Originally shared by +Jim Fawcette
This puts things in perspective. The tax deduction for a single, business dinner is often more than the entire monthly food allowance under the food stamp program. And, nobody will complain if you eat seafood. Or filet with Chateau Petrus.
Scott Klinger runs the numbers: "Imagine that the tab for dinner and drinks for 10 executives comes to $1,600. Current tax law allows companies to deduct half of the cost of business meals — in this case, $800. With a corporate tax rate of 35 percent, each dollar of deductions yields 35 cents of tax savings — so that $800 deduction saves $280 in taxes. This means one dinner for 10 people provides more public food assistance than the $279 an average household receives in food stamps for the whole month."
Congress seems to be focusing its austerity efforts on America’s most vulnerable citizens, including those who need help feeding their families. Meanwhile, large food subsidies that benefit the most…