Probably more to do with the implied reference to booze than any issue with toasting. I’ve been to many mormon functions and have seen many toasts. All were done with non-alchoholic beverages though.
One of my JW coworkers confirms that they don’t toast. She wrote, “The basis for this is found at 1 Corinthians 10:31 which states: “Whether you are eating or drinking or doing anything else, do all things for God’s glory.” Usually this practice draws attention to a particular individual and gives him/her the glory that is rightfully due the Creator. We also take into consideration the origin of toasting, which is not Biblical and was not practiced by Jesus, his disciples nor early Christians. If I am not mistaken, I believe this practice originated either in Babylon or Egypt.”
Thanks, Elendil’s Heir. Looks like the non-toasting is pretty exclusive to JWs (outside of Hungary).