Tuesday, 19 May 2020 09:04 AM
White House economic adviser Larry Kudlow said on Tuesday that President Donald Trump wants to see a 7.6% cut in the U.S. payroll tax, hoping it will help stop economic pain caused by the COVID-19 pandemic.
"I know the president wants to see those folks that go back to work to get a 7.6% cut in their payroll tax, so their after-tax take-home pay goes up," Kudlow said in an interview with Fox Business Network.
Trump is looking to the tax code to help the economy regain ground lost when states shut down virtually all economic activity in hopes of containing the spread of the novel coronavirus. Kudlow said those steps could include a payroll tax holiday, a capital gains exclusion for several years, and a tax deduction for business spending at restaurants.
The president is also considering incentives for companies to move back to the United States, which Kudlow termed "onshoring," primarily full expensing for return moves, a cut in the corporate tax rate, and a targeted tax credit.
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https://www.newsmax.com/finance/streettalk/kudlow-trump-payroll-tax/2020/05/19/id/967968/
