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Author Topic: The Good, The Bad, And The Ugly Of Congress’s Latest Coronavirus Spending Bill  (Read 150 times)

Offline mrclose

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



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


Quote
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.

(Continues at the Federalist)

THE FEDERALIST
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More from CNN: SENATE BILL

I Know, I Know .. Commie News Network! :lol:
« Last Edit: March 26, 2020, 02:59:17 AM by mrclose »
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Online harry12

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$250 million to the IRS
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It's early so I'm sure that there is more .. A lot more!


THE FEDERALIST
===========================

More from CNN: SENATE BILL

I Know, I Know .. Commie News Network! :lol:

Well, since the 27th amendment is in play with those congressional pay raises, they probably just gave a pay raise to a largely Republican Congess.  Pay raise cannot go into effect until after the
next congressional election.

 

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