Overview
The Orlando Sentinel quoted George Callas in an article titled "Congress' Coronavirus Economic Plan Includes Huge Business Tax Breaks — Some on Profits Dating to 2013." The article, published April 3, discusses how tax breaks in the $2.2 trillion economic rescue package will let corporations reclaim taxes paid on profits as far back as 2013. The goal of the tax changes is to quickly infuse cash into suddenly struggling firms whose revenues are collapsing while cities and states make residents shelter in their homes to slow the spread of the new coronavirus.
With the US economy essentially forced into a medically induced coma while the nation fights the coronavirus pandemic and Congress attempting to inject as much liquidity into businesses as possible, lawmakers were better off being too generous with tax cuts than too stingy, Callas says. "Given we're facing a total meltdown of the economy, we'd rather have some undeserving people get tax breaks than some deserving people not get them. When the world is on fire and the primary priority is getting cash out there, then you worry less about that kind of stuff."
The full article can be read at Orlando Sentinel.