$4,000 'Vacation Credit' Likely To Be Part Of Next Stimulus Package
By Dave Basner
June 16, 2020
Ever since the House of Representatives passed the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act last month, Americans have been wondering what, if any, stimulus might be included in the bill. The House asked for another one-time check for $1,200 to go out to millions of people, but it caused the act to have a $3 trillion price tag, which Republican senators refuse to allow. Now, both sides of the aisle have been debating what, if any, kind of stimulus should go in the act.
Some senators are pushing for Americans to get $2,000 each month, while others think people should just get a tax break. Now, President Donald Trump has his own suggestion. In a roundtable meeting with travel and restaurant industry leaders, he mentioned an "Explore America" idea. A transcript of the meeting shows Trump proposed, "Create an 'Explore America' - that's 'Explore,' right? 'Explore America' tax credit that Americans can use for domestic travel, including visits to restaurants. That's a big deal." It would reportedly allow for a tax deduction of up to $4,000 that could be applied to hotel stays during vacations - even eating at restaurants - if they happen in the next three to six months.
Some kind of stimulus seems very likely, with White House trade adviser Peter Navarro telling CNN that the President is onboard for a deal. Navarro went on to say it will likely cost $2 trillion - which is $1 trillion less than the Democrats want it to be, and $1 trillion more than Republicans want it capped at. If a stimulus package does happen, expect it around the end of the summer as senators continue to find a common ground for one. However, if one does get passed, it is almost definitely going to be the last one.
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