Trump Demands Payroll Tax Cut For Next Stimulus Bill
President Trump has thrown an unnecessary wrench into the next coronavirus stimulus package negotiations by demanding that it include a payroll tax cut. Earlier in the week, his advisor, Stephen Moore, foreshadowed Trump’s red-line. “High-ranking White House officials have told me that we will not sign a phase four deal without a payroll tax cut,” Stephen Moore, a White House economic adviser, told The Washington Post. “I have talked to several high-level people in the White House who said the president will not sign [the legislation] if it does not include a payroll tax cut.” Trump confirmed this view, although in his usual equivocal way, during an interview with Chris Wallace, saying, “I would consider not signing it if we don’t have a payroll tax cut.”
Payroll Tax Cut Are Effective, But Not Against Coronavirus Crisis
Republicans and Democrats alike have been lukewarm on a payroll tax holiday and for good reason. It’s an ineffective, policy tool that isn’t well suited for the current crisis. Continue reading.