The $4,261 deduction for meals and entertainment (Line 24) is limited to 50percentt of outlays.
Only the Senate version of the tax reform plan, which could see a vote in the upper chamber next week, does away with the deduction for meals.
In addition, deductions for business meals and entertainment would be limited to 80percentt of their cost, special tax preferences enjoyed by the insurance industry would be limited and foreign taxpayers doing business in the United States would be subject to higher taxes.
Among these items are raising the deduction for business meals for everyone to 80percentt from 50percentt, accelerating full deductibility of health insurance premiums paid by the self-employed and nearly doubling the amount of equipment that can be expensed immediately rather than depreciated.
The bill would also immediately raise the deduction for business meals and entertainment to 80percentt from 50percentt.
Along with more than 60 other conservative Republican representatives, they proposed larger rate reductions than those in the Bush plan, a lower capital gains tax rate, more generous tax relief to married couples, a quicker elimination of the estate tax, more generous tax advantages for retirement accounts, a repeal of the telephone excise tax and an increase in the deduction for business meals.
Reduce tax deduction for business meals.
And if you are feeling really fired up, how about telling your legislator to limit the corporate deduction for travel, meals and entertainment to the Federal Per Diem?
Current immigration rules stipulate that a chef from outside the UK must be paid £29,570, after deductions for accommodation and meals, which is too expensive for most curry restaurants.
A law that came into effect in April 2016 states that a skilled chef from south Asia must earn £35,000 or more a year, after deductions for accommodation and meals, to come work in a British restaurant that also offers a takeaway service.
