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IPFS News Link • Legislative Mischief

Trump, Pelosi Eye 2017 Tax Rollbacks In Next Virus Bill

• https://www.zerohedge.com by Tyler Durden

Under discussion are lifting the cap on state and local deductions, as well as restoring the break for entertaining business clients, according to Bloomberg.

According to the report, Pelosi says the next round should suspend the $10,000 cap on deducitons for state and local taxes, while President Trump said in a Wednesday tweet that tax breaks for corporate client outings, dinners, sporting games, cruises and concerts should be restored. The 2017 tax law eliminated writeoffs for entertainment expenses, while leaving a 50% deduction for client means untouched. 

"This will bring restaurants, and everything related, back - and stronger than ever. Move quickly, they will all be saved," wrote Trump.

Congress must pass the old, and very strongly proven, deductibility by businesses on restaurants and entertainment. This will bring restaurants, and everything related, back - and stronger than ever. Move quickly, they will all be saved!

— Donald J. Trump (@realDonaldTrump) April 1, 2020


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