Donald Trump wants payroll tax holiday to be waived through elections

Bloomberg Washington | Updated on March 11, 2020

Donald Trump, US President   -  Bloomberg

The Democrats have expressed reluctance about a tax cut to address the economic impact of coronavirus

United States President Donald Trump told the Republican senators on Tuesday that he wants a payroll tax holiday through the November election so that taxes wont go back up before voters decide whether to return him to office, according to sources.

Trump spoke to the Republicans at their weekly conference lunch at the Capitol as his administration prepares a package of economic measures to combat the fallout from the coronavirus outbreak.

The Democrats have expressed reluctance about a tax cut to address the economic impact of coronavirus and several Republican senators also held back from endorsing the idea before Trumps visit to the capitol.

Senate Democratic leader Chuck Schumer said the government should focus on guaranteeing paid sick leave for workers who are infected and extending unemployment insurance for people put out of work.

Trump promised Monday to announce substantial economic assistance at a news conference on Tuesday, but administration officials have said they are still working out the details.

Trump also pitched Republican senators on economic relief for the travel and hospitality industries, which have been hard-hit by coronavirus-related cancellations, said Senator Lindsey Graham.

Graham, a South Carolina Republican, said reaction to the idea of waiving payroll taxes was mixed.

The payroll tax, as a general stimulus -- I’ve got to think about that, he said.

Graham said that his colleagues John Hoeven of North Dakota and James Lankford of Oklahoma suggested a federal bailout for the shale drilling industry, which is under sudden stress due to an oil price war between Saudi Arabia and Russia.

Published on March 11, 2020

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