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The Right Stuff: Remember when Congress was respected?
Many Americans well remember when elected politicians spoke of one another as ladies and gentlemen.
The common description of a political opponent was, “My esteemed colleague.” The embodiment of this relationship was President Ronald Reagan, a Republican, and Speaker of House Tip O’Neill, a Democrat. They served as models for how political leaders can differ deeply on issues and yet work together for the country. Neither man embraced the other’s worldviews, yet each respected the other’s right to hold it. Both were statesmen.
Compare this to the Democratic Party leadership since Nov. 9, 2016, when it declared the “resistance” to President Donald Trump. Though Sen. Chuck Schumer and Rep. Nancy Pelosi voted for billions to erect a fence to restrict illegal immigration under Obama, they for the sake of “resistance” have bitterly opposed any fence as immoral and ineffective.
The Covid Relief Bill Also Raises Taxes on the Rich
A little-talked-about provision in the recently passed measure shines a new light on the often bungled efforts of the past to rein in runaway inequality.
Olivier Douilery/Getty Images
Everybody knows that top corporate executives get paid much more than they’re worth and that ever-rising income inequality is the result. It’s tempting to conclude that the federal government has never tried to do anything about this, but that isn’t quite right. It’s tried a little bit, and it’s failed. An executive-pay tax included in the recently enacted Covid relief bill furnishes a denouement to this sad story.
On March 10, 2021, the House of Representatives passed the version of the
American Rescue Plan Act (H.R. 1319, the “Act”) previously passed by the Senate on March 6. President Biden is expected to sign the legislation on Friday. The Act is intended to, among other things, provide financial support to families struggling because of the pandemic, including a third round of stimulus checks for individuals (up to certain income limits), temporary COBRA and Affordable Care Act (“ACA”) subsidies intended to help people maintain health insurance coverage during the pandemic, and funding for COVID-19 vaccines and testing. The Act also includes a number of other tax and retirement provisions, including extended funding stabilization for single-employer pension plans, financial assistance for certain multiemployer pension plans, and changes to the executive compensation rules. Below, we summarize the key health, tax, and retirement provisions in the Act.