The officials spoke on the condition of anonymity to describe a proposal that had not yet been publicly released.
President Trump has for months talked about securing the deduction — derisively referred to as the "three-martini lunch" by critics — as a way to revive the restaurant industry badly battered by the pandemic.
But critics said it would do little to help struggling restaurants and would largely benefit business executives who do not urgently need help at this time. Some Democrats recoiled at the proposal, though it has also been denounced as ineffective by conservative tax experts as well.
This may worth something:
What Documents Do I Need to File My Taxes? | Personal Finance | wacotrib.com
Even if you hire a professional to help with your taxes, it's still on you, as a taxpayer, to provide that person with all the right forms. Here are the documents you'll need to file an accurate tax return.
Though the following aren't tax documents per se, you'll need this information in order to complete your return:
* * *
The IRS is entitled to a piece of all your earnings, so it wants to know what those entail. To that end, you'll need your:
PPP Borrowers Stand to Gain Tax Deductions - WSJ
Full details of the provision, including any limits on the deduction, hadn't been released as of Sunday evening. Sen. John Thune (R., S.D.) told reporters Sunday that the agreement includes the deduction. A GOP aide said there would be restrictions on the deduction but those limits haven't been specified yet.
Lawmakers say they just want to clarify what Congress intended to do when it created the PPP and prevent unexpected tax bills from hitting business owners. Still, a full deduction could reduce federal revenue by about $200 billion, with a majority going to very high-income households, according to Adam Looney of the Brookings Institution, who is a former Obama administration official.
Jeer: Expect a hike in your taxes | Letters To The Editor | kokomotribune.com
What is wrong with this country? I saw about 500 property owners in Howard County that have property taxes past due. Where are the owners going to get the money to pay the property taxes, out of thin air?
If the county sells their properties, only the rich can afford to buy it. Who is going to have the money to rent the homes from the rich? The property tax should have been frozen for people making less than $60,000 a year until this COVID-19 is under control.
And here's another article:
Brewers, Restaurants, Federal Workers Set for Tax Wins in Congressional Deal - WSJ
WASHINGTON—The beer industry, struggling restaurants and federal workers forced into President Trump's payroll-tax deferral all stand to gain from the year-end congressional agreement reached Sunday.
The deal is expected to include tax breaks aimed at supporting the economy during the coronavirus pandemic as well as extensions of popular provisions that were set to expire at the end of the year. Lawmakers haven't yet released details and they still must vote but the contours of the tax provisions took shape over the weekend along with the broader coronavirus relief package.
Opinion | Retirement taxes are not more tolerable - The Washington Post
I was happy to see Charles Lane's commentary on Bob Dylan's tax-privileged windfall upon the sale of his vast musical intellectual property [" Bob Dylan's financial dream ," op-ed, Dec. 15]. Mr. Lane did not mention, in his otherwise-thorough critique of the disparate tax treatment of income and capital gains, the "wool-over-the-eyes" deception that was mounted in the form of 401(k), individual retirement accounts and other market-based employee retirement accounts.
Corporate interests benefited when the responsibility and risk of funding employee retirement pensions was shifted to employees through the creation of these mechanisms. The argument that ordinary workers should be able to participate in the gain of financial markets is a double-edged sword precisely because of that risk transfer. Further, the premise was that a tax-deferred contribution would benefit employees who would take their earnings in retirement and be taxed at a lower rate.
Virus Relief Includes Direct Payments, Tax Breaks, Airlines Aid - The Washington Post
The House and Senate are set to vote Monday on $900 billion in pandemic relief aimed at boosting the U.S. economy into the early spring, combined with $1.4 trillion to fund regular government operations for the rest of the fiscal year.
The bill includes help for small businesses, the jobless and direct payments to most Americans. It also provides funding for vaccine distribution, food assistance, tax breaks and money for education and child care.
The provisions aimed at the fallout from the coronavirus represent the second-largest economic rescue package in American history, behind the $1.8 trillion virus relief package that was signed into law just nine months ago. It surpasses the $787 billion stimulus passed in response to the financial crisis in 2009.
Here's how to get this year's special charitable tax deduction - CNN
Happening on Twitter
NEWS: White House HAS secured tax break for corporate meal expenses -- aka the "three martini" deduction -- in draf… https://t.co/5kx7CXMGqS JStein_WaPo (from Washington, DC) Mon Dec 21 00:21:36 +0000 2020
The draft language of the relief package includes a tax break for corporate meal expenses pushed by the White House… https://t.co/oTXcJ7nZNC kylegriffin1 (from Manhattan, NY) Mon Dec 21 01:30:00 +0000 2020
Republicans held up aid for jobless workers and families so they could include a tax break for three-martini lunche… https://t.co/Py2qIh1rgY RonWyden (from Oregon) Mon Dec 21 00:24:32 +0000 2020
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