Welcome back to Human Capital! This week starts with Democrats unveiling a new $3 trillion stimulus package, but Rep. Kevin Brady, R-Texas, ranking Republican on the tax-writing House Ways and Means Committee, isn’t having it.
What Brady does want to see: a reopening of the economy and quick remedies to help Americans shore up their retirement savings.
“I don’t know if there will be a fifth emergency aid bill,” Brady said on a Tuesday Zoom webcast held by the American Council for Capital Formation. “I know this [Democratic plan] is not the way to go about it.”
Keep scrolling to read more on Brady’s take on how the economic reopening should unfold as well as his support for a Retirement 2.0 package.
The Democratic aid bill, slated for a Friday House vote, includes such measures as making expenses covered by forgiven Paycheck Protection Loan funds tax-deductible, providing student loan aid, making an additional round of $1,200 payments, extending federal unemployment benefits and providing employers tax breaks for keeping workers on the payroll, along with suspending the cap on state and local tax, or SALT, deductions for two years.
Brady, however, argued the bill is “filled with far-left proposals that have no chance of becoming law.”
House Speaker Nancy Pelosi’s bill “is a recipe for a prolonged recession,” he said in a statement, “with virtually nothing to get the jobless back to work, while Democratic special interests and millionaires get a windfall.”