Trump floats payroll tax cut, other financial relief amid coronavirus outbreak

President Donald Trump on Monday said he will be meeting with Senate and House Republicans on Tuesday to discuss “a possible tax relief measure” that would provide “a timely and effective response to the coronavirus.”

“We are to be meeting with House Republicans, Mitch McConnell, and discussing a possible payroll tax cut or relief, substantial relief, very substantial relief,” Trump said at a press briefing with coronavirus task force members.

Payroll taxes put more money into the pocketbook of workers but some economists have questioned whether typical stimulus measures will work during the coronavirus crisis, when many may stay at home. That means, even with more money, Americans may not be spending it at restaurants or the movies. 

Trump also said the group will be discussing getting hourly wage earners help, “so they can be in a position where they’re not going to miss a paycheck.”

Many lawmakers have been pushing for paid time off to allow workers who are sick – or who may be sick – the ability to stay home without adding financial hardship. 

The potential tax incentives come on top of an $8.3 billion spending package Trump signed on Friday. The package was aimed in part at supporting research for vaccines and helping support states that are battling the outbreak.

Trump also added that the White House will work with the airline and cruise ship industries in response to the outbreak. 

With airline bookings cratering, advisors in D.C. and on Wall Street had widely expected Trump to step to save companies critical to the economy like United Airlines, Delta and American Airlines.

Cruise lines have also taken a hit. The government on Sunday warned that older adults and travelers with underlying health issues should avoid cruises, adding further pain to the already struggling industry.

“We are

Read More
Close