Trump says he will seek payroll tax cut, relief for hourly workers as part of coronavirus economic package

[Mileage Psycho]

Who cares about debt?

Hey guys I remember when many here said Obama was going to turn us into Greece, this motherfucker makes Obama look like a piker when it comes to the debt.

Quote

 

Trump says he will seek payroll tax cut, relief for hourly workers as part of coronavirus economic package

President Trump said on Monday that he will ask Congress to cut payroll taxes and provide relief to hourly workers suffering from the economic fallout of the coronavirus, a sign that the White House’s fiscal response to the growing crisis is beginning to take shape.

His comments came after senior aides presented him with a list of options they thought could help deal with the economic problems caused by the outbreak. Trump also said he was seeking to provide assistance to the airline industry, hotels, and the cruise industry, which are all suffering as Americans rapidly cancel travel plans.

“We are going to take care of and have been taking care of the American public and the American economy,” Trump said.

The announcement came on a day when the Dow Jones industrial average fell more than 2,000 points and pressure rapidly builds on federal policymakers to address the growing economic impact of the outbreak. 

The discussions have accelerated as congressional leaders said they are considering their own legislative remedies to address the economic turmoil. Congressional Democrats are discussing how to propose paid sick leave as part of new legislation.

Congressional Republicans, though, were largely mixed about how to proceed. Senate Finance Committee Chairman Chuck Grassley (R-Iowa) is looking at possible tax code changes to address the economic turmoil, a spokesman said, but a number of other Republicans expressed reservations about rushing to make changes that could be seen as one-time “stimulus.”

The list presented to Trump included deferring taxes on specific industries hit by the coronavirus downturn, such as the hospitality and travel industries, as well as a “cashflow injection” for small businesses through the Small Business Administration. Many of the ideas would likely require congressional approval and it is not clear to what extent they would be supported on a bipartisan basis.

The officials spoke on condition of anonymity and would not give more details about other options under consideration. The White House has faced intense pressure to arrest falling markets and stabilize an economy that investors increasingly fear may tip into recession. Many Democrats, meanwhile, are insisting that the government implement paid sick leave policies to help Americans who are forced to stay home because they are sick.

White House officials have also discussed providing funds that would be targeted to help areas of the country particularly hit by the coronavirus downturn, according to one person who recently spoke with senior aides and spoke on the condition of anonymity to discuss private deliberations. Among the other options that have been discussed are a payroll tax cut to provide financial relief to American firms, as well as a cut to tariffs with China that some close to the White House believe slow down the economy. Last week, the Washington Post reported that White House officials were looking at deferring taxes for the airline, travel, and cruise industries.

Stock markets tanked on Monday in one of their worst days in years, with Dow Jones industrial average falling as much as 2,100 points. The White House National Economic Council and Treasury Department have for 10 days been discussing potential measures to respond to the coronavirus’s damage to the economy.

White House officials have also invited senior bank executives to meet this week to discuss the economic turmoil, though it’s unclear what agenda the Trump administration might bring to the gathering. Goldman Sachs CEO David Solomon is expected to attend the meeting, among others.

Congress last week passed an $8.3 billion emergency spending bill that focused on medical and public health needs caused by the coronavirus outbreak, but Democrats are already working on a new bill that would seek to address the economic problems that are rapidly expanding.

House Speaker Nancy Pelosi (D-Calif.) plans to meet Monday evening with key committee chairs to discuss the planning, which includes efforts to lock in paid sick leave benefits for certain workers.

Rep. Rosa DeLauro (D-Conn.), a senior member of the House Appropriations Committee, told reporters on a conference call Monday that Congress should move forward quickly.

“I believe that this is precisely the direction we need to go in. There are the economic consequences from the crisis that are of equal concern as responding on the health care side,” DeLauro said.

“Everybody is trying to move at warp speed,” DeLauro said, although the timing, price tag and exact contours of any legislative response is uncertain.

DeLauro has introduced legislation mandating 14 days of paid sick leave in the case of an emergency health crisis such as coronavirus, noting that most workers -- especially low-wage workers -- have no paid sick leave and thus would face difficulty complying with medical quarantine advice.

Pelosi and Senate Minority Leader Charles E. Schumer (D-N.Y.) laid out a list of priorities in a statement released Sunday night, including enhanced unemployment insurance; expanded food stamps and school lunch programs; widespread and free coronavirus testing; and anti-price gouging provisions.

Grassley, meanwhile, is looking at “targeted tax relief measures” with the aim of providing a “timely and effective response to the coronavirus,” a spokesman said Monday.

Committee spokesman Michael Zona said Several options under the committees jurisdiction were being reviewed as they learn more about the impact on specific industries and the economy as a whole.

He did not specify what the measures might be.

Industries including airlines, cruise ships and hotels have been hard hit by the virus and seeking relief from Congress and the White House.

Trump has previously floated a payroll tax cut in response to the crisis, a measure Larry Kudlow, the president’s top economist, suggested last week could be ineffective. Trump continued to downplay the danger posed by coronavirus with several tweets on Monday, even as the stock market fell precipitously.

The president celebrated sharp decline in oil prices, which investors fear signal a deflationary sell-off in a bidding war between major oil-producing nations. “Good for the consumer, gasoline prices coming down!,” Trump said about the decline, which experts warn could foreshadow a recession.

Trump also said on twitter: “Saudi Arabia and Russia are arguing over the price and flow of oil. That, and the Fake News, is the reason for the market drop!”

https://www.msn.com/en-us/news/politics/trump-says-he-will-seek-payroll-tax-cut-relief-for-hourly-workers-as-part-of-coronavirus-economic-package/ar-BB10WRNi

 

 

[Ez ryder]

lol well now the naritive of he only gives tax  breaks to his wealthy buds is going down the shitter .

 

[ArcticCrusher]

Careful who pockets are being padded.

[Highmark]

 

[Anler]

Didn't Obama do that?

[BOHICA]

5 minutes ago, Anler said:

Didn't Obama do that?

i tink he did....  he knocked a couple percentages points off what we had to pay into social security if i remember correctly.

[racer254]

10 hours ago, BOHICA said:

i tink he did....  he knocked a couple percentages points off what we had to pay into social security if i remember correctly.

I am all for a cut in payroll taxes, but I happen to think there should not be any cutoff for SS. 

[washedupmxer]

So he should do nothing so you can cry about that? 

[steve from amherst]

It will make so little of a difference to the average paycheck but harm SS. It's not a good idea.

[racer254]

25 minutes ago, washedupmxer said:

So he should do nothing so you can cry about that? 

 

18 minutes ago, steve from amherst said:

It will make so little of a difference to the average paycheck but harm SS. It's not a good idea.

I am all for the tax cuts.  Bring it on.  That with the low mortgage will provide a lot of relief for the low to middle class looking to refinance or buy new. 

[steve from amherst]

Just now, racer254 said:

 

I am all for the tax cuts.  Bring it on.  That with the low mortgage will provide a lot of relief for the low to middle class looking to refinance or buy new. 

Yeah those 3 extra coffee's a week is going to make my life special.

[washedupmxer]

7 minutes ago, steve from amherst said:

Yeah those 3 extra coffee's a week is going to make my life special.

Yep-

do nothing-bitch

Do something- bitch

Panic- bitch

Don't panic -  bitch

 

[racer254]

12 minutes ago, steve from amherst said:

Yeah those 3 extra coffee's a week is going to make my life special.

You would rather give that to the government instead of taking the 3 coffees yourself?  I don't think they need it.

Give it to the homeless it you want, at least you will get to do something with it.

Edited March 10, 2020 by racer254

[steve from amherst]

11 minutes ago, racer254 said:

You would rather give that to the government instead of taking the 3 coffees yourself?  I don't think they need it.

Give it to the homeless it you want, at least you will get to do something with it.

Payroll taxes support social security. People who paid into it for yrs have a right for it to be solvent during their retirement.

[ViperGTS/Z1]

Well, apparently the market likes it. And the  Doomsdayers here that claim Trump hasn't done. anything  in response to the hyped up coronavirus scare should like it as well.

 Looks like the virus is already on the decline and fizzling out in China..... This whole world impact and sky is falling narrative. the media wants you to believe Is never going to take shape.

I'm a bit of a gambler and beleive the market will recover much faster than any of the "analysts" are predicting. Have some money on the sidelines that I plan on starting some purchases today on some beaten down stocks Ive been watching.

 

 

[Mainecat]

Wow so many Trump Yabutts.

[Mileage Psycho]

10 minutes ago, Mileage Psycho said:

The tax cut is just more borrowing that will give the market a little bounce just like the 1/2 point rate cut did, and then what?

Something that borrowing would be better spent on would be paid leave for those who have to miss work because of Covid 19, or helping the uninsured or underinsured pay for the medical bills that will arise because of the Covid 19, the borrowed money should be directed at Covid 19. Of course all our short sighted president is concerned about is his re-election and he thinks that all hinges on the stock market, it's not about the country and the citizens it's about him and his fragile ego.

Lets's look at the payroll tax cut for the working person Ezra, how much extra does that come to for the average working man a week? Do some math Ezra, we know the average withholding is about 11% which for the average worker is $102.00 a week, so what's the payroll tax cut going to be 10%, maybe 20%.......$10.00, $20.00 a week eh? Now for a 1 percenter such as me it's substantial, do I need it? No. Will I take it? Of course I will.

Now what's better for the working person Ezra? Getting 10 or 20 dollars a week extra or getting paid for those weeks they are not able to work due to the illness, remember you want what's best for the working stiff

 

 

 

 

2 hours ago, racer254 said:

I am all for a cut in payroll taxes, but I happen to think there should not be any cutoff for SS. 

I posted the above in another thread for @ezrider, read it and think about it.

[Mainecat]

5 minutes ago, Mileage Psycho said:

 

I posted the above in another thread for @ezrider, read it and think about it.

Vince Trump only worries about his business.

[racer254]

11 minutes ago, Mileage Psycho said:

 

I posted the above in another thread for @ezrider, read it and think about it.

Sure, the point you make is valid.  But, I will take any tax cut that he is willing to give.  The government does not need it and it does not need to be a cut to SS taxes, they can take it directly from FITW.  And if no one really needs that money, then they should be able to put it into their own retirement plans. 

Edited March 10, 2020 by racer254

[BOHICA]

Drop federal income taxes by 1-2 percent for individuals who make $30k a month or less.

[racer254]

15 minutes ago, BOHICA said:

Drop federal income taxes by 1-2 percent for individuals who make $30k a month or less.

Seems pretty simple.

 

[ArcticCrusher]

Just what is our PM doing in these troubling times?

 

 

[Angry ginger]

15 minutes ago, racer254 said:

Seems pretty simple.

 

effective tax rate into the 6 figures is barely double digits.  we are certainly not overtaxed at a fed income tax level.  

[racer254]

49 minutes ago, Angry ginger said:

effective tax rate into the 6 figures is barely double digits.  we are certainly not overtaxed at a fed income tax level.  

What do you consider overtaxed?  20%? 30%?  What's the the FITW  on 100k as a single filer?  18%?

Everyone seems to be loosing their minds over a 7% drop in the market

Overall, Americans’ average 401(k) balance as of 2019 is $112,300, according to data from Fidelity.  So we are complaining about a 7% drop of 112k, but the government taking 18% of 100k income is not considered overtaxed?

Edited March 10, 2020 by racer254

[Angry ginger]

4 minutes ago, racer254 said:

What do you consider overtaxed?  20%? 30%?  What's the the FITW  on 100k as a single filer?  18%?

Everyone seems to be loosing their minds over a 7% drop in the market

Overall, Americans’ average 401(k) balance as of 2019 is $112,300, according to data from Fidelity.  So we are complaining about a 7% drop of 112k, but the government taking 18% of 100k income is not considered overtaxed?

no it's not overtaxed IMO.  Cheapest taxes of any first world country.