Trump pushes payroll tax cut, assistance for hourly workers in economic response
By Kevin Liptak, Kaitlan Collins and Jeremy Diamond, CNN
In today’s highly partisan political world, it’s going to be tough. Still, President Trump is trying to push Congress to help with legislation to offset some of the effects of the coronavirus outbreak. The targeted groups include industries impacted the hardest, as well as wage earners, particularly those compensated hourly.
A large chunk of the American working population is living paycheck-to-paycheck, and many of those are hourly workers who don’t get paid if they do not work. Sending them home due to the virus, or shutting down production or services, will create severe hardships.
The article addresses the many initiatives and activities the White House is undertaking to address the coronavirus situation. Some ideas under consideration include deferment of payroll taxes, as well as taxes on the airline, cruise, and hospitality industries.
Wall Street and major industry executives are being invited to the White House to conference on ways to help in minimizing the effects of the virus on the economy and the working public primarily.
The emergence of the Russia and OPEC crude pricing war has served to aggravate the situation. While some advisors are recommending financial easing, others do not believe that it will help, as our consumer-driven economy is the issue. It’s challenging to stimulate spending by the consumer at the same time they’re under financial stress and also avoiding going out due to the virus.
For detailed information about all the government initiatives, read the entire article.