The National Taxpayers Union applauds the inclusion of numerous provisions in the emergency relief legislation passed on Capitol Hill this week. The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides for an employer-side payroll tax holiday, increased Small Business Administration loan authority, refundable business tax credits and other provisions that will provide a vital lifeline for companies that are struggling during this difficult time.
“The bulk of this legislation is dedicated to sound tax and fiscal policy that will keep workers employed with temporary, emergency provisions,” said NTU Executive Vice President Brandon Arnold. “The most important provisions are those designed to keep companies in business and workers in their jobs.”
“No legislation is perfect,” Arnold said, “and there is a lot of waste in this bill. But there are many provisions that will help hundreds of millions of American workers, taxpayers, and business owners.”
Mattie Duppler, NTU Senior Fellow for Fiscal Policy, wrote for Fox Business,
"The essential lifelines of tax relief, small business loans and new tax credits can help employers weather this storm until the worst of the public health pressures have passed... The measures in the Senate Bill will help businesses stay liquid so they can retain their employees, which in turn will grant Americans certainty during these chaotic times."
This crisis throws into stark focus the need for responsible budgeting during boom times, so that Uncle Sam can have the leeway to budget for emergencies. Unfortunately, decades of largesse by beltway politicians have made emergencies even more difficult for the federal budget. While this legislation contains many much-needed provisions to keep the economy from total collapse, we must work for sound tax and budget policy once the economy has stabilized.
To discuss the emergency legislation with Brandon Arnold, Mattie Duppler, or any of NTU’s tax and budget policy experts, please contact Kevin Glass, NTU Vice President of Communications, at 703-299-8670 or at kglass@ntu.org.