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There Really Is One Thing Congress Can Agree On - And It's Not Tax Breaks for You and Me

EASTSIDER-Under President Trump there was a very partisan fight over the tax cut plan for the already richest Americans. Four years later there was an equally partisan food fight in Congress over the $1.9 trillion stimulus bill, with virtually no Republican support.
But guess where Democrats and Republicans all seem to agree? The Defense Department Budget! Honest.
Read on. . .

Remember 2017? Remember the lies? Reducing the corporate tax rates from 35% to 21%, along with tax code amendments which favored the already wealthy. The theory was that corporations and the 1% would plow all that new money into more jobs for you and me. Sure. ....

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COVID stimulus bill cost: Joe Biden must spend average of $43,000 every second in 2021

Some spending, such as cash transfers, can occur at speed.
The Biden administration already announced that it will send the $1,400 in direct checks a total of about $400 billion starting this weekend. The administration also will continue the enhanced jobless aid for the 20.1 million Americans who are collecting some form of the benefits. Both the direct checks and jobless aid were part of past COVID aid packages that totaled roughly $4 trillion, meaning the government has systems in place to distribute the money.
But other elements are trickier.
There is $130 billion for K-12 schools to hire teachers, upgrade ventilation systems and make other improvements so that in-person classes can resume. Universities are eligible for $40 billion. Separately, $30 billion in housing aid is available. And there is about $120 billion for vaccine distribution and coronavirus testing, among other public health expenses. ....

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COVID-19 stimulus bill: Millions will be sent to Houston and Harris County, saving thousands of jobs

HOUSTON, Texas (KTRK) The freshly-signed stimulus bill won t only send much-needed funds to millions of Americans, but it s also bringing more than a billion dollars to local governments in southeast Texas.
President Joe Biden signed the $1.9 trillion stimulus package Thursday. As he signed the bill, Houston mom Leana De Hoyos said she got emotional.
I could breathe, De Hoyos recalled. Just financial security. There are so many things we need right now.
The move brings financial support De Hoyos desperately needs since things haven t returned to normal in her life since last March.
I lost my job, actually, one year ago [on Thursday], De Hoyos recalled. ....

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Oh, Noes! How Will Biden Sell This Wildly Popular Bill That Gives People Money?

Liz DyeMarch 10, 2021 04:55 PM
joe biden smile GIF
And we re off to the horse races! The stimulus bill has just passed the House and has yet to be signed by President Joe Biden. But the intrepid reporters at Politico are already mourning the disastrous effect it will inevitably have on Democratic prospects in 2022. Sure, the bill is polling at 75 percent today, but according to the headline, Biden s job is about to get harder.
The thing about the future, though, is that it hasn t happened yet. So how does Politico know that the country will either hate the bill or forget about it immediately? Well, the reporter asked some people about the Obama stimulus bill a few years back, and none of them remembered it fondly. ....

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New COVID-19 Stimulus Bill Pension Reforms and Expands Scope of 162m Compensation Deduction Limit

New COVID-19 Stimulus Bill Includes Significant Pension Reforms and Expands Scope of 162(m) Compensation Deduction Limit
Wednesday, March 10, 2021
Today, the House of Representatives passed the $1.9 trillion American Rescue Plan Act of 2021 (the “ARPA”). The ARPA has already been approved by the Senate and is expected to be quickly signed into law by President Biden. This client alert addresses Title IX, Subtitle H of the new legislation, which includes significant pension reforms for multiemployer and single-employer pension plans, and expands the number of covered employees for the limitation on the deductibility of executive compensation under Section 162(m) of the Tax Code. ....

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