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The Wall Street Publication > Blog > Markets > AmEx Pitched Business Customers a Tax Break That Doesn’t Add Up
Markets

AmEx Pitched Business Customers a Tax Break That Doesn’t Add Up

Editorial Board Published November 22, 2021
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AmEx Pitched Business Customers a Tax Break That Doesn’t Add Up
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The pitch went out to eye doctors, McDonald’s Corp. franchisees and payroll companies: “Reduce your taxable income burden to Uncle Sam.”

In phone calls, emails and in-person meetings with thousands of business owners, American Express Co. salespeople laid out the strategy. Use AmEx to pay your employees and suppliers, they said. You’ll have to pay a fee, but you’ll come out ahead. That’s because you can earn rewards on the transaction that can be converted into untaxed cash, while also deducting the transaction fees for tax purposes.

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