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Thread: Dr. Rand Paul's prescription for combating the coronavirus crisis

  1. #1

    Dr. Rand Paul's prescription for combating the coronavirus crisis

    RAND's PLAN...

    One of the alternative solutions I mentioned the other day was similar to what Rand wanted, that creditors could defer payments and get a tax credit for the trouble. I like that Rand is doing good work by not just cry and protesting, but providing good solutions that are favorable (not perfect) to the libertarian ideals.

    First and foremost, we must enact a payroll tax holiday. The FICA tax is the largest tax most Americans pay. It is about 15 percent, split between employer and workers. I want to put a stop to that tax temporarily for BOTH business owners and workers to help both during this time of struggle. That’s a huge boost to everyone’s paycheck and to our overall economy. It would let people keep over $200 billion of their OWN money over the next two months. It would start immediately.

    Second, I want to ensure businesses are not forced into bankruptcy or closure due to new mandates, while also seeking to guarantee that every person who needs assistance is able to receive it. Instead of placing the burden of paid sick leave on businesses already struggling with the virus’ impact, I want to shift the burden to the federal government by expanding the unemployment system to cover the most severely affected and offer immediate leave for those who need it due to the coronavirus. My proposal does this by incorporating reforms from an amendment to Phase 2 offered by Sen. Ron Johnson (R-Wis.) that echoed the changes I have called for and that received strong, bipartisan support, although it unfortunately fell short of passing. The reforms allow for temporary enhancements to states’ unemployment programs, with the federal government afterward picking up the cost of the expansion, so that Americans who cannot work due to the coronavirus are protected. The reforms also remove the waiting period to receive the insurance. I have also added a provision to make self-employed workers eligible for unemployment insurance.

    No one should have to worry about large tax payments right now, which is why I asked the IRS to extend the April 15 payment deadline to July 15, something they’ve done this week. My plan would codify that into law. This would be for businesses, too, so they could focus on staying open or reopening, not on tax filing and payments.

    Finally, I want to encourage all of our well-capitalized banks and lenders to aid their customers at this time by deferring payments on loans, both business and individual. From mortgages to car payments, from small business loans to large lines of credit for business operations, anything we can do to buy time is helpful here. To encourage this, I want to offer a tax credit of up to 3 percent of their corporate tax rate for lenders who postpone payment requirements for 60 days.

    I’m also working with the administration and leaders in medicine and economics to identify regulations and red tape that can be cut, new ideas for supplying the front lines of our medical teams, and anything else that can be done quickly by the federal government to help.
    Last edited by eleganz; 03-20-2020 at 11:34 PM.
    @Ehanced_Deficit's real agenda on RPF is to troll:

    Nobody spends this much time copy & pasting the same recycled links, photos & talking points. Does anybody even know where this troll stands on any issue?

    7 years and 25k posts later, the forum still does nothing & members still think they're replying to real posts

    Know the deceptions of a paid troll HERE (Post #3)

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    Thank you, Rand. I hope you continue to speak into President Trump's ear. You are the one of the people that the President needs on his side. I think he is listening.
    Proverbs 29:18
    "Where there is no vision, the people perish: but he that keepeth the law, happy is he."

    Hosea 4:6
    "My people are destroyed for lack of knowledge: because thou hast rejected knowledge, I will also reject thee, that thou shalt be no priest to me: seeing thou hast forgotten the law of thy God, I will also forget thy children."

    "No one is useless in this world who lightens the burdens of another.” ~ Charles Dickens

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