Andrew Moylan, vice president of public finance at Arnold Ventures, provided the following statement in response to the introduction of the Employee Retention Tax Credit Repeal Act, a common-sense proposal that would invalidate Employee Retention Credit (ERC) claims made after January 31, 2024, the vast majority of which show markers of being fraudulent.
“American taxpayers should have confidence that our federal government can effectively respond to crises without burdening future generations with mountains of debt accumulated due to fraud. Arnold Ventures commends Senators Joe Manchin (D‑WV), Mitt Romney (R‑UT), and Thom Tillis (R‑NC) for introducing the Employee Retention Tax Credit Repeal Act, a bipartisan bill to shut down a fraud-riddled COVID-era tax credit that has outlived its usefulness. We also thank Congressmen David Schweikert (R‑AZ), Jared Golden (D‑ME), Mike Kelly (R‑PA), and Glenn Grothman (R‑WI) for introducing companion legislation in the House of Representatives.
“Shutting down belated claims under the ERC would prevent tens of billions of dollars in improper payments and end a disgraceful cottage industry that has been defrauding taxpayers. We urge Congress to act and shut down the ERC before it is too late.”
Moylan penned an op-ed in the Wall Street Journal earlier this year highlighting the staggering cost of the credit and the need to cut off claims.
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Arnold Ventures is a philanthropy that supports research to understand the root causes of America’s most persistent and pressing problems, as well as evidence-based solutions to address them. By focusing on systemic change, AV is working to improve the lives of American families, strengthen their communities, and promote their economic opportunity. Since Laura and John Arnold launched their foundation in 2008, the philanthropy has expanded, and Arnold Ventures’ focus areas include education, criminal justice, health, infrastructure, and public finance, advocating for bipartisan policy reforms that will lead to lasting, scalable change. As signatories of the Giving Pledge, the Arnolds have committed to giving away most of their wealth during their lives.
