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I most certainly hope not, but I still have a feeling the trump admin will use this as a reason to ramp up the trade war.

Swish,
Maybe we should take them at their word?
the corps wouldn't take back alley money with no strings attached an fire their people would they?

I mean, from past experience, why would you not trust mitch or mnuchian or trump

No, if they don't change the bill, vote it down until they change it. If they don't want to take out the back alley deals, vote it down-over and over-the WH said yesterday they aren't taking the 500 billion out-then this bill is a non starter-go on Fox and cry about how mean the dems are.


Help the workers and their family's or the corps are on their own-they didn't put their money away or reinvest it-they bought stocks to inflate the bottom line and the stocks went down.

Saw this just now and kinda liked it

Sure, let us pay for the cruise ship companies that do not pay taxes here, dump their sewage and plastic in the oceans, spread the virus around the globe and do not even carry the US flag. Why on earth would they get a slice? Oh, and Casinos getting a cut? No. Give their workers relief but not a red cent for the owners. Oil, gas and coal companies have had their share in the trillions over the years and so they should not get anything now

I like this even better

Any money given to corporations should be capped at what they paid in fed taxes. And those tax filings should be made public, or no money

The airlines and other such big businesses looking for money should get a second job if they’re struggling. They should have saved better. Not eaten avocado toast. Not updated their iPhones to the new iPhone 11. Cancel their cable and Netflix subscriptions. They should pull themselves up by their bootstraps.
At least that’s the American way they sell us.

I hope not too but...

It took the S&P 500 only 22 trading days to fall 30% from its record high reached on Feb. 19, making it the fastest drop of this magnitude in history, according to data from Bank of America Securities.
The second, third and fourth quickest 30% pullbacks all occurred during the Great Depression era in 1934, 1931 and 1929, respectively.

Yeah, but Clem, you're using things like science, people of experience and facts. There's no room for that!

Bro if our infrastructures and systems haven’t evolved enough to avoid a 1929 style depression than we truly do suck as an “intelligent” species. No wonder aliens don’t bother with us.

Clue for you...

We are not an intelligent species. We destroy ourselves all the time. We even killed God for crying out loud!

Maybe Wall Street should start a GoFundMe.
Americans have to do it for medical bills. They can do it for their ‘needs’.

Sure they is,, they can hide all the big corporations that got the money on top of the tax breaks they already received... LOL

Maybe, but as for me, I will still be dipping my toe in this market, buying at these great prices, planning for a year or two from now.

If Corona kills me, I won't miss the Markets.
I won't have needs.
I won't care if Swish is eating grubs from under rocks during the Greatest Depression.

But oh baby, if I live and this Market comes back!!!

'Two $1 Trillion Coins': Rashida Tlaib Proposal Calls on US Treasury to Fund Coronavirus Recovery From US Mint

Tlaib's "Automatic BOOST Act" calls for a universal payout of $2,000 to everyone in the U.S. and $1,000 a month after that.

Progressives on Saturday welcomed news that Rep. Rashida Tlaib is calling on the U.S. Treasury to exercise its power to issue platinum coins to fund the coronavirus recovery, calling the move an example of thinking outside the box and celebrating the universality of her proposal to give everyone in America cash payments.

"I fully support the House Financial Services Committee Democrats #COVID19 economic response proposal," the Michigan Democrat tweeted Saturday. "I also want to encourage leadership to consider my truly universal relief proposal on behalf of #13thDistrictStrong."



"This is a really ambitious and creative plan from Rep. Tlaib taking advantage of ideas that financial experts began exploring during the debt crisis showdowns of the Obama years," tweeted HuffPost reporter Zach Carter.



The "Automatic BOOST to Communities Act" (pdf) would deliver a $2,000 pre-paid debit card to every American, with $1,000 being paid monthly after that until a year after the coronavirus crisis ends. Tlaib proposes to pay for the cost of the program by calling on the Treasury to use its authority under federal law to issue two trillion dollar platinum coins. The move would not add to the debt.

"Tlaib wants to take advantage of an obscure Treasury authority to issue new currency through minting platinum coins, and then give that currency to people," said Carter. "No new debt, no weird Federal Reserve programs, just cash straight to folks."

The bill also uses a broad definition of "every person," including non-citizens, children and other dependents, those in territories and protectorates, and those without bank accounts.

Under the bill, "an emergency corps will conduct a targeted outreach program to at-risk populations (homeless, elderly, etc) to ensure they receive cards, and at the same time perform a wellness check to assess whether they need additional assistance," said Modern Money Network president Rohan Grey, who helped write the bill.

"It's been a thrill to work on this proposal, but it is important to note that while emergency cash relief is critical, it is not sufficient on its own," Grey added. "We need far-reaching debt and expense relief, additional income and benefit protection and expansion, including direct payroll support, repurposing and public ownership of key industry, and direct worker support through a job guarantee that supports emergency and solidarity work, remote work, and begins planning for what the post-crisis recovery looks like."

https://www.commondreams.org/news/2020/0...und-coronavirus

As radical as it is, this makes more sense than anything I've seen out of either party.

Link to bill:

https://tlaib.house.gov/sites/tlaib.hous...es%20Act%20.pdf

I just explained this to my wife while choking back tears on intense laughter.

"Yeah, hon, that way there will be no debt! As ridiculous as it sounds - people we'll believe it... Unfortunately, the biggest roadblock will be arguing over who's face we should put on the imaginary coins."

"How 'bout Mickey Mouse."

Dems just killed the Stimulus Bill in Congress.

Maybe later this week they will have something for America.

In the meantime, try not to die or go broke.

Shame!

The GOP had the bill loaded with corporate welfare which had no restrictions. Even Trump said it should have restriction not allowing them to spend the money on buying back their own stock. The senate isn't even listening to trump.

Maybe later this week they'll have something for America.

Shame!

There were 5 Bipartisan groups who negotiated among themselves and came to a deal. Then those 5 groups came together and negotiated enough votes to pass stimulus.

Then Schumer walked in and Blew the whole thing up!

Platinum coins?
I think using kryptonite instead makes more sense.

The GOP had the bill loaded with corporate welfare which had no restrictions. Even Trump said it should have restriction not allowing them to spend the money on buying back their own stock. The senate isn't even listening to trump.

Maybe later this week they'll have something for America.

Shame!

My bad. Obama had to threaten to use it in 2013, that's when it was talked about in depth.

So, people have a problem with keeping corporations afloat?

Now the Airlines look to be 2 months away from Bankruptcy.
They are forced to layoff a large percentage of their workers as their flights are only 20-30 percent full.

GE, that makes engines for the Airlines has to layoff 10 percent of their workforce, 50 percent of those layoffs are in the Airline Engine area.

Airports must layoff all those workers who maintain the airports and food staff and and and...

Then the Car Rental companies that serve the airports have to layoff.

Cascading effect!

Be thankful you still have the Federal Reserve pulling for us!

What are you missing here? There's a difference in keeping them afloat and using that money to enrich themselves while doing basically nothing that actually helps "keep them afloat".

Trump says he is ‘OK’ with forbidding buybacks as condition of corporate bailouts

https://www.cnbc.com/2020/03/19/trump-sa...e-bailouts.html

You only had a problem when it was Obama bailing them out, right?

Unobtainium

That's it!

Trump is gonna have to step in and put his Hamma down, Hard!

DONALD DUCK ...

The airlines need to park their unused fleet and then use it as collateral to borrow from the banks to keep themselves afloat. Period.
Any relief given out from our tax money needs to flow to us. Period.

They started to negotiate in good faith for the country..Then on Saturday, the repubs told the dems to leave while they work on some stuff and the dems got the bill on Sunday morning.....

it was forwarded to the democrats from lobbyists on K street.

So the repubs had the lobbyists help them finish the bill-not the other half of the party

And the cruise lines and travel industry are not necessary for national security.
Work with the states and lease your ships to keep sick or quarantined people.

Hey get a second job-maybe they should have saved their money

Actually I read somewhere, some of the cruise lines offered to use the ships as hospitals that can bed up to 1000.

Yes and no.


Business does provide the jobs that drive the system.

If people don't have a place to work, it isn't good.

The real irony is that most cruise ships are not even US companies, and don’t pay any US taxes.

Hmmm.........I wonder what the reason for that would be.

Hey the economy was doing great. We all can last a month without a pay check. Let the government duke it out up on Capitol Hill let’s see who wants what. In the meantime tax payers are paying for all the trump’s virus testing in the WH. And we can’t get a test if we want one. Another false promise from trump. Long live the king.

This morning my toe dipping continues to pay off as Boeing is currently at $124.00

https://www.forbes.com/sites/kellyphilli...r/#2a45399e3ceb

This is an article from Forbes this morning of the highlights of the house democrats bill: If you want to read the 1400 page bill, there is a link if you want to read.
Their stimulus check for a family of 5 making under 150k would be $7,500.
Enhanced unemployment checks, special rules for dipping into your 401, lots of other stuff

One area that gets completely looked over is the Cruise ship industry



You Thought The Senate Stimulus Bill Was Huge? House: Hold My Beer
Kelly Phillips Erb
Kelly Phillips ErbSenior Contributor
Taxes

Last week, the Senate introduced what I described as "a massive bill" intended to provide direct economic relief in response to the COVID-19 pandemic. That bill didn't move forward over the weekend. The House responded with "hold my beer." The Senate version of the bill was 247 pages long. But the House Democrats’ version? It's 1,404 pages long. Not a typo. 1,404 pages long.

The House version has been dubbed the "Take Responsibility for Workers and Families Act." You can read it here (downloads as a PDF). But since you probably won't - and neither will many members of Congress - follows are some of the highlights (settle in):

Spending. The first two hundred pages (or so) provide funding for various government agencies, including the Food and Drug Administration and the Bureau of Prisons, for coronavirus programs. In addition to paying the Architect of the Capitol and salaries for Senate Employee Child Care Center, the bill would provide additional funding for the Internal Revenue Service (IRS) "to prevent, prepare for, and respond to coronavirus."

Today In: Taxes

Paid Family Leave. The bill amends (and expands) the Family and Medical Leave Act (FMLA). The bill would apply to private and public sector employees, no matter the size of the employer. Employees who have been on the job for at least 30 calendar days would be entitled to take up to 12 weeks of job-protected leave to respond to the coronavirus. This would include self-quarantines and care for family members. Specifically, employees would be entitled to two full weeks of unpaid leave, and then receive a reduced benefit. Costs to employers would be offset by tax credits.

Paid Sick Leave. The bill would also provide relief for sick employees, again, regardless of the size of the employer. Specifically, eligible full-time employees would be entitled to two weeks of emergency paid sick leave to take care of themselves or family members.

PROMOTED

Medicaid, Medicare, and Private Insurance. The bill would provide additional resources for Medicaid and Medicare. Among other things, tests for COVID-19 would be at no cost to those on Medicaid, Medicare, and private insurance. A special enrollment period would allow uninsured folks to get coverage through the exchanges, and would provide subsidies for those eligible for COBRA.

Unemployment. About a third of the way through the bill (whew), the House tackles unemployment. The bill would provide an "emergency enhancement" or temporary unemployment compensation (UC) of $600 a week for workers eligible for state or federal UC benefits; this would be in addition to regular state or federal UC benefits. Some coverage would also be made available to self-employed individuals, with reduced benefits payable to those entering the workforce.

Housing. This bill would temporarily ban landlords from filing evictions on most renters and would provide financial assistance to renters. Homeowners would be protected, too, with a ban on foreclosures and repossessions, as well as mortgage forbearance, for some time after the pandemic ends.

Debt Collection. Debt collectors would be barred from taking action, including suing in court, against consumers, small businesses, or non-profits for some time after the pandemic ends.

Student loans. Like the Senate bill, the House bill would also provide relief for student borrowers, including those with private loans.

Small Business Loans & Debts. The bill would provide loans to qualifying small businesses, including independent contractors, at zero percent interest if the small business doesn't terminate employees during the pandemic; forgiveness would be available for companies that meet specific hiring criteria. The bill would also extend protections for small businesses who owe debts.

Buybacks. On page 712 (!), we finally get to one of the provisions that reportedly stalled the original bill in the Senate: buybacks. Under this version of the bill, companies would be barred from making stock buybacks until the crisis has ended.

Restrictions on Aid. And on page 727 (!), the House includes language that was another sticking point. Under the proposal, corporations that receive federal aid under the bill would be subject to restrictions including limits on executive bonuses, bans on golden parachutes (excess compensation for executives with separation packages), stock buybacks (yes, again), dividend payments, and spending money on lobbyists.

Current Students. As in the Senate bill, the proposal would allow more flexibility for students who were unable to remain enrolled in school as a result of a qualifying emergency.

Voting. Much has been made of the voting provisions in the bill. The idea is to provide mechanisms for voting in federal elections during a state of emergency, public health emergency, or national emergency, including infectious disease. Considering that I'm trying to figure out how the self-quarantine will allow me to vote in my state primaries, I appreciate the idea. But did we need 60-some pages of voting legislation just now? The House felt that we did.

Federal employee protections. As expected, the proposal provides for federal employees, including telework opportunities and childcare reimbursement.

Aviation Industry Bailouts/Relief. Call it what you want, but the bill would offer relief for those in the airline industry, including airports and small community air service. Contrary to rumor, the bill does not extend similar assistance to the cruise industry (in fact, I believe the word "cruise" appears just once in the bill). On the consumer side, the bill would also prohibit price gouging and would require refunds during national emergencies. And yes, you've already seen the headlines, so you know there are environmental requirements which include mandating airlines who receive federal assistance to fully offset their carbon emissions starting in 2025.

Stimulus Checks. You and I both know why you're really here, but the House makes you wait around for the goods. Stimulus checks don't make an appearance until nearly 1,100 pages into the bill. Under the proposal, the government would provide an "economic assistance amount" to taxpayers. Checks would be more significant than in the Senate proposal, up to $1,500 per adult, or $3,000 for married couples filing jointly, as well as $1,500 per child (sorry, no more than three kids). That would make the base amount for immediate payments $7,500 for a family of five. Checks would start to phaseout for those earning more than $75,000 ($150,000 for joint returns and surviving spouses), but unlike the Senate proposal, there's also an amount for a head of household: $112,500. Checks would be based on 2020 income even though we haven’t yet filed 2020 returns (it’s a head-scratcher). As with the Senate proposal, the check would be treated as an advance against a tax credit. Unlike the Senate proposal, you wouldn’t have to have earned income to get the checks: unemployed individuals still qualify. And as with the Senate bill, checks would not be subject to reduction, offset, or levy.

Earned Income Tax Credit (EITC) and Child Tax Credit (CTC). The proposal would tweak the requirements for the EITC, allowing young adults who are not students with no qualifying children to claim the credit. It would also remove the earned income piece from CTC calculations and boost the value to $3,000 with a more substantial credit ($3,600) for children under the age of six.

Net Operating Losses (NOL). Taxpayers and tax professionals can breathe a sigh of relief that NOL provisions made it into this proposal, too (NOLs are also addressed in the Senate proposal). This bill would allow businesses to carry back losses from 2018, 2019, and 2020 to the past five years. Restrictions would apply.

Payroll Tax Credit. Employers who hold onto employees during the pandemic would be eligible for a refundable payroll tax credit. The 80% credit would offset the employer's share of Social Security taxes up to $10,000 per employee. Limitations apply, including limits on the number of employees (fewer than 1,500 employees) and a requirement that the employer demonstrate certain losses.

Filing Deadlines. As with the Senate bill, the House bill would push off the filing deadline for individual 2019 tax returns to July 15, 2020 - again, moot since the filing deadline was officially extended on March 20, 2020. This bill would also extend the due date for estimated payments for 2020 to October 15, 2020. In other words, there would be no need to write separate checks for the skipped April and July estimated payment dates if the proposal passes.

Special Rules for Retirement Accounts. The bill would allow for tax-favored "coronavirus-related" distributions from individual retirement plans.

RMDs. I just wrote my Senators about this today (yes, really). I've received several emails from readers asking about temporary waivers of RMDs from retirement plans while markets are down. The House proposal would waive RMDs for 2020.

No Inclusion of Certain Over-The-Counter Medical Products As Qualified Medical Expenses. 1404 pages and nary a mention of menstrual care products. I only bring this up because I was perplexed (but I'm not gonna lie, not sorry) to see a provision in the Senate bill that would extend qualifying medical expenses treatment for menstrual products to MSAs, HSAs, HRAs and the like. That didn't make it into the House bill.

No Charitable Contributions Provisions. Also not in this version? Language to move some charitable contributions above-the-line, or suspend the limits on cash donations for individuals. Both were in the Senate bill.

Other Matters. The bill does, however, finish up with about 50 pages of "other matters."

As before, keep in mind that this is just a proposal - and it's my first read of the bill (so please don't send angry emails). It's long: did I mention that? And it’s super, super dense. I slogged through as best I could. And here's my takeaway: This isn't getting through the House and the Senate. So, take this summary with a grain of salt and please (please) don't run out and spend that stimulus check that you don't yet have in hand.

Remember, this bill is in addition to HR 6201, Families First Coronavirus Response Act, which already passed in the Senate. You can read more about the highlights of the bill in our prior coverage here. The President signed the bill into law on March 18, 2020.

It's also in addition to the $8.3 billion emergency health package, passed earlier this month.

Clearly, things are happening at a rapid-fire pace these days. As tax updates become available, we'll keep you updated. Keep checking back for details.

As they should. They have been irresponsible for years and they have their own laws out at sea. The fed owes them nothing!

Because the cruise ships are foreign corporations, not US companies. Most ships are registered from the Bahamas, Panama and other countries where taxes and labor laws are more favorable.

I'm looking for some mutual funds by strong fund managers. Not just any... the ones that have taken the worst beating over the past 30 days.

Anyone with a suggestion on how I can find these?

Republicans, Trump and his cronies want y'all to risk life and limb to get back to your positions as cogs in the great wheel. Rich people need you to save their money while they stay safe, have access to testing, and can get the best medical care in the world. Y'all down with that?