Tag: u.s senate finance committee
Marco Rubio Introduces Bill to Keep Chinese Military Companies From Accessing American Capital Markets
Rubio’s office noted that the proposal “would prohibit malign Chinese companies — including the parent, subsidiary, affiliate, or a controlling entity — that are listed on the U.S. Department of Commerce Entity List or the U.S. Department of Defense list of Communist Chinese military companies from accessing U.S. capital markets.”
The bill “encourages companies currently producing medical and pharmaceutical equipment abroad to relocate to the U.S.” and “would also enact a tax credit of federal income tax liability for wages and eligible pharmaceutical manufacturing facilities in economically distressed zones, including Puerto Rico.”
With the backing of U.S. Sen. Thom Tillis, R-NC, Rubio introduced the “American Citizen Coronavirus Relief Act" this week, insisting the CARE Act needs to be reformed since it “prohibits U.S. citizens who jointly file taxes with a spouse that does not have a Social Security Number (SSN) from receiving a recovery rebate.”
In March 2019, Rubio teamed up with U.S. Sen. Bob Menendez, D-NJ, to unveil the “Child Tax Credit Equity for Puerto Rico Act” which, the Florida Republican’s office insisted, “would correct a long-standing discrepancy in the federal tax code that denies Puerto Rican families with one or two children access to a tax benefit they would otherwise be entitled to had they lived on the U.S. mainland.”
Last month, U.S. Rep. Bill Posey, R-Fla., introduced the “American Space Commerce Act” which will encourage American space firms to continue to invest in the U.S., including launching from American soil, with U.S. Rep. Charlie Crist, D-Fla., as a cosponsor.
“I’m convinced that without Chinese Communist Party deception the virus would not be here in the United States,” said Graham when he brought out the bill. “China refuses to allow the international community to go into the Wuhan lab to investigate. They refuse to allow investigators to study how this outbreak started."
Graham introduced the “COVID-19 Accountability Act” on Monday and he and other senators showcased it on Tuesday.
Last week, the Internal Revenue Service (IRS) insisted that these expenses could not be deducted. Supporters of the bill insist that was not what Congress wanted when it launched the PPP as part of the $2.2 trillion stimulus package at the end of March.