Raising Taxes to Appease Republicans?
It’s been well-reported by now: The final stimulus package includes a $400 tax rebate for individuals and an $800 tax rebate for couples -- down a bit from the
Jul 31, 20202.6K Shares2.6M Views
It’s been well-reported by now: The final stimulus package includes a $400 tax rebate for individuals and an $800 tax rebate for couples — down a bit from the $500/$1,000 rebate strategy envisioned by the Obama administration and included in both the House and Senate bills.
The curious thing is that, as House Speaker Nancy Pelosi’s (D-Calif.) office describes it, the rebates were reduced at the request of GOPnegotiators.
“To gain the support of the needed Senate Republicans, the amount of Make Work Pay Tax credit has been scaled back, the [alternative minimum tax fix] has been added, and several business tax incentives have been added (cancellation of debt income),” the speaker’s preliminary summary reads.
To which we say, “Huh?”
It might just be that the provision targeting the alternative minimum tax — which would otherwise hit millions of upper-middle class families — took precedent over the rebates, which target lesser-income folks. But insights are welcome…
Camilo Wood
Reviewer
Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing.
Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers.
Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
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