Word: deductables
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...DOLLARS AT WORK. Manufacturers of four of the Pentagon's most controversial projects -- the B-2 Stealth bomber, the F-15E and F-14D fighter planes, and the V-22 transport aircraft -- are using tax dollars to persuade Congress not to cut their programs. The manufacturers are allowed to deduct $1.4 million spent advertising the merits of their products. The Pentagon tried last year to kill the F-14D and the V-22, but Congress restored funding...
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...