Trump, GOP Lawmakers To Propose Payroll Tax Cut To Combat Coronavirus Economic Fallout
President Donald Trump on Tuesday will unveil an economic relief package to help Americans who are bearing the economic brunt of the coronavirus.
Trump made the announcement Monday as he, Vice President Mike Pence, who leads the administration’s coronavirus task force, and public health officials briefed the media on the latest developments in the fight against the virus.
“We are going to take care of, and have been taking care of, the American public and the American economy,” Trump said, adding that discussions with Senate Majority Leader Mitch McConnell and House Republicans would include “a possible payroll tax cut or relief, substantial relief — very substantial relief. That’s a big — that’s a big number.
“We’re also going to be talking about hourly wage earners getting help so that they can be in a position where they’re not going to ever miss a paycheck,” Trump said.
“We’re going to be working with companies and small companies, large companies — a lot of companies — so that they don’t get penalized for something that’s not their fault,” the president said, indicating that he expected an announcement about the package will come Tuesday.
“It’s not their fault, it’s not our country’s fault,” Trump said.
“This was something that we were thrown into and we’re going to handle it, and we have been handling it very well. The big decision was early when we shut down our borders. We’re the first ones ever to do that. We’ve never done that in our country before. Or we’d have a situation that would be a lot more dire.”
Trump said the economic package will be extensive.
“Also, we’re going to be seeing Small Business Administration and creating loans for small businesses. We’re also working with the industries, including the airline industry, the cruise ship industry — which, obviously, will be hit. We’re working with them very, very strongly,” he said. “We want them to travel. We want people to travel to certain locations and not to other locations at this moment. And hopefully that will straighten out sooner rather than later.
“But we’re working with the industries, and in particular those two industries,” Trump said. “We’re also talking to the hotel industry. And some places, actually, will do well, and some places probably won’t do well at all. But we’re working also with the hotel industry.
“But the main thing is that we’re taking care of the American public, and we will be taking care of the American public.”
During the news conference, Pence indicated that the need to help workers has been shared by many state governors.
“One of the things that I informed the president that I’ve been hearing from governors is the concern about hourly wage earners in this country feeling that they had to go to work, even if they were ill,” Pence said.
“And the president has tasked this economic team, and is working already with leaders in the Congress, to make sure that anyone is not — feels that they’re at risk of losing their job or losing a paycheck because they may contract the coronavirus.
“When we tell people, ‘If you’re sick, stay home,’ the president has tasked the team with developing economic policies that will make it very, very clear that we’re going to stand by those hardworking Americans, stand by those businesses large and small, and make it possible for us, as the president said from the very beginning, to put the health of America first,” Pence said.
Treasury Secretary Steve Mnuchin later said that Trump has a range of options he can implement through the executive branch, while others may need congressional approval.
“Our primary focus is there are parts of the economy that are going to be impacted, especially workers that need to be at home — hardworking people who are at home under quarantine or taking care of their family,” he said.
“We’ll be working on a program to address that,” Mnuchin added.
“We will also be working with small businesses who need liquidity through SBA programs. We’re looking at alternatives at the IRS. We have large tax payments coming up of providing certain relief to companies and individuals for liquidity.
“So the president is 100 percent committed that we will provide whatever tools we need, that the economy will be in very good shape a year from now. This is not like the financial crisis where we don’t know the end in sight. This is about providing proper tools and liquidity to get through the next few months.”
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