The power to tax is the power to destroy
PPP deductibility must be fixed now
November 26, 2020
The coronavirus pandemic has laid much of the American economy on its back - but a bright spot made the disaster less crippling than it might have been. That is the Paycheck Protection Program, which funneled money to workers through small businesses.
More than five million small businesses took the PPP loans, representing 50 million jobs, Treasury Secretary Steven Mnuchin told Congress in June. It persuaded small businesses to keep people on the payroll instead of laying them off. That helped the economy.
Congress said the loans would not be taxed. But Congress is letting the IRS tax the...