the 2017 tax law.

So what I'm doing is I'm going to tell Secretary Mnuchin and also our great Secretary of Labor, who you know very well, to immediately start looking into the restoring of the deductibility of meals and entertainment costs for corporations that set the restaurant business back a lot when it was done originally, and then done not so long ago.

And we're going to go to deductibility so that companies can send people to restaurants. I think it'll have a tremendous impact and maybe keep them open. In a tweet on Wednesday, Trump reiterated the call for deductibility by businesses on restaurants and entertainment, saying"they will all be saved!"

Congress must pass the old, and very strongly proven, deductibility by businesses on restaurants and entertainment. This will bring restaurants, and everything related, back - and stronger than ever. Move quickly, they will all be saved!

 

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Throwing coins to the poor.

Yeah give them another tax break, and it will trickle down to the restaurant staff. I've heard that before.

This will only help top executives

Has anyone looked into the conspiracy that 5G might be causing all this and it’s really not a conspiracy, just wondering

Business entertaining was the backbone of the mid-plus restaurant business. As we climb out of the ditch this could save many restaurants. Help them out during the crisis, but give them a way to recover quickly after the crisis passes.

Could Trump use the DPA to direct banks to make zero interest loans to restaurants?

Seems to be a Republican answer to everything.

someone should tell realDonaldTrump that won’t help much when businesses are closed, working remotely and or in full cash conservation mode. He just doesn’t get it. We aren’t out here wining and dining people.

Which industry is he helping? Sounds like the insurance industry to me.

This is a good idea. The tax deduction will be for business meetings that include a meal. The deduction helps the business that has the meeting and it brings in more income for the restaurant who will then pay more taxes on the increased business. It’s a win win.

who is to say minimum wage workers aren't spitting in the food? pay them peanuts and expect them to risk infection for a $6 meal? while their CEO is on his yacht in the middle of some ocean...no thanks. i'll pack a lunch

This is part of the Republican/Democrat 'Kill Small Independent Mom and Pop Business' agenda that has been going on for decades.

concur !

'One' solution? By my count, that's one more solution than NPR has offered, and he is only one person.

He may not be as stupid as people think. He’s very manipulative to achieve what he wants by any means.

Fantastic! Now people can deduct all those restaurant meals that they aren’t having.

Deductions reduce your taxable income. People with no income pay no tax anyway. Who does this even help?

TAX LAWS DON’T MEAN A THING TO PEOPLE WHO DON’T MAKE ENOUGH TO FILE. 😐 also, not much a tax deduction can do when you’re homeless but great.

What a great idea. Make business meals tax deductible. N Better yet, eliminate the income tax.

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