Editor, The Beacon:
Trump’s tax cut cost $2.3 trillion, and the huge majority of it went to America’s wealthiest at the top (and to large corporations, where they used the money to buy back their own stocks).
Biden’s COVID relief bill (signed by the president March 11) cost $1.9 trillion (that’s $400 billion less than Trump’s gift to the rich). Yet no Republicans voted for this COVID bill because it was “too expensive.”
These are the largest beneficiaries of the Biden COVID relief plan:
• cash payouts to citizens who earned less than $75,000, and temporary extensions of unemployment coverage;
• grants and forgivable loans to small businesses;
• funding to community health centers and hospitals, for vaccines and treatment, including a $20 billion set-aside for veterans;
• food banks and child nutrition supplements;
• and $400 billion in grants to state and local governments to help with the costs of COVID response efforts, as well as grants to K-12 schools to cover their COVID costs.
The Biden bill also included loans to big corporations to help weather the COVID storm, particularly to help support employee wages at airlines.
But any company receiving one of these loans is prohibited from using it to buy back their own stocks during the term of the loan.
The differences between the two plans explained above — Trump and Biden — clearly sum up the respective priorities of the two political parties.
Which makes the most sense to you?