Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Trump wants Congress to restore full tax deduction for meals, entertainment

Published 03/29/2020, 06:53 PM
Updated 03/29/2020, 06:55 PM
© Reuters. U.S. President Donald Trump speaks during a meeting with supply chain distributors in the Cabinet Room of the White House

WASHINGTON (Reuters) - U.S. President Donald Trump called on Congress Sunday to restore the full tax deduction for meals and entertainment in response to the coronavirus pandemic.

As part of a wide-ranging 2017 tax reform measure, Congress eliminated the corporate tax deduction for entertainment expenses, but taxpayers were allowed to continue to deduct 50% of the cost of client business meals. Trump said he wanted to restore that tax deduction "so companies can send people to restaurants."

Latest comments

No worries....at this pace, there won't be many restaurants left to deduct. Between the shutdown, and corporations inability to save for a rainy day.Why is it that Average Joe is a POS for not saving rent money at his $14hr job, but Billion dollar corporations can't pay their rent after 10 days into this?
He wants his doubledecker
How does this help? Businesses are closed due to corona virus, how employees go out and eat? All restaurants are closed, too.
Isn’t it funny, out of context?
you guys got duped it was his plan all along, what bussiness is trumps family in? correct entertainment realestate which has restaurants, do you think they are going to remove this new tax deduction once thi rona is over? no, we have been played
That episode of the Simpsons predicting that Trump will break the American piggy bank is looking more and more likely an outcome lol
This President is trying, and will succeed in leading us out of this current crisis/pandemic.
What else baby blimp can doCall for ********he must
Trump the builder
Are you on corona?
Reinstate the state and local tax deduction too.
HiMe, Very thoughtgul.,
Lottery has not been won yet, no reason to fight for your share of the money.
The Circuit Breaker may triggered upto the 3rd level tomorrow.
This is a great idea. This will help resturants a lot.
  - They will when the time is right. Trump is a brilliant businessman, but cares more for his fellow American than any other  President in modern history.
how hard is it to say that with a straight face? I'm guessing as hard as it is to sleep at night.
 he failed massively as a businessman.. luckily he had his father to bail him out. Unfortunately we don't. His failures are *******Americans. You're a cheerleader for it.
Trump's trier for early opening economy failed. He postponed it from 14 April to End of April, but, we are not sure now it can be.
The Bio-Virus is unpredictable.  Trump was working on the data available at the time; but the game changed.
So much bad luck, timing, bad sourcs for this great President !!
what are you invested in? I ask so I can short all of those stocks since you're clearly insane.
not a crazy number. its about 0.06% of the population at the high end.
I suspect our troubles will continue far longer than other countries because we dont want to be locked down.....as China and other countries have done.....far more deaths more economic deterioration!
less trumpards and evangelists I really hope make America great at once!
 - so perfectly Democrat.. nobody does hate and vitriol better..
have you listened to Trump, ever?
No end to his ******whatsoever just to get markets back up
I agree with Mahendra Jain....insanity
Major tax law restructuring eminent. Save your receipts. This truely is uncharted territory.
And key to the public health we are going through, maybe?
How about cruises?
And throw in gasoline along with that.  WTI needs a boost too.
This guy worried about the trophy ceremony and hasn't even won the game yet....
Let me know when those 15 cases drop to zero....Then we can worry about restaurant tax deductions to meetings that don't exist....to restaurants who are no longer open right now....
God bless Mr. President!!
God help us giving Covid19 to #45. That will be awesome
How about increasing Social Security minimum to 1500 dollars
Whattya talkin about? You got yer hand out for goodies?
drop in the ocean compared to how much airlines and big company that can hold their workers hostage to get however much money they want
so people can go to HIS resorts
UFK of
Know yer place. I know iguess not in the cards better me. Shoulda worked harder...
Great!
Those hoping for a swift return to record highs following the worst of the COVID-19 pandemic still to come are likely to be disappointed.
C'mon bro, enuf negative waves...
nope all priced in
i guess its to much to ask business man to buy groceries and cook a meal for his fellow clients... lmao
Even if the "business man" did "buy the groceries and cook the meal", he still wouldn't be able to deduct it from the companies revenues as an expense of doing business. Which means he will have to count those expenses as profits and pay taxes on them. What's his incentive to spend the money if he can't deduct it. Learn accounting before you speak.
There is no end in sight or a sign of a peak. Limited testing, delayed reaults (over 6 days in some cases) limited supplies (gloves and mask), and very limited ventilators adds up to a huge disaster and horrific numbers that are still to come. This is only the beginning...and the US has the highest number of COVID-19 cases in the world and climbing at rapid pace. There is too much to list regarding unrealistic market gains and false confidence, record unemployment, along with US companies who are over extended and much much more. The double edge sword to send americans back to work or prolonging state and federal quarantine, either one will prolong or decimate the economy with many more cases to come in which the COVID-19 shows no signs of slowing down and NO ONE KNOWS WHEN IT WILL GET BETTER OR STOP...ONLY GUESSES FROM TOP OFFICIALS.
oh please, stop all the negativity -
Chris Martin, you must long in a stock position.
for future reference "because Fox News said so" is never a good reason. Also, are you living in America? Or Reality? How about less trying to cover for your cult leader.. We've got our own major issues thanks to our orange faced "leader"
Otherwise known as the mar a Lago writeofff
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.