Donald Trump floats payroll tax cut, other financial relief for businesses

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Donald Trump floats payroll tax cut, other financial relief for businesses and workers as coronavirus spreads President Donald Trump said Monday he will seek financial relief for workers and businesses hurt by coronavirus, the country and U.S. stocks suffered their worst drop since 2008

Trump said he would be proposing “very major” and “very dramatic” measures but did not say specifically what they would be. He said his administration will meet Tuesday with House and Senate leaders to discuss an economic stimulus package that could include a possible payroll tax cut ,

And relief for hourly wage earners to ensure that they won’t have to miss a paycheck. “The main thing here is we are taking care of the American public,” Trump said at a White House news conference following a coronavirus task force meeting. “And we’re taking care of the American economy.”

In addition, the White House has invited Wall Street executives to meet with Trump later this week on how to cope with the coronavirus threat. Trump said his administration will be creating loans for small businesses and working with industries such ,

As airlines and cruise ships that have been harmed by the coronavirus scare. Trump’s decision to push for a stimulus package represented a departure for the White House, which has insisted that the fundamentals of the economy are solid and that the coronavirus would cause only a short-term blip in growth.

But the coronavirus threat continues to rattle financial markets. U.S. stocks collapsed on Monday, with the Dow Jones industrial average plummeting by more than 2,000 points for its worst day since 2008 after a free fall in oil prices and a growing number of coronavirus cases.

Total coronavirus cases around the globe surpassed 111,000 on Monday, with confirmed U.S. cases exceeding 600.

 

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