In: Economics
Congress is currently debating another round of COVID19, or "Cares Act" Funding. At this point it is uncertain what will be in the funding package. What should AND should NOT be included in the next COVID-19 Funding Package? Respond to the below statements
1 Congress should include to all immigrants who have an ITIN and those who are undocumented workers. Congress should also provide them with cash assistance, unemployment and health insurance, since many immigrants with the ITIN also pay state and federal taxes.
2 What should be included in the Covid-19 Funding package is unemployment benefits, and a stimulus check, so it could provide us help through these tough times. What should not be included in the next Funding package infrastructure spending’s
In March 2020 US passed the 2 trillion dollar stimulus bill called CARES Act (Coronavirus Aid, Relief, and Economic Security to reduce the impact of COVID on the economy. On 27th March 2020, the president signed the bill to law. The CARES act addresses the current urgent needs in areas like health coverage, food assistance, state fiscal relief, etc.
What should and should not be included in the CARES Act?
The CARES act must include or address the urgent problem of the economic downturn that is caused due to the COVID spread. The things that should be included in the CARES act should be employment benefits, supporting small and large scale businesses, health benefits for affected families, R, and D in the health field, more funds for healthcare providers, tax rebates, tax credits, and tax deductions. The act should not include the increment of taxes of any manner as it will have a greater burden on the individuals. On the other hand tax concessions and tax, rebates have to be promoted cor the relief of the individuals and businesses.
1. From the reports and articles related to the CARES act shows that immigrants and foreign nationals in the US may be eligible for some or all benefits that the act provides, depending upon the circumstances. It stipulates that individuals who seek the benefits of the act must include an SSN in the federal tax return filing for the taxable year. This is only applicable for foreign nationals with US work authorization and it excludes a huge category of migrant, undocumented laborers. The act doesn't specifically allow applicants to provide ITIN number which excludes nationals who are lawfully present but not authorized to work in the US. The act should accommodate them for health assistance, cash assistance, and health insurance if though unemployment benefits are in question. If certain benefits cant be applied for immigrants, certain benefits have to be catered for the immigrants as many immigrants with ITIn number pay federal taxes.
2. Yes, the CARE act should include unemployment benefits, as the number of people unemployed due to COVID is massive and this will have a downturn in the economy. The questions of expansion of unemployment benefits, who are eligible for these benefits, etc have to be addressed. Significant direct payments or recovery rebates have to be given to low and middle-income families. The unemployment benefits should also try to include low-income households that don't have to file taxes return, immigrant families, undocumented laborers. As a phase 4 expansion, the government has expressed the need to invest in infrastructure that addresses the critical impact and vulnerabilities of the economy due to COVID. The "moving forward framework" is looking for investments nation's roads, bridges, transit systems, railways, airports, ports, inland waterways, wastewater and drinking water, etc. The important factor that should be considered here is the timing and the form of investment because investment have an inflationary effect on the economy. The expansion of the CARES act must include infrastructural needs that are caused due to the pandameic and not otherwise.