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A new analysis shows how oil and mining businesses used tax changes in the CARES Act to improve cash flow and reward shareholders rather than maintain employment.
April 2, 2021
By Nicholas Kusnetz
... Chris Kuveke, a BailoutWatch analyst, said the data shows that the aid to the industry failed to deliver the benefits that Congress had intended.
?These companies did not use that money they received through the CARES Act to maintain payroll,? he said.
... Among the various forms of stimulus included in the final relief package were changes to the tax code that proved beneficial to the oil industry.
April 2, 2021
By Nicholas Kusnetz
... Chris Kuveke, a BailoutWatch analyst, said the data shows that the aid to the industry failed to deliver the benefits that Congress had intended.
?These companies did not use that money they received through the CARES Act to maintain payroll,? he said.
... Among the various forms of stimulus included in the final relief package were changes to the tax code that proved beneficial to the oil industry.
