The COVID-era program called the employee retention tax credit was expected to cost the federal government $55 billion has instead cost it nearly five times that amount as of July.
Congress is racing to wind down a tax break meant to encourage businesses to keep workers on the payroll during the COVID-19 pandemic, known as the employee retention tax credit. What was expected to cost the federal government $55 billion has instead cost it nearly five times that amount as of July.
New claims pour into the IRS each week, and that’s ensuring a growing price tag that lawmakers are anxious to cap. Now, lawmakers across the political spectrum say it’s time to close down the program.
