The Good, The Bad, And The Ugly Of Congress’s Latest Coronavirus Spending Bill

https://thefederalist.com/2020/03/25/the-good-the-bad-and-the-ugly-of-congresss-latest-coronavirus-spending-bill/ ^ | 03/26/2020 | Phil Kerpen

[justme4now]

Republicans and Democrats finally stopped squabbling long enough to spend an estimated $2 trillion on what they claim is emergency coronavirus relief.

Here’s the good, the bad, and the ugly of the bill.

The Good

1. Payroll Tax Deferral

Employer-side payroll tax payments are suspended through the end of the year, to be paid half by year-end 2021 and half by year-end 2022. This will increase business liquidity by about $700 billion.
While I would have preferred a cut to a deferral, this will significantly lessen the near-term tax burden on business payrolls, encouraging businesses to retain and restore jobs.
(Treasury has already announced a deferral of corporate income taxes under existing authorities.)

2. More Federal Reserve Money

The Federal Reserve’s new lending facility is funded with up to $425 billion, which will be levered to provide up to $4 trillion in liquidity to distressed businesses.

3. Net Operating Losses

Five-year carryback for tax years 2018, 2019, and 2020, for corporations and pass-through businesses as well. This will allow this year large expected losses to be carried back for substantial refunds.

4. Qualified Investment Property Fix

Fixes the so-called “retail glitch” for qualified investment property (QIP), allowing investments in QIP improvement to commercial buildings—flooring, lighting, fixtures, etc.—to qualify for bonus depreciation.
The glitch forced a 39-year recovery for such investments, and fixing it has been a top priority of restaurants and retailers.

5. Exemption for Distillers to Produce Hand Sanitizer

Distillers were made exempt from alcohol excise taxes for the alcohol used to produce hand sanitizer.

The Federalist

[justme4now]

It's early so I'm sure that there is more .. A lot more< ! 😮

[preacher]

L8r

[Craftmore]

The Bad,,,If you are low income or fixed income and dont pay taxes,you get nothing to help through this.

[justme4now]

$250 million to the IRS
$25 million to House reps salaries

[Robert357]

Good summary. Thanks for the Post. We will see if the House tries to add anything else to it tomorrow.

[justme4now]

Not True:

About 90% of Americans would qualify for government checks, though the amount decreases for those making more than $75,000 a year, with an income cap of $99,000 for individuals and $198,000 for couples.

"Taxpayers with little or no income tax liability, but at least $2,500 of qualifying income, would be eligible for a minimum rebate check of $1,200.
($2,400 married)
($500.00 per child).

Qualifying income includes earned income, as well as Social Security retirement benefits and certain compensation and pension benefits paid to veterans.

This ensures relief gets to low-income seniors and disabled veterans," the summary reads.

[PIF]

5. No Funds for Topping Up Petroleum Reserve

Senate Minority Leader Chuck Schumer stripped out the funding for Strategic Petroleum Reserve purchases. Hard to see why we wouldn’t want to top it up at 20 bucks a gallon. Probably just to spite the president.

[dp0622]

That’s a lie.

If you are on SS or SSDI and made more than 2,500 you will get a check, probably a smaller one but a check nonetheless, even though you didn’t lose your job or income.

Even if you didn’t pay taxes or even file a tax return as they will pull your number from SS.

Not sure why one whose income was unchanged should get a check but what the heck, everybody and their mother is getting money, including 4 months of 600 added onto unemployment even though they virus and the situation may dissipate long before that but hey, it’s not real money anyway :)

[xrmusn]

Senate Minority Leader Chuck Schumer stripped out the funding for Strategic Petroleum Reserve purchases. Hard to see why we wouldn’t want to top it up at 20 bucks a gallon. Probably just to spite the president.
= = = = = = = = = =

When this ‘farce’ ends - sooner rather than later - ‘they’ will be able to accuse PDJT of running up the largest budget EVER, didn’t even finish the wall and was to greedy to have bought a zillion gallons of oil when it was being given away trying to imply that he would have lost money since he owns oil.

Which is why he has to go step by step, pointing out the trash and whatever ‘good’ they voted down.

TAKE NO PRISONERS, make prisoners out of those that deserve it, let the chips fall where they may, even the Rs ‘toyed’ with him over this ‘budget’.

MR PDJT, Nice guys finish last......

[CptnObvious]

The Article doesn't mention the $1200 per citizen or the $500 per child. What would these be? Good, Bad or Ugly to him?

Why did he omit them?

[Pontiac]

Employer-side payroll tax payments are suspended through the end of the year, to be paid half by year-end 2021 and half by year-end 2022.

I don’t like this at all.

This puts a small business in jeopardy of going to jail should they not be able to make these payments.

The small business person is put in the position of wagering that they will be able to make the payments.

I have said this many times that businesses should not be tax collectors. Payroll Tax, Income Tax, Sales Tax. Governments have made the businessman their unwilling partners in theft. Fail to produce the funds and go to jail.

[CptnObvious]

Note that this bill has not passed the house. Pelosi is looking to screw with it some more if she can. Maybe she wants Americans to suffer a bit more?? I can’t figure out why she is doing this as it only hurts the DemocRATS in an Election Year!

[Jim Noble]

2. More Federal Reserve Money The Federal Reserve’s new lending facility is funded with up to $425 billion

George Clinton ended the First Bank of the United States. Andrew Jackson ended the Second Bank of the United States.

Who will kill the Third?

[justme4now]

Person wasn’t lying.
Just not informed.

See post #6

[dennisw]

a mess!

[Psalm 73]

Is there any way for us to know WHO put those carve-outs in the bill?

[justme4now]

More from CNN: SENATE BILL

I Know, I Know .. Commie News Network!😐

[MV=PY]

"I can’t figure out why she is doing this as it only hurts the DemocRATS in an Election Year!"

That is a good question, isn't it?

She must think it won't hurt them. Maybe she's getting convinced that her base looks like AOC now and this will be popular. Still, we haven't heard many people defending her actions.

Or maybe she's counting on the short memories of her sheeple (and that could be a good bet).

[justme4now]

It’s early.

See post #17

[justme4now]

Just wait until we see all of it. 8-(