My Proposal

2020 March 21

As we settle into cold storage as a People, the question arises, “How to avoid a Depression and get through this best prepared to hit the ground running after the storm passes?” I add my small voice into the maelstrom:

  • Suspend all debt servicing payments (mortgages, rents, consumer debt, student loans, all of it)
  • Suspend the accrual of interest on those debts
  • Every American (citizen and legal resident) to receive $3000 per month until the end of the national emergency
  • Tax that relief in the 2020 tax filings at the tax rate the filer would otherwise pay had the relief not been sent
    • Yes, high salaried earners will take a hit, but are more likely to be able to weather such a temporary reduction in income
    • Yes, low salaried/wage earners may receive a bump, however, they were behind the 8 ball when the economy was “the best ever” just three weeks ago, this situation should not be allowed to bury them
    • Taxing it in this way will allow some of the funds to be recovered from high salaried earners as they are less likely to need it
    • Taxing it in this way will prevent low salaried/wage earners from being moved into a higher tax bracket than had this relief not been provided

 

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