President Reagan had a suggestion today for corporate executives who think his tax plan cuts too deeply into exemptions for "three-martini" business lunches: "Why not brown-bag it once in a while?"
"Why not find smarter ways to put our money to work than investing so heavily in executive lunches?" Reagan asked at a meeting with economics writers invited to a White House briefing on his plan.
"It just doesn't seem right for a wage earner carrying his tuna fish sandwich to work to subsidize exorbitant business lunches at luxury restaurants," Reagan said.
"We'd still allow for legitimate expenses, but to those who complain they can't live quite so high off the corporate account, we can only ask: Why not brown-bag it once in a while?"
Taxing Half Above $25
Reagan's proposal to simplify the income tax system by eliminating most tax brackets and many credits and deductions would reduce incentives for business people to take clients to lunch by taxing half of the excess over $25 of the cost of a business meal.