/PG/ Washington, D.C. (Signal High) —– The U.S. Congress is sprinting to wind down what has become known by many as the “Employee Retention Tax Credit,” a program established during the COVID pandemic as an incentive for business to keep workers on payroll. The program was supposed to cost 55 billion but actually cost five times that, and has been found to be 95% fraudulent according to a whistleblower source.
I.R.S. Commissioner Danny Werfel recently met in private with senators and, when Sen. Ron Wyden [D-Ore] asked for his assessment of a startling report, he could only look at his shoes and say, “Yeah.” New claims continue to pour into the IRS each week. Senators across the political spectrum agree its time to close down the program.
“I don’t have the exact number, but it’s like almost universal fraud in the program. It should be ended,” said Sen. Ron Johnson [R-Wis] “I don’t see how anybody could support it.” Sen. Elizabeth Warren [D-Mass] added: “The standards were too loose and the oversight was too thin.” The Joint Committee on Taxation estimates that winding down the program more quickly and increasing penalties for those companies promoting improper claims would generate about $79 billion over 10 years.
“Well-intentioned, but boy oh boy,” said Sen. Mark Warner [D-Va] in summing up the program.
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