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

Trump floats payroll tax cut, other financial relief amid coronavirus outbreak
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  • President Donald Trump on Monday said he will be meeting with Senate and House Republicans on Tuesday to discuss “a possible tax relief measure” to 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.
  • The potential tax incentives come on top of an $8.3 billion spending package President Trump signed last month.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 choose to 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.”

Source: CNBC

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