He views the payroll tax cut as one way to accomplish that while also providing the middle class and certain types of businesses with a temporary tax cut. Behind-the-scenes, his administration separately has been working on a tax cut 2.0 package that would offer additional tax relief to middle class families heading into the 2020 re-election.
“A payroll tax cut might be the correct response to an economic downturn, but it is far too broad to have a significant impact on the source of this potential crisis. It might help the stock market in the short run but it will be expensive,” said Paul Winfree, the former Deputy Director of the Domestic Policy Council in the Trump White House. “Furthermore, it won’t help people who either can’t work because they’re home sick or are caring for someone who is sick.
Mnuchin and Kudlow will head to Capitol Hill this afternoon to meet with Senate Republicans at their weekly policy lunch, where they’ll present the ideas for Trump’s fiscal stimulus package. Aides are well aware of the potential reticence toward the stimulus measures, especially the payroll tax cut, and they say the size and scope of any package will ultimately depend on the feedback they receive from members of Congress, including Democrats.
Top economic officials have been working a menu of economic measures to offset the damage caused by coronavirus for the last two weeks at the Treasury Department and inside the White House. Other options under discussion have included tax deferrals for companies whose business has dropped amid coronavirus fears.
Where’s the money coming from?
If anyone does not want the extra money please don’t accept it. Fill out a new W-4- (it takes all of 5 minutes.) Have extra federal taxes withheld to offset it. Done. Thanks
Perhaps because it is insulting to think we don't know how stupid this is.
He's pushing too fast on a program that is destined to fail before it gets released, and even more so after being released. The Trump Administration, as well as the GOP are all 'grasping at straws' as the economy & the stock market are both in a freefall. We'll all pay for this!
He already ballooned the deficit by a trillion and interest rates are rock bottom. Where is this big stimulus going to come from?
What does a payroll tax reduction do for the worker?
GOP hypocrites opposed Obama stimulus. i thought stimulus doesn't work! (in fact this one won't, because GFC was a demand shock and coronavirus and supply shock).
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