Joel Griffith: Protect Businesses Without Taxpayer Funded Bailouts

RUSH TRANSCRIPT CHILDERS And ░░░░░░░░ re back with a ░░░░░░░░ News alert for you ░░░░░░░░ stock market soaring on ░░░░░░░░ of COVID 19 stimulus ░░░░░░░░ the Trump Administration and ░░░░░░░░ working overtime to push ░░░░░░░░ 1 trillion proposal forward ░░░░░░░░ research fellow for The ░░░░░░░░ Foundation Joe Griffith says ░░░░░░░░ this to work the ░░░░░░░░ also has to improve ░░░░░░░░ House bill and he ░░░░░░░░ me now live to ░░░░░░░░ Thank you so much ░░░░░░░░ joining us this morning ░░░░░░░░ certainly appreciate it So ░░░░░░░░ s show everyone what ░░░░░░░░ potentially in the stimulus ░░░░░░░░ right now as is ░░░░░░░░ have about 300 billion ░░░░░░░░ small business loans 200 ░░░░░░░░ for stabilization funds 250 ░░░░░░░░ in cash payments and ░░░░░░░░ 90 day tax deferral ░░░░░░░░ you say they need ░░░░░░░░ make this better How ░░░░░░░░ Yes we need to ░░░░░░░░ this better Number one ░░░░░░░░ need to be far ░░░░░░░░ targeted in this relief ░░░░░░░░ number two we need ░░░░░░░░ really avoid these dramatic ░░░░░░░░ the board cash transfers ░░░░░░░░ the nation We think ░░░░░░░░ are too brought and ░░░░░░░░ doesn t help those ░░░░░░░░ need it most Those ░░░░░░░░ need it most actually ░░░░░░░░ more The 1 000 ░░░░░░░░ per person or something ░░░░░░░░ to that that is ░░░░░░░░ necessary for somebody like ░░░░░░░░ and others who can ░░░░░░░░ remotely But for someone ░░░░░░░░ is laid off that ░░░░░░░░ nothing really to help ░░░░░░░░ survive this crisis So ░░░░░░░░ need targeted relief CHILDERS ░░░░░░░░ how do you figure ░░░░░░░░ that out though This ░░░░░░░░ relief it seems like ░░░░░░░░ would take a little ░░░░░░░░ longer and people need ░░░░░░░░ cash as soon as ░░░░░░░░ GRIFFITH We have a ░░░░░░░░ The Heritage Foundation just ░░░░░░░░ released our epidemic tax ░░░░░░░░ proposal in those areas ░░░░░░░░ are affected by the ░░░░░░░░ where people can t ░░░░░░░░ to work either because ░░░░░░░░ are sick or because ░░░░░░░░ measures put in place ░░░░░░░░ state and local government ░░░░░░░░ the work forces are ░░░░░░░░ We would actually provide ░░░░░░░░ 90 tax credit to ░░░░░░░░ the cost of keeping ░░░░░░░░ people on the payroll ░░░░░░░░ that relief would be ░░░░░░░░ immediate and those companies ░░░░░░░░ be able to apply ░░░░░░░░ that credit twice a ░░░░░░░░ so there would not ░░░░░░░░ this delay which is ░░░░░░░░ a big improvement over ░░░░░░░░ House proposal where businesses ░░░░░░░░ wait several months to ░░░░░░░░ tax credit funds CHILDERS ░░░░░░░░ Here is what Steve ░░░░░░░░ said on a plan ░░░░░░░░ give Americans checks clip ░░░░░░░░ MNUCHIN It is clear ░░░░░░░░ don t need to ░░░░░░░░ people who make 1 ░░░░░░░░ a year checks TRUMP ░░░░░░░░ don t want people ░░░░░░░░ jobs or not having ░░░░░░░░ to live when they ░░░░░░░░ doing very well So ░░░░░░░░ are going big clip ░░░░░░░░ CHILDERS This will impact ░░░░░░░░ lot of industries We ░░░░░░░░ that the President also ░░░░░░░░ with the travel industry ░░░░░░░░ we saw previously when ░░░░░░░░ had the big news ░░░░░░░░ With all the CEOs ░░░░░░░░ all of the big ░░░░░░░░ all coming together saying ░░░░░░░░ are in this together ░░░░░░░░ re going to work ░░░░░░░░ But as you re ░░░░░░░░ about it s a ░░░░░░░░ of small businesses specifically ░░░░░░░░ GRIFFITH Yeah it always ░░░░░░░░ like the bigger companies ░░░░░░░░ those with big lobbying ░░░░░░░░ They re the ones ░░░░░░░░ are able to get ░░░░░░░░ bailouts and the release ░░░░░░░░ we have a better ░░░░░░░░ than that as well ░░░░░░░░ of bailing out individual ░░░░░░░░ to the tunes of ░░░░░░░░ of billions of dollars ░░░░░░░░ don t we go ░░░░░░░░ and allow companies to ░░░░░░░░ any losses that they ░░░░░░░░ over the next few ░░░░░░░░ apply them to past ░░░░░░░░ where they had a ░░░░░░░░ and you can go ░░░░░░░░ and get immediate refund ░░░░░░░░ those taxes that you ░░░░░░░░ on those profits It ░░░░░░░░ very similar to what ░░░░░░░░ already have in place ░░░░░░░░ the tax code You ░░░░░░░░ roll losses forward Let ░░░░░░░░ roll those losses backwards ░░░░░░░░ once again those payments ░░░░░░░░ be available in the ░░░░░░░░ weeks There would not ░░░░░░░░ a long delay This ░░░░░░░░ get companies out of ░░░░░░░░ cash crunch and it ░░░░░░░░ do it without doing ░░░░░░░░ taxpayer funded bailout CHILDERS ░░░░░░░░ And then of course ░░░░░░░░ have that 90 day ░░░░░░░░ deferral Joel Griffith thank ░░░░░░░░ so much for joining ░░░░░░░░