Tucked away in the 5,593-page spending bill that Congress rushed through on Monday night is a provision that some tax experts call a $200 billion giveaway to the rich.
It involves the tens of thousands of businesses that received loans from the federal government this spring with the promise that the loans would be forgiven, tax free, if they agreed to keep employees on the payroll through the coronavirus pandemic.
But for some businesses and their high-paid accountants, that was not enough. They went to Congress with another request: Not only should the forgiven loans not be taxed as income, but the expenditures used with those loans should be tax deductible.
“High-income business owners have had tax benefits and unprecedented government grants showered down upon them. And the scale is massive,” said Adam Looney, a fellow at the Brookings Institution and a former Treasury Department tax official in the Obama administration, who estimated that $120 billion of the $200 billion would flow to the top 1 percent of Americans.
The new provision allows for a classic double dip into the Payroll Protection Program, as businesses get free money from the government, then get to deduct that largess from their taxes.
“Members of Congress have not read this bill. It’s over 5000 pages, arrived at 2pm today, and we are told to expect a vote on it in 2 hours,” Representative Alexandria Ocasio-Cortez, Democrat of New York, tweeted on Monday. “This isn’t governance. It’s hostage-taking.”
Buried in Pandemic Aid Bill: Billions to Soothe the Richest [NYT]
…stopped clock…twice a day…yadda yadda
https://www.washingtonpost.com/politics/2020/12/23/trump-stimulus-whats-next
…doubtless his petulant-ness wasn’t objecting to it for the reasons a decent person might…nor with this one
…but all the same
President Trump might not realize it, but he just handed Democrats a big weapon to wield against the two Republican senators running in the Georgia runoffs.
By abruptly calling for $2,000 stimulus checks on Tuesday night, Trump inadvertently exposed core truths about the consequences of continued GOP control of the Senate — ones that Republicans are working to conceal — and about the post-Trump Republican Party in general.
[…]
Trump’s threat not to sign the deal makes a government shutdown more likely, and it puts congressional Republicans who supported it in a terrible spot. As one GOP observer noted, Trump “just pulled down the pants of every Republican who voted for it.”But this also gives Democrats a strong argument against Georgia’s GOP senators, Kelly Loeffler and David Perdue. It demonstrates, once again, that the only real obstacle to more generous economic assistance is the Republican Party.
Trump detonates a truth bomb in the Georgia Senate races [WaPo]
…there look to be some valid objections to be made to that thing
https://www.washingtonpost.com/business/2020/12/23/jobless-claims-trump-stimulus
Even with new federal aid on the way, many Americans face a holiday of tough choices, trying to celebrate while dealing with pressing needs.
https://www.nytimes.com/2020/12/23/business/economy/economy-christmas-holidays.html
…this asshole, though?
https://www.theguardian.com/us-news/2020/dec/23/america-trump-presidency-final-months
Trump Pardons Two Russia Inquiry Figures and Blackwater Guards [NYT]
https://www.nytimes.com/2020/12/23/us/politics/trump-pardon-manafort-stone.html
In Iraq, Trump’s Blackwater pardons meet with cynicism, fatigue [WaPo]
…if it wasn’t for fucking mitch that guy might actually be the literal worst…no wonder his “best people” have one foot out the door
On Wednesday, Mr. Barr will slouch out of the cabinet with his ethical compass shattered, his reputation soiled and his dignity in flames. For fans of democracy, his departure should be met with rejoicing.
[…]
Of course, none of these underlings are likely to come close to the boss in executing a graceless, puerile, destructive exit. As the clock ticks down, the president is furiously casting about for a way to cling to power — Anyone up for a Christmas coup? — even as he works to divide and weaken the nation that has fired him. If he can’t have his way, he’s up for smashing as many toys as possible on his way out.So much for Mr. Trump — or his people — ever growing into the job.
Trump’s Team Eyes the Exits [NYT]
…& speaking of hypocrites
…can you blame them, though?
…they done fucked that shit up but good so they know how bad it is for folks, after all…it’s full of shit like this
https://www.washingtonpost.com/technology/2020/12/23/anti-vaxx-covid-vaccine
…just like the assholes still flogging this dead horse know the fucking thing flatlined before they started
…but with friends like these…who am I kidding…none of these fuckers know what friends are
Fox News management failures invited legal threat from Smartmatic [WaPo]
…so
…let’s hope for some glad tidings, I guess?
https://www.washingtonpost.com/opinions/2020/12/23/trump-may-be-fading-faster-than-you-think
…lord knows they’re about due
i came across this particular bit of fucked up this morning
https://www.washingtonpost.com/nation/2020/12/24/covid-patient-praying-killed-california/
i swear the crazy people are crazier than usual this year
#JFC!!!
#JMFGDC
…what the actual fuck?
…that is tragic & batshit crazy in approximately equal proportions
Maybe I’m being too suspicious by lumping this in with the kind of statement like “the suspect made a movement that was judged a threat before he was shot” but I am kind of leaning toward the prayer not really being the issue here.
well yeah…the issue was being stuck in a room with someone who’d brain you with an oxygen tank
but also as they charged him with a hatecrime i guess its racist nutcase as usual
I’ve got no more outrage to give.
I’m going to take a pile of yarn, a box of wine, the cookie tray my neighbor sent over, the cat and the 3lbs of fudge I have no hope of distributing and head for the blanket fort.
See you on Monday, happy, merry.
That’s an excellent plan @Sedevilc!
…that might be a better plan than I have…but I do promise not to unload a ton of miserable links tomorrow, if that’s any help?
I like the links – never apologize for keeping your faithful readers in-the-know.
…thanks for that…but I think we all deserve a day off for christmas…tidings of joy & all that?
by way of apology for the first comment?
Last Armageddon Update before Xmas, it’s a miracle!
aaaaaaand subscribed
cheers mate 🙂
Now if we can get the whole crime family inside, I will definitely have the highest bid!
https://philadelphia.cbslocal.com/2020/12/16/atlantic-city-to-auction-spot-to-push-demolish-button-to-blow-up-trump-plaza-casino/
I don’t understand why 5000 page bills are allowed, ever. No one can read that and no one is going to agree on what is inside. Why don’t they vote on things one at a time?
…damn good question…to which, sadly, the answer is probably that too many are too attached to the benefits of attaching shitty riders to the coat-tails of otherwise defensible legislation
…those are some rich pickings that pork up bills…so it would likely be a boon to the taxpayer if legislation had some sort of “this isn’t about that” line in the sand…but I guess I won’t be holding my breath?
i dont understand why voting on shit you havent read is allowed
seems irresponsible
always kinda figured part of being a politician was being well informed before making decisions
clearly im still clinging on to some of my childhood naivety
obviously you don’t follow American politics. Our republicans and many democrats only do things they are paid to do by lobbyists, many who actually write these bills.
oh no..i follow them… not exactly by choice
i just dont understand them..lol
nobody does…especially those that rely on these fuckheads doing the right thing!
It’s sort of an interesting byproduct of the “too much money in politics” thing — they are expected/obligated to spend more time fundraising than legislating. Moreover, they’re not actually allowed to try to find a middle ground (generally more GOP than Dems, but them too on some things) that might actually work and instead everyone has to throw everything in and hope there isn’t a poison pill hidden in Appendix Z that your Tea Party/liberal opponent will use to destroy you in the next election cycle.
At least the Canadians know how to pardon…
https://www.thebeaverton.com/2020/12/trudeau-announces-stars-of-schitts-creek-can-now-commit-any-crime-without-penalty/
That is so lovely and a perfect Xmas present.
Poor Sarah Levy can still get busted though.
oh look oppo is doing a FYCE too.. oppo style…lol
https://opposite-lock.com/topic/3741/let-s-build-something-giant-lasagna-edition
(i actually asked for permission to crosspost a few hours ago….but as theres been no answer yet…i figure its better to beg forgiveness than to wait for permission…)
(yeah i got fucking impatient…sue me…its too good not to share…)
oh hey….i actually had permission
stupid notification system i dont understand…lol
I know they cross post Fur Face Friday so it’s probably okay.
they have several fur face fridays every friday nowadays..its a bit of a free for all