Democrats are following through on their threat to go rogue with their own stimulus plan, building out a more than 1,400-page draft packed with policy differences compared to the proposal in the Senate laid out by Republicans
Democrats are following through on their threat to go rogue with their own stimulus plan, unveiling a more than 1,400-page bill Monday night,After the GOP’s latest measure tanked twice during test votes in the Senate, House Democrats wrote a competing proposal to save the country from economic destruction at the hands of the coronavirus.
Taxpayers could make early withdrawals from their retirement funds without having to pay the usual 10 percent penalty during the coronavirus crisis, and required minimum withdrawals would be suspended for 2020. Health insurance premium tax credits under the Affordable Care Act would be expanded.The House bill goes much further than the Senate measure when it comes to limiting executive pay and stock buybacks, as well as imposing lobbying restrictions.
Businesses would get to deduct losses from this year, last year and 2018 from their taxes for any of the last five years. The Senate bill includes a similar “carry back” provision. The House did not include provisions allowing faster write-offs for restaurant and retail business investments or bigger deductions for business interest, both of which are in the Senate bill.
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