Home>Articles>Pallotta calls for war bonds, temporary tax deduction expansions to blunt COVID-19 economic harm

Former investment banker Frank Pallotta.

Pallotta calls for war bonds, temporary tax deduction expansions to blunt COVID-19 economic harm

By Nikita Biryukov, March 23 2020 3:29 pm

Republican House candidate Frank Pallotta on Monday called for the government to issue war bonds and lift restrictions on two tax deductions to blunt the economic harm caused by COVID-19.

“Desperate times demand desperate measures,” he said. “If this truly is a war against a virus and the President is a wartime president; then floating a ‘War Bond’ is both appropriate and entirely necessary.”

Pallotta, a former investment banker, proposed that $10,000 cap on the state and local tax deduction be removed for 2019 and 2020.

Under the proposal, those who have already filed their taxes for 2019 would be allowed to restate their tax returns.

He also called for the reinstatement in full of the line item charitable deduction for 2020.

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