Let's say you are a multi-million dollar business owner and you want to buy the same tool—it might be $5,000—that an employee wants to get. On that $5,000 tool, they're going to be able to write off $1,000, but after that they don't get any deduction. However, that same business owner who wants to buy it, who might be a multi-millionaire or maybe even a multi-billionaire, will get the right to deduct the full $5,000. Is that right?
On May 25th, 2023. See this statement in context.