A big cut in the payroll tax is high on President Donald Trump’s wish list for the next coronavirus response bill, but the idea is getting the brushoff from newly cost-conscious Republicans and Democrats who would rather send aid to people who aren’t getting a paycheck.
The Trump administration’s $349 billion small-business rescue kicked off Friday surrounded by concerns about its ability to handle an expected flood of applications and deliver enough aid to mom-and-pop firms hit hardest by the coronavirus pandemic.
Some of the most contested pieces of the 2017 tax overhaul are being revisited as the White House and Congress begin to discuss another round of economic stimulus, including restoring the break for entertaining business clients and lifting the cap on state and local deductions.
One possible move is getting rid of the limit on state and local tax deductions, or SALT, that was part of the 2017 tax overhaul.
President Donald Trump said he wants to restore corporate tax deductions for business meals as restaurants reel from the impact of the coronavirus outbreak.
The payments are one of the central provisions of the $2 trillion stimulus package awaiting a Senate vote.
Treasury Secretary Steven Mnuchin tweeted Friday that President Trump has directed him to move Tax Day to July 15, giving taxpayers more time to file their taxes in the midst of the coronavirus pandemic.
The temporary foreclosure moratorium on loans backed by HUD, Fannie Mae and Freddie Mac comes after lawmakers and housing advocates had pushed for steps to avoid consumers getting booted from their homes.
The actions include cutting the federal funds rate to between 0% and 0.25% and other steps to ease economic stress from the spread of the coronavirus.
Financial executives who visited the White House pledged to help small businesses and consumers get through any economic damage as the virus continues to spread. They also encouraged the government to support fiscal stimulus policies.