Pelosi’s Coronavirus Relief Bill Includes Giant Tax Break for Elites
$3 trillion coronavirus stimulus package included huge bonus for the wealthy
Democratic House Speaker Nancy Pelosi (D-CA) dropped the Democrats' coronavirus relief bill with a thud on Tuesday, revealing that the $3 trillion stimulus package includes huge tax breaks for wealthy elites.
Democrats have been preparing the package for weeks as they mulled over their "wish list" of progressive demands to load up the bill with.
The stimulus package is meant to bail out American individuals and businesses who are suffering amid the global pandemic.
Democratic leadership is seeing the crisis as an "opportunity" to push far-left policy, however.
The latest package is a “legislative laundry list” that dwarfs the previous $2.2 trillion CARES Act, which passed back in March.
Last week, Speaker Pelosi called on Democratic leadership to submit their “wish lists” to her office for consideration.
She told House committee leaders and other key lawmakers to “think big” on relief projects to cram into the stimulus bill.
As a result, Senate Minority Leader Chuck Schumer (D-NY) and Pelosi have compiled the “most far-reaching effort yet to address the economic fallout of the pandemic.”
According to reports and the text, the new “Heroes Act” gives $100,000 on average to people who make more than $1 million a year.
The House Democrats’ 1,815-page package repeals the $10,000 state and local tax deduction (SALT) cap, which allows taxpayers in high-tax states to deduct local tax payments on federal tax returns.
A full repeal of SALT would give tax refunds to an estimated 13 million American households — most of which earn at least $100,000 a year, according to the New York Times.
It is estimated that a repeal of SALT would reduce federal revenues by around $77 billion a year, with those making over $1 million a year receiving about $40 billion, the Times reported.
Many Twitter users weighed in on the Democrats’ new relief bill:
CRFB: One of the tax cuts Nancy Pelosi included in her "Heroes Act" gives ~$100K on average to people who make more than $1 million a year. https://t.co/ab781vco1m— Steven Dennis (@StevenTDennis) May 12, 2020
Just half of American adults have jobs right now.— Vince Coglianese (@VinceCoglianese) May 12, 2020
Pelosi is using this moment to push for tax breaks for the rich. https://t.co/QkfD7bd8mp
This comes as Democratic leadership canceled the House of Representatives’ plans to return to Washington, D.C. on April 28, just one day after Democrats made the announcement.
According to Democratic Maryland Rep. Steny Hoyer, the Capitol physician advised them not to return amid a rise in coronavirus cases in the Washington area.
“We made a judgment that we will not come back next week but that we hope to come back very soon,” Hoyer said.
House Minority Leader Kevin McCarthy criticized Democrats on Monday for refusing to return to the Capitol in order to pass coronavirus legislation as businesses and workers across the U.S continue to be affected by the virus.
Meanwhile, the Senate has remained in session and is working together with the White House on passing new legislation to help combat the effects of coronavirus.