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- Dissatisfaction across the board with Trump’s latest proposal for coronavirus relief
- Payroll tax-cut would fail to benefit those most in need; workers to bare financial burden
- Virus prevention remains the chief method for controlling economic stability
Lawmakers and economists across the political spectrum are dissatisfied with Trump’s newest proposal for coronavirus relief, claiming that our first line of defense against economic turmoil relies more on controlling the spread of the virus than it does on providing tax breaks to businesses. While the payroll tax-cut would, in theory, benefit the workers, it wouldn’t directly give aid to the majority of unemployed Americans.
Typically, lower payroll taxes would lead to higher take-home pay for workers. But in a time of spiking unemployment, economists predict employers will reap the majority of the benefits, resulting in lower wages for employees.
The details of the proposal have yet to be announced. Lawmakers are encouraging other options—tax credits for businesses or a second round of stimulus checks—which would provide a more direct relief to the struggling employers and households who most need it most.
Sincerely,
Devin McQuillan
Associate, Creative Solutions
Contact:
516-541-6549 | Email