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‘An utter disgrace’: GOP stimulus plan would cut taxes for corporations while denying benefits to poorest
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“Heartless,” “cruel,” and “appalling” were just some of the adjectives progressive critics and analysts used late Thursday to describe the Senate GOP’s newly unveiled trillion-dollar economic stimulus package which—by design—would completely deny direct cash payments to the poorest Americans while cutting taxes for corporations, dishing out tens of billions in bailout funds to major industries, and restricting paid leave benefits that were just signed into law this week.
“The Senate GOP package is an utter disgrace,” tweeted Richard Trumka, president of the AFL-CIO. “It gives free money to corporations, ignores the health crisis, and does nothing to keep people working or help the unemployed. The labor movement will oppose this Main St. bailout of Wall St. with everything we have.
“I don’t know how else to describe this but wantonly wicked. The poorest get zero; low-income households get half of what middle-income households get; and a kid counts for 40% of an adult.”
—Daniel Hemel, University of Chicago Law School
The Republican plan, released as the economic fallout from the coronavirus outbreak continues to worsen, would provide means-tested cash payments of up to $1,200 per adult and $500 per child, with the precise amount dependent upon 2018 tax filings.
“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 $600 ($1,200 married),” the Republican proposal states. “Qualifying income includes earned income, as well as Social Security retirement benefits and certain compensation and pension benefits paid to veterans.”
Observers were quick to point out a gaping hole in the Republican plan: Adults with no qualifying income would get nothing.
While skimping on aid low-income Americans, the Republican proposal—formally known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act—contains generous gifts for big corporations and billions in relief for industries hit hard by the coronavirus crisis, including $50 billion for airlines.
The 247-page Republican legislation, Iincludes a raft of temporary changes to the tax code that would reduce the tax liability of large corporations, many of them overriding provisions in the 2017 tax overhaul that were meant to raise revenue to offset corporate rate cuts.”
[link to www.rawstory.com (secure)]
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