Trump Announces Payroll Tax Cut Relief Amid Financial Market Fear Over Coronavirus


President Trump announced Monday evening that the White House will ask Congress to approve a “very substantial” payroll tax cut and relief for hourly workers to combat the economic turmoil caused by the coronavirus.

“We are to be meeting with House Republicans, Mitch McConnell, and discussing a possible payroll tax cut or relief, substantial relief, very substantial relief.” Trump told reporters in the White House briefing room. “We’re also going to be talking about hourly wage earners getting help so that they can be in a position so they are not going to ever miss a paycheck.”

Trump said the White House is also working with the Small Business Administration and industries including airlines, cruise ship businesses and hotel owners, which are all grappling with economic hardship as demand from consumers slumps and travelers cancel plans.