Word: deductable
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Dates: during 1980-1989
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That program is the corporate tax deduction for business entertainment, which subsidizes the fabled "threemartini lunches." Although it isn't ordinarily considered a welfare program, the travel and entertainment ("T and E") deduction works exactly like one. Corporations can deduct 80 percent of the cost of their executives' expense account lunches (and other entertainment expenses) from their taxable income...
...partner at the investment firm Touche Ross said, "Any time the after-tax consequences are greater, management looks harder at expenses." In other words, if Maison Robert's corporate customers couldn't deduct their $16 desserts, Maison Robert would have to lower its prices. That's what the free market is all about...
...time, companies could deduct T and E expenses for any occasion "conducive to a business discussion," whether or not any such discussion took place...
Eliminating T and E deductions ought to be the perfect issue for Democrats. It reflects their professed support for the common people against the greedy. Former president John F. Kennedy '40 used the issue to his advantage. So did former president Jimmy Carter, who campaigned against the injustice of bankers deducting expensive lunches when a "truck driver cannot deduct his $1.50 sandwich...
Mobil's decision was prompted by a change in U.S. tax law that was intended to drive American companies out of South Africa. Since last year U.S. companies can no longer deduct from their American tax bills the taxes they pay to the South African government. That change, which cost Mobil millions in 1988, finally broke its stubborn resolve to stay. Said Mobil Chairman Allen Murray: "This was a difficult decision because we continue to believe that our presence and our actions have contributed greatly to economic and social progress for nonwhites in South Africa...