Political Wrinkles  

Go Back   Political Wrinkles > Political Forums > Economics
Register FAQDonate PW Store PW Trivia Members List Calendar Search Today's Posts Mark Forums Read

Economics Discuss White House secures ‘three martini lunch’ tax deduction in draft of coronavirus relie at the Political Forums; President Trump has for months talked about securing the deduction — derisively referred to as the “three-martini lunch” by critics ...

Reply
 
Share LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 12-21-2020, 05:42 PM
saltwn's Avatar
PW Enlightenment
 
Join Date: Oct 2007
Location: Esto perpetua
Posts: 84,286
Thanks: 56,268
Thanked 26,561 Times in 19,045 Posts
Send a message via AIM to saltwn Send a message via MSN to saltwn Send a message via Yahoo to saltwn
Default White House secures ‘three martini lunch’ tax deduction in draft of coronavirus relie

Quote:
President Trump has for months talked about securing the deduction — derisively referred to as the “three-martini lunch” by critics — as a way to revive the restaurant industry badly battered by the pandemic.
now you can deduct 50% of a business meal, this will make it 100%


Quote:
... critics said it would do little to help struggling restaurants and would largely benefit business executives who do not urgently need help at this time. Some Democrats recoiled at the proposal, though it has also been denounced as ineffective by conservative tax experts as well.

During negotiations, however, Democratic leaders agreed to the provision in exchange for Republicans agreeing to expand tax credits for low income families and the working poor in the final package


The cost to taxpayers of the proposal is not known, though tax experts expect it to not exceed a few billion dollars a year.

Since the 1980s, businesses have only been able to deduct 50 percent of their meal expenses off their federal taxes. A proposal championed by the White
House and Sen. Tim Scott (R-S.C.) would increase that deduction to 100 percent allowing companies to deduct the full cost of a business meal off their federal taxes.

In a statement, Scott heralded the legislation as a “pro-worker, pro-restaurant, and pro-small business bill will lead to increased spending in restaurants and more income for staff.” Republicans pointed to support for the measure by the American Hotel and Lodging Association, US Travel, and the National Restaurant Association.

“Months later it is still bad policy, and still not good economic relief for the current situation,” said Kyle Pomerleau, a tax analyst at the conservative-leaning American Enterprise Institute think tank. “It just should not be in there.”

__________________
Reply With Quote
  #2 (permalink)  
Old 12-22-2020, 09:04 AM
GottaGo's Avatar
Sanity is overrated.
 
Join Date: Aug 2009
Location: Miles to go before I sleep
Posts: 13,377
Thanks: 11,657
Thanked 9,741 Times in 5,971 Posts
Default Re: White House secures ‘three martini lunch’ tax deduction in draft of coronavirus r

Quote:
Originally Posted by saltwn View Post
now you can deduct 50% of a business meal, this will make it 100%

Oh, horrors. Exactly why do you think it's a bad idea? Do you understand how much business is actually transacted during a normal business meal, golf outing or other non-boardroom event?

Not all businesses lunches involve alcohol either. Our company does not permit alcohol at lunches, dinners, meetings or any event sanctioned by the company.

While I don't see this deduction being a make or break thing, I hardly beleive it will add up to 'Billions a year'.
__________________
Your life is the sum total of the choices you make.
If you don't laugh at yourself, a whole bunch of people will volunteer to do it for you
I never lose. I either win, or I learn....
Reply With Quote
The Following 3 Users Say Thank You to GottaGo For This Useful Post:
  #3 (permalink)  
Old 12-22-2020, 10:28 AM
GetAClue's Avatar
PW Enlightenment
 
Join Date: Jan 2011
Location: Northern Ohio
Gender: Male
Posts: 6,787
Thanks: 9,677
Thanked 6,976 Times in 3,993 Posts
Default Re: White House secures ‘three martini lunch’ tax deduction in draft of coronavirus r

Quote:
Originally Posted by GottaGo View Post
Oh, horrors. Exactly why do you think it's a bad idea? Do you understand how much business is actually transacted during a normal business meal, golf outing or other non-boardroom event?

Not all businesses lunches involve alcohol either. Our company does not permit alcohol at lunches, dinners, meetings or any event sanctioned by the company.

While I don't see this deduction being a make or break thing, I hardly beleive it will add up to 'Billions a year'.
You are talking with a person that most likely has never been involved with anything resembling a business lunch. As with most issues, those that have never risen to managerial positions see things like this as truly evil and unnecessary. They don't understand the work that is being done while sitting at a table, having lunch, away from the office and the other distractions.

I had a manager years ago that would leave the office every morning around 10 am with a couple of other managers, go to a local restaurant, enjoy breakfast and discuss work issues. They all said that they accomplished more in that hour than they could do in their offices the rest of the day due to the peace and quiet, free of interruptions.

Now I am not disparaging those that are tied to the plant or other work space and not in a position to do business lunches. But unless they have walked in the shoes that do, they are in no position to make judgements about how business is done sometimes.
__________________
To argue with a person who has renounced the use of reason is like administering medicine to the dead - Thomas Paine

A lie doesn't become truth, a wrong doesn't become right, and Evil doesn't become good, just because it is accepted by the majority. - Booker T Washington
Reply With Quote
The Following 2 Users Say Thank You to GetAClue For This Useful Post:
  #4 (permalink)  
Old 12-22-2020, 04:25 PM
FrancSevin's Avatar
Runs with scissors
 
Join Date: Mar 2014
Location: St Louis MO
Gender: Male
Posts: 14,996
Thanks: 10,375
Thanked 14,013 Times in 7,628 Posts
Default Re: White House secures ‘three martini lunch’ tax deduction in draft of coronavirus r

As Ususal, programs design to punish the rich simply don't instead, they hurt the little guy.

Three martini Lunch does not apply solely to rich idle business execs and golfers. It also works for the benefit of grunts.

I have been both. As a manager, salesperson, Executive. More was done at lunch than at the customer's office. But as a grunt, I used to be flown all over the country to fix machines in blue collars working environments. So after grease and gut work in the innards of a packaging line, a beer lunch with the mechanics was helpful in cementing a relationship bond with the field technician they could depend on with advice and help during future needs.

I run my own company now and still get calls and referrals from those relationships formed, as a necessary and productive expense of the company for which I was once employed. Sorry, but sharing a baloney sandwich doesn't provide that.

The bigshot executive's will dine out tax exempt or taxed. The grunts are now told "no way Jose'" and eat brownbag or McDonalds where, apparently, they belong.
__________________
I am going to hang a Batman Costume in my closet. .......... Just to screw with myself when I get alzheimer's.
sola gratia, sola fide, sola scriptura.

I AM NOT A REPUBLICAN, I AM A FREEMAN, THE DEMOCRATS WORST NIGHTMARE

Last edited by FrancSevin; 12-22-2020 at 04:35 PM..
Reply With Quote
The Following 2 Users Say Thank You to FrancSevin For This Useful Post:
  #5 (permalink)  
Old 12-22-2020, 08:45 PM
saltwn's Avatar
PW Enlightenment
 
Join Date: Oct 2007
Location: Esto perpetua
Posts: 84,286
Thanks: 56,268
Thanked 26,561 Times in 19,045 Posts
Send a message via AIM to saltwn Send a message via MSN to saltwn Send a message via Yahoo to saltwn
Default Re: White House secures ‘three martini lunch’ tax deduction in draft of coronavirus r

Quote:
Originally Posted by GottaGo View Post
Oh, horrors. Exactly why do you think it's a bad idea? Do you understand how much business is actually transacted during a normal business meal, golf outing or other non-boardroom event?

Not all businesses lunches involve alcohol either. Our company does not permit alcohol at lunches, dinners, meetings or any event sanctioned by the company.

While I don't see this deduction being a make or break thing, I hardly beleive it will add up to 'Billions a year'.
did I say that?
__________________
Reply With Quote
  #6 (permalink)  
Old 12-23-2020, 08:39 AM
GottaGo's Avatar
Sanity is overrated.
 
Join Date: Aug 2009
Location: Miles to go before I sleep
Posts: 13,377
Thanks: 11,657
Thanked 9,741 Times in 5,971 Posts
Default Re: White House secures ‘three martini lunch’ tax deduction in draft of coronavirus r

Quote:
Originally Posted by saltwn View Post
did I say that?
To use the phrase that has been used so often during the last 4 years 'we knew what you were thinking'.

If you thought it was a good thing, you would have said so.
__________________
Your life is the sum total of the choices you make.
If you don't laugh at yourself, a whole bunch of people will volunteer to do it for you
I never lose. I either win, or I learn....
Reply With Quote
  #7 (permalink)  
Old 12-23-2020, 10:47 AM
GetAClue's Avatar
PW Enlightenment
 
Join Date: Jan 2011
Location: Northern Ohio
Gender: Male
Posts: 6,787
Thanks: 9,677
Thanked 6,976 Times in 3,993 Posts
Default Re: White House secures ‘three martini lunch’ tax deduction in draft of coronavirus r

Quote:
Originally Posted by saltwn View Post
did I say that?
You "Implied" it. We then inferred it based on your implication.
__________________
To argue with a person who has renounced the use of reason is like administering medicine to the dead - Thomas Paine

A lie doesn't become truth, a wrong doesn't become right, and Evil doesn't become good, just because it is accepted by the majority. - Booker T Washington
Reply With Quote
  #8 (permalink)  
Old 12-23-2020, 12:10 PM
FrancSevin's Avatar
Runs with scissors
 
Join Date: Mar 2014
Location: St Louis MO
Gender: Male
Posts: 14,996
Thanks: 10,375
Thanked 14,013 Times in 7,628 Posts
Default Re: White House secures ‘three martini lunch’ tax deduction in draft of coronavirus r

Quote:
Originally Posted by saltwn View Post
did I say that?
Not having the facts is forgivable. but,

When you debate dishonestly, you insult people.
__________________
I am going to hang a Batman Costume in my closet. .......... Just to screw with myself when I get alzheimer's.
sola gratia, sola fide, sola scriptura.

I AM NOT A REPUBLICAN, I AM A FREEMAN, THE DEMOCRATS WORST NIGHTMARE
Reply With Quote
The Following User Says Thank You to FrancSevin For This Useful Post:
  #9 (permalink)  
Old 12-23-2020, 12:38 PM
Dog Man's Avatar
Down Boy!
 
Join Date: May 2013
Location: Southern Nevada
Gender: Male
Posts: 13,733
Thanks: 7,396
Thanked 7,113 Times in 4,798 Posts
Default Re: White House secures ‘three martini lunch’ tax deduction in draft of coronavirus r

Quote:
Originally Posted by saltwn View Post
now you can deduct 50% of a business meal, this will make it 100%





I believe this would help restaurants, which have been one of the hardest hit.
And I don't believe it will reduce tax revenue, shutting down businesses reduces tax revenue.

I foresee mom and pop restaurants closing down, and soon we will be eating at Walmart, or Amazon restaurants, or something similar.
__________________
"The freedom of speech is, in sum, our foremost protection against tyranny. Without it, a tyrant can work his will without any fear of his opponents uttering even one cross word."
Reply With Quote
The Following 3 Users Say Thank You to Dog Man For This Useful Post:
  #10 (permalink)  
Old 12-23-2020, 06:36 PM
saltwn's Avatar
PW Enlightenment
 
Join Date: Oct 2007
Location: Esto perpetua
Posts: 84,286
Thanks: 56,268
Thanked 26,561 Times in 19,045 Posts
Send a message via AIM to saltwn Send a message via MSN to saltwn Send a message via Yahoo to saltwn
Default Re: White House secures ‘three martini lunch’ tax deduction in draft of coronavirus r

Quote:
Originally Posted by GottaGo View Post
To use the phrase that has been used so often during the last 4 years 'we knew what you were thinking'.

If you thought it was a good thing, you would have said so.
so the cheers icon wasn't enough for yah?
__________________
Reply With Quote
Reply

Tags
coronavirus, deduction, draft, house, lunch’, martini, relie, secures, tax, white, ‘three

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

Forum Jump


All times are GMT -5. The time now is 03:58 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2021, vBulletin Solutions, Inc.

Content Relevant URLs by vBSEO 3.2.0