Trump Pitches New Tax Cuts To Balance Coronavirus Impact

Despite what some mainstream media outlets are reporting, President Trump is doing everything he can to protect Americans from the Coronavirus.

This includes protecting their wallets from the financial impact of the Coronavirus outbreak with a new “very substantial” payroll tax cut, Reuters reports.

Trump announced the cut at the White House on Monday, telling a group of reporters that he was already pitching the cut to Congress.

“We’ll be discussing a possible payroll tax cut or relief, substantial relief, very substantial relief, that’s a big number,” Trump told the group.

“We’re also going to be talking about hourly wage earners getting help so that they can be in a position where they are never going to miss a paycheck. We’re going to be working with companies, small companies [and] large companies, so that they don’t get penalized for something that’s not their fault,” the president continued.

“It’s not our country’s fault,” Trump added, referencing the Coronavirus outbreak. “This is something we were thrown into and we’re going to handle it. We have been handling it very well.”

Citing unnamed officials, CNBC reports details of both the payroll tax cut and the hourly wage relief are still being worked out:

The president’s schedule for Tuesday includes a 5:30 p.m. ET media briefing for his coronavirus task force.

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In addition to the potential payroll tax cut, which faces skepticism from Senate Republicans, Trump also said that the administration would work with travel industry players, such as airlines and cruise lines, as travel restrictions and fears stemming from the outbreak take a toll on them. American Airlines on Tuesday, for instance, slashed international and domestic flights as demand craters.

Wage relief for hourly workers is also under discussion, but it would require big federal spending and there are no details about how such a policy would work, an official said.


Trump on Friday signed an $8.3 billion spending package aimed at supporting states and researchers.

Treasury Secretary Steven Mnuchin and Larry Kudlow, the president’s top economic advisor, are slated to head to Capitol Hill on Tuesday to brief Senate Republicans on some ideas and try to get a sense of what is possible.

“The president has a strong point of view, and he’s looking forward to Senate reaction to that perspective,” a senior administration official said.

Watch his comments below:

Watch more from the Coronavirus Task Force press briefing below: