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Trump Seeks Payroll Tax Holiday to Fight Coronavirus Economic Plague

And what a holiday it would be. He has other ideas too, including business tax breaks and some kind of paid sick leave benefit.

According to the Washington Examiner:

President Donald Trump discussed the possibility of zeroing out the payroll tax as a response to the coronavirus outbreak in a meeting with Senate Republicans, three people with knowledge of the conversation said.

Suspending the payroll tax during that time would be a massive tax cut amounting to hundreds of billions of dollars. 

Trump previously discussed a payroll tax cut, but at Tuesday’s Republican Senate lunch he floated the idea of zeroing out the tax altogether, according to the people with knowledge of the discussion. He did not, though, present a specific proposal. 

“The payroll tax holiday is a bold move,” National Economic Council director Larry Kudlow said at a press briefing later Tuesday, without giving details of what Trump is proposing. “It’s a very bold move.”

1 thought on “Trump Seeks Payroll Tax Holiday to Fight Coronavirus Economic Plague”

  1. Payroll tax? What is that?
    It sounds good, but doesn’t make sense. There is a federal income tax, social security tax, and a medicare tax that is deducted from our paychecks, but a “payroll tax” isn’t one of them.
    The employer doesn’t shell out for something called a “payroll tax” either.

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