During his meeting with Senate Republicans on Tuesday, President Trump raised the idea of a 0 percent payroll tax rate for employees and employers that would last until the end of the year, a White House official told CNBC.
When asked how much this would cost, the White House official pushed back, and "asked why there is always a focus on the cost of tax cuts," CNBC reports.
On Monday, Trump announced during a briefing on the COVID-19 coronavirus epidemic that he would speak with Senate Majority Leader Mitch McConnell (R-Ky.) about a possible payroll tax break in order to provide Americans with "very substantial relief." Paid for by employers and employees, payroll taxes are used to fund Social Security and Medicare.
The coronavirus outbreak has caused the markets to slump, and the White House is attempting to cobble together an economic stimulus plan. If they do have a solid proposal, they aren't ready to share all the details; following the lunch meeting, Sen. John Thune (R-S.D.) said Trump's team "didn't go into specifics" about the payroll tax cut.
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