House Speaker Nancy Pelosi (D-Calif.) and Congressional Democrats have re-released their partisan “Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act.
This legislation is a 2,200-page, $2.2 trillion wish list of liberal priorities that are not directly related to the COVID-19 pandemic.
This is the wrong approach for Congress to address the crisis.
ATR Urges a NO vote.
Some key provisions in the bill include:
- Extends the additional $600 unemployment benefit through Q1 of 2021. This benefit is in addition to existing unemployment benefits, creating an incentive for Americans to choose welfare over work.
- Suspends the $10,000 cap on deducting state and local taxes, a proposal that almost exclusively benefits wealthy blue states and does almost nothing to help the middle class.
- Provides almost $500 billion in funding for states, localities, territories, and tribes.
- Expands the refundability of several tax credits, using the tax code to provide direct cash subsidies.
- Retroactively increases taxes on struggling businesses by denying net operating loss carrybacks before 2019.
- Expands Obamacare by creating a special enrollment period.
- Provides $10,000 in student loan forgiveness to public and private loans.
- Provides $15 billion in funding to the United States Postal Service without structural reforms and would require states to accept mail-in ballots received within 10 days of the election.
- Provides $50 million for environmental justice grants.
- Bails out numerous Department of Housing and Urban Development programs and public housing agencies at the state and local level and includes a 120-day moratorium on evictions for nonpayment of rent for a one-year period beginning on the date of enactment of the HEROES Act. Applies to all dwelling units, regardless of whether they are subsidized or backed by a federal mortgage program, and regardless of whether a signed lease is in place.
- Suppresses all negative information for credit reporting and bans new credit scoring models during COVID-19 and major disaster periods. This will punish borrowers who most need access to credit during the health emergency.