Wall Street, financial experts call for major stimulus package despite concerns over tax increases

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There are theories but no tablets of stone to guide economists as the nation struggles to emerge from the COVID-19 shutdown. Republicans urge tax cuts and limited stimulus while Democrats push for trillions in additional government spending.

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, a Kentucky Republican, said he can't sell such a bill to his members, and called for a package of about $500 billion.

Service jobs, including retail, restaurants and leisure, are likely to recover quickly if the public accepts coronavirus vaccines now being tested as safe and millions receive shots. The Federal Reserve has said it plans to keep interest rates low for the immediate future to encourage business investment and consumer spending, which represents about two-thirds of the U.S. economy.

But economists at the Hoover Institution concluded that Biden's tax plan would mean 4.9 million fewer jobs, reduce median household income by $6,500, trim $2.6 trillion from the GDP by 2030 and reduce consumption by as much as $1.5 trillion in that year alone. Many economists have noted that the coronavirus pandemic has pummeled workers at the lower end of the economic scale while leaving those at the higher levels generally untouched.

Asked last week by ABC News at a Town Hall event if it's smart to increase taxes on high earners and companies as the economy struggles to recover from the coronavirus pandemic, Biden said,"Absolutely." The Institute said that the effect of interaction of taxes at all levels should be taken into consideration when evaluating federal tax policy.

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Waiting for the day when we (liberals + conservatives) can join forces to chuck these losers into the Atlantic.

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