Food Waste Costs U.S. Taxpayers Billions Of Dollars A Year by chloesorvino
four years ago to eliminate food waste by 2025, the chain’s CEO called the goal a “moon shot.”
“The government contributes to the cost,” says James McCann, the former CEO of grocery chains Tesco, Carrefour and Ahold USA, who founded investing firm Food Retail Ventures. “Essentially, the cost of shrink is tax deductible because it reduces profits at whatever the company’s marginal rate of taxation is.”
Tax forms have no line items for food waste. From an accounting perspective, it’s counted as an impact on a corporation’s profit-and-loss statement. Food qualifies as an inventory asset because ingredients are raw materials. The way it gets written off, there’s a food cost for any given accounting period. That food cost is based on what’s left in inventory and how much food has been used. That’s the amount deducted from inventory as having been consumed.
In 2021, more than $2 billion dollars was invested in food waste “solutions,” as tracked by the advocacy group Refed. That was the most money ever dedicated to the problem in all the years that Refed has been tracking the data.
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