The provision has fueled criticism by congressional Democrats and some tax experts who have called it a giveaway to the wealthy and real estate investors, who frequently face large losses on their investments. Conservatives have said enacting the limitation was a mistake in the 2017 law and suspending it gives badly needed liquidity during the economic downturn caused by the coronavirus pandemic by reducing their tax obligations.
That is from the Washington Post story linked to in the Forbes piece.
Why are we hearing about this now? Because nobody actually knows what is in these things when they vote on it!
The provision has fueled criticism by congressional Democrats and some tax experts who have called it a giveaway to the wealthy and real estate investors, who frequently face large losses on their investments. Conservatives have said enacting the limitation was a mistake in the 2017 law and suspending it gives badly needed liquidity during the economic downturn caused by the coronavirus pandemic by reducing their tax obligations.
That is from the Washington Post story linked to in the Forbes piece.
Why are we hearing about this now? Because nobody actually knows what is in these things when they vote on it!
The cost of this giveaway to the wealthiest of the wealthy is staggering. You're right, they are in such a rush to get the stimulus out that they could slip such a massive item in and nobody reads it until after the fact. You could say it's the Democrats fault too for not noticing it before it passed, but man, the pressure to get something done quickly is what leads to this. And the Republicans had the nerve to accuse the Democrats of adding pork. Yeah, they did...but didn't the wealthy get enough of a tax break with the new tax law? This is flat out deceitful and appalling.
Right, it's all at light speed. Because they are trying to get assistance out very fast because the longer it goes the more people and businesses suffer and the further down we fall making it harder to get up.
So yeah, the people need to read these things, or have a staffer read it and brief the representatives.
"we have to pass the bill to see what's in it" is still how Washington operates.
I think this bill was the wrong tool to correct a mistake in prior legislation, especially when nobody knew it was going to be in here.
Everything is just so much money at this point. It's just all thrown up against the wall hoping some of it sticks. I don't have better answers, I just wonder how history is going to look at all this spending.
Right, it's all at light speed. Because they are trying to get assistance out very fast because the longer it goes the more people and businesses suffer and the further down we fall making it harder to get up.
So yeah, the people need to read these things, or have a staffer read it and brief the representatives.
"we have to pass the bill to see what's in it" is still how Washington operates.
I think this bill was the wrong tool to correct a mistake in prior legislation, especially when nobody knew it was going to be in here.
Everything is just so much money at this point. It's just all thrown up against the wall hoping some of it sticks. I don't have better answers, I just wonder how history is going to look at all this spending.
I agree, we simply can't continue to spend money we don't have. We supposedly had a good economy over the last 3 years but instead of paying down the debt or at least shrinking the deficit we blew it up. We should have been putting money into a rainy day fund, but instead we do the opposite. This is going to require a massive tax increase to get our financial house in order when this is all over, and of course that won't exactly help the economy recover, but their really isn't much of a choice. Could we see the US declare bankruptcy? There might not be a choice. Everybody is excited about those $1,200 checks (and some are really happy about their $1.7 million dollar checks), but that money as to come from somewhere, and it won't be from the defense budget or the giveaways to those wealthy enough to buy a senator.
Well, if we are going to declare bankruptcy I know the perfect President to guide us through that 😉
It's more of a tax savings than a refund right? Money they should've paid vs actually getting money. Same net effect.
82% of the people this effects make more than $1mil annually. These aren't the people who should be getting assistance unless they are some kind of business owners, not sure how many are investors with pass-through vs business owners with pass-through income. If they are business owners there are other means for them to seek assistance should they need it.
I just hate that this kind of stuff gets stuffed in massive pieces of legislation only to find out about it at some point down the road.
