COM 204 - Food Waste Solution Speech.docx - Daniel Oh Com 204 Food Waste(Solution Policy Proposition The United States government should offer bigger

COM 204 - Food Waste Solution Speech.docx - Daniel Oh Com...

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Daniel OhCom 20411/08/15Food Waste (Solution)Policy PropositionThe United States government should offer bigger tax breaks to food corporations for donating food waste in order to decrease the amount of global food waste.ReviewThe United States wastes 31% or 133 billion pounds of food a year. Americans throw away perfectly good food that contributes to green house gases. The system that the United States has in play now is not nearly as efficient as it can be. U.S. Congress enactedSection 170of the Internal Revenue Code in 1976 to encourage donations by allowing C corporations to earn an enhanced tax deduction for donating selected surplus property, including food. Section 170 however is limited to certain foods, select corporations, and a few chosen donation centers.As a result, the United States is not functioning at its fullest potential and because food is wasted,there are negative environmental and economic effects.New InformationThere is no recent news or legislation action on corporate income tax.Plan
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Increase the tax breaks C corporations receive when they donate food to charitable causes. Currently, the IRS evaluates food donations with a FMV (Fair Market Value). FMV is a misrepresentation of current market prices. This is because the IRS calculates the prices of food, reduced by the amount of gain that would not be long-term capital gain if the property had been sold by the donor at the property's fair market value (determined at the time of the contribution). Simply it means that the FMV price is actually lower than the cost of what C corporations boughtthe produce for. Factoring in the transportation, handling, storing, and processing costs, corporations are better off shipping food waste to landfills. The incentive for C corporations to donate is not a big enough ().Benefits1.Prevents environmental hazardsa.Consumption of food waste will decrease potent methane gas levels of global warming by 17%, and 10% of global warming gas generated in the United States (www. )
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