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Congress is racing to wind down a tax break meant to encourage businesses to keep workers on the payroll during the COVID-19 pandemic.
A whistleblower has estimated that a staggering 95% of claims for a COVID-era tax break program for businesses are fraudulent. As a result, lawmakers are urgently working to wind down the program to minimize losses. The program's cost has ballooned to nearly five times the expected amount, prompting bipartisan agreement that it must be closed down. Lawmakers are proposing more rigorous oversight and penalties to mitigate fraud, aiming to use the savings to fund other business tax breaks and a more generous child tax credit.
The 17-year-old student, Alex Yu, of Mills High School who admitted to brandishing a loaded weapon on Aug. 21, was convicted yesterday in juvenile court.
Congress is racing to wind down a tax break meant to encourage businesses to keep workers on the payroll during the COVID-19 pandemic.
A whistleblower has estimated that a staggering 95% of claims for a COVID-era tax break program for businesses are fraudulent. As a result, lawmakers are urgently working to wind down the program to minimize losses. The program's cost has ballooned to nearly five times the expected amount, prompting bipartisan agreement that it must be closed down. Lawmakers are proposing more rigorous oversight and penalties to mitigate fraud, aiming to use the savings to fund other business tax breaks and a more generous child tax credit.