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. They intend to use the savings to offset the cost of three business tax breaks and a more generous child tax credit for many low-income families.
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.
Alaska Airlines has begun flying Boeing Max 9 jetliners again
Alaska Airlines began flying Boeing 737 Max 9 jetliners again for the first time Friday since they were grounded after a panel blew out of the side of one of the airline’s planes.
United aims to follow suit on Sunday. Those are the only two U.S. airlines that operate this particular model of the Boeing 737.
Alaska said in a statement that it has completed its final inspection of their group of the aircraft and that technicians at Alaska began inspections Wednesday night after the Federal Aviation Administration approved the inspection and maintenance process to return the planes to flying.
FAA Administrator Mike Whitaker says his agency’s review of everything that has happened since the accident gives him confidence that they will be safe so long as the new inspection process is followed.
