President Trump said his administration will discuss a possible payroll tax cut with the U.S. Senate to respond to the outbreak of coronavirus.
President Trump said Monday his administration would discuss a possible payroll tax cut with the U.S. Senate, saying they would seek “very substantial relief” for the economy, which has been roiled by the outbreak of the novel coronavirus.
“I will be here tomorrow afternoon to let you know about some of the economic steps, which will be major,” Trump said.Pressure has been growing on Trump to take more decisive action in response to the coronavirus, as the number of cases in the U.S. and worldwide continues to grow. U.S. stocks plunged more than 7.5% on Monday — the worst day on Wall Street since the financial crisis, as a full-blown oil price war rattled financial markets already on edge over the outbreak.
Republicans in Congress have begun floating their own ideas but had been waiting to hear from Trump before making specific proposals.The idea of cutting payroll taxes has been gaining traction in Congress among some GOP lawmakers. But it’s drawn objections from Democrats, including Rep. Richard E. Neal , chairman of the tax-writing Ways and Means Committee.
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