The Senate GOP's tax bill is coming for your lunch
In their quest to cut taxes while not running up huge deficits, Senate Republicans have had to find creative ways to save money in their forthcoming tax reform bill. Although some estimates say that the Republican tax bill would add $1.8 trillion to the federal debt over 10 years, you can rest assured that the Republican Party is committed to cutting irresponsible spending: In an effort to save money, the new plan will prevent your employer from being able to write off lunches purchased for workers or workplace entertainment, HuffPost reported Wednesday.
The move would save $23 billion over 10 years, HuffPost reported — or just 1.3 percent of the total expected deficit increase. Under the current tax code, employers who give the majority of their workers free lunches can deduct 50 percent of the cost. The House version of the bill does not touch free workplace lunch, but it would eliminate tax breaks for employer-paid day care assistance programs, as well as employee-sponsored moving expenses and achievement awards, all for the sake of saving $12 billion.
But the Senate tax bill isn't all bad news! The exemption for the estate tax will be doubled, so if you happen to inherit less than $10 million from a dead relative, you won't have to pay any taxes on the money — which should definitely help you pay for lunch if your employer won't give it to you.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Kelly O'Meara Morales is a staff writer at The Week. He graduated from Sarah Lawrence College and studied Middle Eastern history and nonfiction writing amongst other esoteric subjects. When not compulsively checking Twitter, he writes and records music, subsists on tacos, and watches basketball.
-
'A direct, protracted war with Israel is not something Iran is equipped to fight'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
Today's political cartoons - April 17, 2024
Cartoons Wednesday's cartoons - political anxiety, jury sorting hat, and more
By The Week US Published
-
Arid Gulf states hit with year's worth of rain
Speed Read The historic flooding in Dubai is tied to climate change
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published