Author Topic: COVID-19 Economic Relief Package  (Read 771 times)

Offline IKN

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COVID-19 Economic Relief Package
« on: March 24, 2020, 04:24:58 PM »
As far as I know at this point, the Federal economic relief package is still stagnated in Congress, but I see a rebound in the markets in anticipation of its passing.
One of the big concerns has been how Big Corps would use or mis-use any of this money they might receive. One big concern was that they'd use it to buy up their own stock during the depressed market prices instead of using it to continue employment and benefits for emplyees.

We already know these corporate boards get a lot of inside knowledge from the politicians in their pockets long before it goes public.
This got me wondering if they might be buying up their own stock BEFORE the announcement and handing out of the money and just use the money from the stimulus package to replace what they'd used to already buy the stock giving them plausible deniability that they didn't mis-use the funds give to them from the government.

Any thoughts on this or anyone know of a way to figure out they did this ?

Offline Chemsoldier

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Re: COVID-19 Economic Relief Package
« Reply #1 on: March 25, 2020, 07:18:34 AM »
Looks like it passed late in the night.

We shall see what is in it as people comb through the text.  I suspect that the Dems managed to shoehorn some but not all of the protections you mentioned in.  I also suspect the Republicans managed to strike some, but not all, of the environmental regulations that the Dems wanted.

It was always going to be a trainwreck of a bill, but I am glad it was passed.  Boy, wouldn't it have been nice if both parties hadnt spent like drunken sailors when they were in charge?  Its like each party has an elaborate and expensive legislative agenda and an equally elaborate plan to pay for it.  Then the other party logjams the plan to pay for it and the majority party wont just shrug and say, "never mind, since we cant pay for it we just wont do it."

Offline Jeremy Downing

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Re: COVID-19 Economic Relief Package
« Reply #2 on: March 25, 2020, 07:38:26 AM »
I'm not seeing how this get's through the house yet. When do they vote? They aren't in session and there is zero chance of it passing by unanimous consent.

Offline IKN

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Re: COVID-19 Economic Relief Package
« Reply #3 on: March 25, 2020, 07:51:22 AM »
Like you said, will probably be a train wreck regardless.
I did see a YouTube video by Hannity on FOX news yesterday evening where they basically threatened to dig out any of the added "Special Interest" crap added and name names as to who put it in.
The wife saw a post of Facebook last night about the New Jersey Democrat who was spilling the beans. I gathered she's one that's up for re-election this fall and her constituents from her district were letting her know they weren't happy.
Don't know if they'd actually do it, but even the politicians know a lot of the people are either scared, pissed, or both.
Either way, it could make for an interesting election this fall.

Offline Chemsoldier

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Re: COVID-19 Economic Relief Package
« Reply #4 on: March 25, 2020, 10:54:20 AM »
https://www.cnbc.com/2020/03/24/coronavirus-updates-congress-gets-closer-to-a-deal-on-massive-stimulus-bill.html

It looks like the house will start talking about it as soon as they receive it, so probably get the final text tonight.  Here is to hoping they can do a unanimous vote.  It sounds like there is enough in it it might just get the unanimous vote.  The various provisions preventing stock buy backs for a year, no bailouts for businesses owned by government officials and checks for nearly all americans seem like it would be fairly attractive to the House Dems.  Not sure they will want to take responsibility for the delay of a renegotiation at this point and the entailed stock market plunge for more wrangling.

Offline LvsChant

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Re: COVID-19 Economic Relief Package
« Reply #5 on: March 25, 2020, 11:59:53 AM »
Just got a message saying that there is an attempt by the Dems in the House to slip in gun control legislation (see H.R. 5717) while our attention is diverted by the pandemic relief bill. Anyone have info. about this question? Apparently this would require a federal firearms license to purchase guns or ammo and add a 30% tax on guns and 50% tax on ammo.

In the first section of the bill, there is this: § 932. License to own firearms and ammunition

“(a) In general.—Except otherwise provided in this section, it shall be unlawful for any individual who is not licensed under this section to knowingly purchase, acquire, or possess a firearm or ammunition.

“(b) Eligibility.—An individual shall be eligible to receive a license under this section if the individual—

“(1) has attained 21 years of age; and

“(2) has completed training in firearms safety, including—

“(A) a written test, to demonstrate knowledge of applicable firearms laws;

“(B) hands-on testing, including firing testing, to demonstrate safe use of a firearm;

“(C) as part of the process for applying for such a license—

“(i) has submitted to a background investigation and criminal history check of the individual, including a background check using the National Instant Criminal Background Check System, to ensure the individual is not prohibited from possessing a firearm under subsection (g) or (n) of section 922; and

“(ii) has submitted a photograph of the individual;

“(D) has not been determined by a court, in accordance with subsection (c)(5), to be unsuitable to be issued a Federal firearm owner's license; and

“(E) is not otherwise prohibited by Federal, State, Tribal, or local law from possessing a firearm.

Here is the link to the text: https://www.congress.gov/bill/116th-congress/house-bill/5717/text?r=1&s=1
« Last Edit: March 25, 2020, 12:09:07 PM by LvsChant »

Offline LvsChant

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Re: COVID-19 Economic Relief Package
« Reply #6 on: March 25, 2020, 12:15:45 PM »
tax increases in the bill:

SEC. 803. Increase in excise taxes relating to firearms.

(a) In general.—Section 4181 of the Internal Revenue Code of 1986 is amended to read as follows:

“SEC. 4181. Imposition of tax.

“There is hereby imposed upon the sale by the manufacturer, producer, or importer of the following articles a tax equivalent to the specified percent of the price for which so sold:

“(1) Articles taxable at 30 percent:

“(A) Pistols.

“(B) Revolvers.

“(C) Firearms (other than pistols and revolvers).

“(D) Any lower frame or receiver for a firearm, whether for a semiautomatic pistol, rifle, or shotgun that is designed to accommodate interchangeable upper receivers.

“(2) Articles taxable at 50 percent: Shells and cartridges.”.

Here is the link to the text: https://www.congress.gov/bill/116th-congress/house-bill/5717/text?r=1&s=1