House Democrats have released a completely unserious proposal to respond to the public health and economic crisis the nation is confronting as a result of COVID-19. Here are 5 red flags in the #HeroesAct dailysignal.com/2020/05/12/5-k… @Heritage
1) The bill would extend the misguided and harmful $600 unemployment bonus through January 2021, with an additional extension possible through March of next year.
2) The bill would lift the current $10,000 cap on the federal deduction for state and local taxes in 2020 and 2021 (SALT) which would provide a two-year windfall tax cut to the wealthiest taxpayers in the highest-tax states.
3) The bill also includes more than $1 trillion in bailouts to state and local governments with the vast majority being unrestricted aid that does not directly respond to costs incurred in the fight against COVID-19.
4) The bill would forgive up to $10,000 of student loans for every borrower, providing blanket student-loan forgiveness and adding greater burdens on those who did not take out the loans (the vast majority of taxpayers, nearly two-thirds of whom do not hold bachelor’s degrees).
5) The package includes $25 billion in bailout money for @USPS, which is in addition to the $10 billion loan provided to the Postal Service in the CARES Act, which the bill further expands to go towards existing debt obligations instead of only operating expenses.
Removing barriers to economic activity—not stimulating new spending or bailing out student-loan borrowers, the Postal Service, or states and localities—while containing the coronavirus’s health threat is key to getting America back to economic and public health. #COVID19
Thanks to @lindseymburke @adamnmichel @DavidADitch and Rachel Greszler for their contributions to analyzing this grab bag of partisan policies that will do more harm than good, which @SpeakerPelosi and @HouseDemocrats are trying to leverage a crisis to push through. #ShameOnYou
