Minneapolis Star Tribune: Minnesota Companies Cashing in on CARES Act Business Tax Breaks
media mentionOther taxation watchdogs call it a windfall, and one that disproportionately benefits large companies with volatile earnings, not the neighborhood auto shop or hair salon whose business vanished in the wake of COVID-19. Plus, unlike the Paycheck Protection Program, which has limits on how the loans can be used in order for the loan to be forgiven, the tax refunds come with no strings.
“It’s ridiculous for lawmakers to provide this giveaway for corporations and businesses and pretend that it is a response to the COVID 19 crisis,” said Steve Wamhoff, director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy.