Much of the reporting on the new Republican tax plan emphasizes how much money it will save businesses. But it could also put a dent in a traditional business practice: business meetings on the golf course.
The new tax law eliminates a 50 percent deduction for business-related expenses that include concerts, sporting events, and golf.
“I doubt it will impact the high-end of the business world like guys playing at Augusta or Pine Valley, but it will definitely cause more scrutiny of corporate outings and probably force people who mix golf and business to better justify a day outside,” Blue Heron Research Partners CEO David Rynecki said, according to Golf Magazine. “Consider that you just saw the cost of [business] golf double.”
It’s just one of the many unpredictable changes to the way money flows through the economy caused by a tax bill that was passed before it could be adequately studied.
How will the 2018 tax law impact you?