Senate GOP prioritizes business tax cuts in coronavirus stimulus package
Senate Republicans released their "phase three" coronavirus economic stimulus package on Thursday in a follow-up to Wednesday's package.
The Senate passed an initial package on Wednesday, which originated in the Democrat-led House and included paid sick leave, unemployment benefits, free COVID-19 testing, and other food and medical aid. But Thursday's proposal walks back some of those actions by putting stricter limits on who can use that paid leave. It also includes loans for small businesses of up to $10 million, a lift on excise taxes for airlines, and a variety of tax cuts and adjustments for businesses.
The bill promises up to $1,200 in "recovery rebates" to individual Americans who made no more than $75,000 and $2,400 to joint filers who made no more than $150,000 as of their 2018 tax return. For every $100 a person makes over those limits, $5 will be deducted from that amount. GOP negotiators, including Sen. Lindsey Graham (R-S.C.), had held firm on the $75,000 threshold as of Thursday.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Democrats will still have a chance to negotiate to modify the deal, but it'll likely have President Trump's support. By the end of Thursday, the U.S. had reported 11,200 cases of coronavirus and at least 166 deaths, ABC News reports.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.
-
Today's political cartoons - December 22, 2024
Cartoons Sunday's cartoons - the long and short of it, trigger finger, and more
By The Week US Published
-
5 hilariously spirited cartoons about the spirit of Christmas
Cartoons Artists take on excuses, pardons, and more
By The Week US Published
-
Inside the house of Assad
The Explainer Bashar al-Assad and his father, Hafez, ruled Syria for more than half a century but how did one family achieve and maintain power?
By The Week UK Published
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published
-
Bitcoin surges above $100k in post-election rally
Speed Read Investors are betting that the incoming Trump administration will embrace crypto
By Peter Weber, The Week US Published
-
Enron mystery: 'sick joke' or serious revival?
Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
By Peter Weber, The Week US Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published