President Trump wants to bring back the tax write-off for business meals and entertainment. Critics say reviving what is known as the 'three martini lunch' tax break is not the answer to the problem that restaurants face today.
Jim Watson/AFP via Getty ImagesPresident Trump speaks during a coronavirus task force press briefing on March 29.President Trump wants to bring back the tax write-off for business meals and entertainment, but critics say reviving what is known as the"three martini lunch" tax break is not the answer to the problem that restaurants face today.
"This is a great time to bring it back," Trump said Wednesday."It'll keep our restaurants going. In fact, I think the restaurant business will be actually bigger and better than it is right now." "It was subject to tremendous abuse," Gleckman said."What would happen is business owners would take their spouse to dinner and write it off or go on a trip and write it off."He said the subsidy is not going to help restaurants in the short term.
The tax law kept in place a provision that allows companies to deduct 50% of business meals, as long as they aren't"lavish or extravagant."Decades ago, companies were able to deduct 100% of such meals, but Congress began to chip away at that tax break in the '80s and it dropped to 50% in the '90s.
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