The Republican majority presented a bill in the Senate plenary session that seeks to inject a trillion dollars into the US economy to mitigate the financial devastation caused by the measures adopted with the goal of stopping the spread of the coronavirus.
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The President’s Economic Team Donald trump, led by Treasury Secretary Steve Mnuchin, began negotiations on Friday with both seats in Congress with the goal of getting approval as soon as possible.
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The CARES Act -247-page bill presented by the head of the Republican Senate bench Mitch McConnell- includes $ 500 billion that will be used to pay up to $ 1,200 to individuals and $ 2,400 to marriages whose annual income is less than $ 75,000 and $ 150,000, respectively.
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Secretary Mnuchin said Thursday that his office could issue the first payment three weeks after Congress passes the bill, which could mean that the delivery of those direct grants begins in early April, as approved by The congress.
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The initiative proposes that Only those taxpayers with a social security number could receive the payment, which would exclude numerous Hispanics (and undocumented immigrants in general) who Although they do not have that number when residing without authorization in the United States, yes pay taxes using a Individual Taxpayer Identification Number ( ITIN for its acronym in English).
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The Internal Revenue Office (IRS) requires that all people who reside in the United States and earn income must pay taxes, regardless of their immigration status.
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Impact among Hispanics
Orson Aguilar, director of economic policy for UnidosUS, an organization that defends the rights of Hispanics, believes that this element significantly damages the community.
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Aguilar considered the amount of the direct payment as insufficient and criticized the proposal for not including help so that the tenants can continue paying the rent even if they have lost their jobs.
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“Most Latinos rent,” said Aguilar.
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McConnell’s plan also includes $ 200 billion in loans to airlines and other sectors severely impacted by the virus, and $ 300 billion so that small businesses can keep their staff intact.
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Small businesses employ more than 40% of the workforce in the US private sector.
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“Republican senators want to put money in the hands of Americans to help during this unusually uncertain time,” McConnell said Thursday in a full Senate session. “Money for the people. From the middle class down.”
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The Democratic minority received the proposal alleging that it does not adequately protect workers.
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“To win Democratic support in Congress, any economic stimulus proposal must include strict, severe, and new measures that prioritize and protect workers, such as prohibiting receiving companies from repurchasing their shares, paying bonds to its managers and the mass layoffs, “Nancy Pelosi and Chuck Schumer, Democratic leaders in the lower house and the Senate, respectively, said in a joint statement.
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.@SenSchumer & amp; I are beginning to review Senator McConnell’s proposal and on first reading, it is not at all pro-worker and instead puts corporations way ahead of workers.
& mdash; Nancy Pelosi (@SpeakerPelosi) March 20, 2020
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Trump recently signed a law that allocates $ 100 billion to millions of workers who have been absent from their jobs and to increase the amount of evidence available to rule out the coronavirus.
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Previously, he signed a $ 8.3 billion aid package when the coronavirus crisis began in the United States, which has already caused more than 10,000 deaths on the planet.
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Joseph Gagnon, an expert at the Peterson Institute for International Economics, an influential center for economic studies in Washington DC, considers that direct payments to taxpayers are a successful formula for the government to expeditiously reduce the suffering of the population, even if it is not enough. to avoid a recession.
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“Avoiding bankruptcies and foreclosures is the most important thing because if you avoid them, you can have a quick recovery,” Gagnon said. “If you get into bankruptcy, then it all stops and you can’t get back on track quickly.”
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Gagnon and Aguilar agreed that the direct payments to Americans issued by the two pre-Trump administrations (Republican George W. Bush and Democrat Barack Obama) before and during the Great Recession of 2008 were successful.
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In early 2008, Congress approved the proposal Bush to set aside $ 150 billion to finance tax cuts that allowed each taxpayer to pay an average of $ 1,000 to 130 million American households.
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Obama signed the American Reinvestment and Recovery Act in February 2009 ( ARRA which injected $ 831 billion into the US economy.
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The package targeted $ 260 billion to families through mostly unemployment insurance, tax breaks of $ 800 per family, and a one-time payment of $ 250 to 52 million beneficiaries of Social Security, veteran’s pensions and other social programs in the federal government.
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