Three-martini lunch: ‘It’s unconscionable’: Outrage over the ‘three-martini lunch’ tax deduction in the new coronavirus aid deal

[emperus]

The emerging COVID-19 relief package reportedly includes a tax break for business meal-expenses that Trump has pushed for months

‘It’s unconscionable’: Outrage over the ‘three-martini lunch’ tax deduction in the new coronavirus aid deal

The latest COVID-19 relief package reportedly includes a tax break on business-meal expenses that President Donald Trump has pushed for months.

www.marketwatch.com

Wow. It galls me that people can still argue that this bill was held up because Democrats didn't want to help people struggling. Republican voters! Unfortunately for us we all have the country they deserve.

 

[sandorski]

IT would be unfair to help the Poors while the Wealthy can't Write Off their meals.

 

[Bitek]

"Oh but muh deficits!"

-GOP

 

[Leymenaide]

The 85 law hurt the guy making less than 40 K that lived on the road doing normal specialized stuff the hardest. Lots of guys had thier food deduction reduced . It was the normal guy that really got hurt.

 

[Lost_in_the_HTTP]

Maybe they tossed Donny a shiny toy to distract him from the veto threat on the NDAA.

 

[trenchfoot]

I guess that was the end result over the give and take that occurred when the Dems objected to McConnell's fervent wish to indemnify big business interests from being held liable for COVID related issues?

 

[interchange]

I really don't think I'm against this except for the health/safety concerns of eating in a restaurant. A tax deduction doesn't mean free. It means it reduces tax liability. It isn't a credit. But the restaurant / employees would be the ones getting the bulk of the benefit. It's just funneled through an intermediary.

 

[fskimospy]

I really don't think I'm against this except for the health/safety concerns of eating in a restaurant. A tax deduction doesn't mean free. It means it reduces tax liability. It isn't a credit. But the restaurant / employees would be the ones getting the bulk of the benefit. It's just funneled through an intermediary.

So why not just help the restaurants and employees instead of giving money to rich people and hoping they decide to act the way you want?

In the scheme of things this isn't a huge deal but it's still just funneling money to rich people.

 

[fskimospy]

This was the entire idea behind trickle down economics, something that has monumentally, hilariously failed over the last 40 years. When you give money to rich people they keep most of it.

If you want money to go to person X then give money to person X.

 

[Phokus]

I really don't think I'm against this except for the health/safety concerns of eating in a restaurant. A tax deduction doesn't mean free. It means it reduces tax liability. It isn't a credit. But the restaurant / employees would be the ones getting the bulk of the benefit. It's just funneled through an intermediary.

Here's how to look at it: Big businesses/Wealthy interests get yet another tax deduction while yes, the restaurant industry benefits and restaurant employees benefit indirectly as a result.

That's a really shitty way to stimulate the economy. It's basically trickle down.

You know what would stimulate the economy more? GIve everyone $1200 (or really, even more) and let the common man spend that on whatever they need.

 

[Lost_in_the_HTTP]

What would the $700 million to Sudan, $500 million to Israel and $10 million to Pakistan translate to in stimulus payment checks?

 

[fskimospy]

What would the $700 million Sudan, $500 million to Israel and $10 million to Pakistan translate to in stimulus payment checks?

Virtually nothing. $1.21 billion as compared to say, 150 million working Americans is an extra $8 in stimulus per person.

Regardless that has nothing to do with the COVID stimulus legislation. Basically there was an omnibus 'fund the government bill' that also includes foreign aid and COVID stimulus is being stapled on to that.

 

[HomerJS]

I really don't think I'm against this except for the health/safety concerns of eating in a restaurant. A tax deduction doesn't mean free. It means it reduces tax liability. It isn't a credit. But the restaurant / employees would be the ones getting the bulk of the benefit. It's just funneled through an intermediary.

I'm against it when used to hold up COVID relief. Deplorable. Besides how many of these assholes think about tax deductions before going on a lunch bender.

 

[Lost_in_the_HTTP]

Virtually nothing. $1.21 billion as compared to say, 150 million working Americans is an extra $8 in stimulus per person.

I'd rather Americans get the $8

 

[Wreckem]

They also didn’t extend the zero interest and no payment of student loans.

 

[manly]

I guess that was the end result over the give and take that occurred when the Dems objected to McConnell's fervent wish to indemnify big business interests from being held liable for COVID related issues?

Unfortunately this is how negotiations work because "red" states continue to vote back in shitbags like McConnell and Joni Ernst.

It's not just this one ludicrous deduction btw, isn't the headline that there are $100B in tax breaks in the bill? You can bet many of those are business-friendly deductions insisted upon by the GOP...

 

[Mr.IncrediblyBored]

The 85 law hurt the guy making less than 40 K that lived on the road doing normal specialized stuff the hardest. Lots of guys had thier food deduction reduced . It was the normal guy that really got hurt.

Im sure Trump and Co. had the guy living on the road making 40k in mind when they pushed for increased deduction.

This is a corporate deduction, so there's no guarantee the saving will be passed onto the employee. Probably (definitely) not. And like most deductions this will disproportionately benefit larger companies that don't need the deduction.

 

[iRONic]

They also didn’t extend the zero interest and no payment of student loans.

DeVos extended student loan forbearance to 1/31/2021.

So generous!

/s

 

[Fanatical Meat]

Here to say bill includes 10 years prison term for illegal streaming.
Thank you Disney & Cable Gods

10 years in prison for illegal streaming? It's in the Covid-19 relief bill | CNN Business

Tucked away in the more than 5,000-page long Covid-19 stimulus bill is a new law that severely punishes streamers that pirate large amounts of copyrighted content.

www.cnn.com

 

[ch33zw1z]

Here to say bill includes 10 years prison term for illegal streaming.
Thank you Disney & Cable Gods

10 years in prison for illegal streaming? It's in the Covid-19 relief bill | CNN Business

Tucked away in the more than 5,000-page long Covid-19 stimulus bill is a new law that severely punishes streamers that pirate large amounts of copyrighted content.

www.cnn.com

LoL, yea, that seems reasonable

 

[Ken g6]

Here to say bill includes 10 years prison term for illegal streaming.
Thank you Disney & Cable Gods

10 years in prison for illegal streaming? It's in the Covid-19 relief bill | CNN Business

Tucked away in the more than 5,000-page long Covid-19 stimulus bill is a new law that severely punishes streamers that pirate large amounts of copyrighted content.

www.cnn.com

And also the CASE act that might get you sued for posting memes in the Hume or And threads.

Copyright Cops Put a Gun to Americans' Heads With the Covid Relief Bill

Included in the covid-19 relief package was a pair of controversial copyright bills that will make the web a more dangerous place for sharing. What are you gonna do about it?

gizmodo.com

 

[Wreckem]

DeVos extended student loan forbearance to 1/31/2021.

So generous!

/s

That was done on Dec 4.

 

[iRONic]

That was done on Dec 4.

I know that. And...?

Senate won't touch that this lame duck term since JB touted student debt relief programs during his campaign.

McConnell wouldn't allow it.

 

[obidamnkenobi]

I guess that was the end result over the give and take that occurred when the Dems objected to McConnell's fervent wish to indemnify big business interests from being held liable for COVID related issues?

Sounds like a republican plan; be cartonishly evil and propose harvesting the organs of illegal immigrants. Get democrats to "compromise" by agreeing to something slightly less evil. When common people suffer because of this say "democrats voted for it!". Repeat.

 

[interchange]

So why not just help the restaurants and employees instead of giving money to rich people and hoping they decide to act the way you want?

In the scheme of things this isn't a huge deal but it's still just funneling money to rich people.

The rich people don't "get the money" exactly. They have to actually patron the restaurant in order to receive the deduction. So if they are taxed at 35% and this reduces their tax liability by $1k. All the $1k spent though goes to the restaurant. It's jus that the government gives $350 to the spenders in exchange.

But it's not trickle down economics because the spending of money here is required in order to get the tax benefit, and it's pure consumption. The rich person receives nothing durable in return.

The government could spend $350 and give it to the restaurant directly, but I think they'd prefer the $1k in business. The economic question is whether the additional $175 in deduction is enough incentive such that they actually spend enough at restaurants additionally to make it where the restaurant nets more than getting paid directly.