President Donald Trump hopes to secure payroll tax cuts for those who return to work following the coronavirus pandemic to boost economic recovery, White House Economic Council Director Larry Kudlow said Tuesday.
Dozens of states across the country have already begun the process of reopening, with workers in restaurants, retail stores and gyms returning to their jobs in a limited capacity. Tax cuts aren’t the only economic boost Trump is looking for, however. His administration has also prioritized bringing manufacturing companies back to the U.S. from overseas, particularly for medical supplies.
“We want to help people reinvest in the economy, and then we have offered a payroll tax holiday, so that you can come back to work, those folks will get a higher after-tax wage of 7.6% higher,” he said in a press gaggle on the White House driveway.(RELATED: Obama Officials Said On TV That Trump Colluded With Russia — They Said Otherwise Under Oath)
White House economic adviser Larry Kudlow gives a press briefing about upcoming G7 in the White House in Washington, U.S., June 6, 2018. (REUTERS/Kevin Lamarque)
Congress has already sent trillions of dollars in stimulus money to individuals, workers and companies to support them through the pandemic after shutdowns were implemented across the country in March.
Trump and Senate Republicans are also working with Democratic House Speaker Nancy Pelosi to negotiate a phase 4 stimulus package. Pelosi introduced a $3 trillion bill last week, but Republicans criticized it for including several Democratic policy priorities unrelated to coronavirus. (RELATED: Speaker Pelosi’s Coronavirus Bill Includes Billions For Eligible Illegal Aliens)
“It includes a massive tax code giveaway for high earners in blue states,” Senate Majority Leader Mitch McConnell said during a floor speech Thursday. “It would print another round of checks specifically for illegal immigrants.”