by Mike Godfrey, Tax-News.com Washington
17 March 2020
On March 9, 2020, United States President Donald Trump revealed that the Administration would begin discussions with Congress on potential tax measures to ease the impact of the coronavirus outbreak, including a payroll tax cut.
During a press briefing at the White House, Trump said that talks with leaders of the House of Representatives and the Senate would take place on March 10 on proposals to provide “very substantial relief.”
“We are going to be asking tomorrow – we’re seeing the Senate. We’re going to be meeting with House Republicans – [Senate Majority Leader] Mitch McConnell, everybody – and discussing a possible payroll tax cut or relief, substantial relief,” Trump remarked.
At the same briefing, Treasury Secretary Steven Mnuchin also suggested that tax relief would be provided to companies to provide them with a cash flow boost.
“We’re looking at alternatives at the IRS. We have large tax payments coming up of providing certain relief to companies and individuals for liquidity,” Mnuchin said.
President Trump’s comments follow those made at a White House press conference on March 3, 2020, when he said “it would be a good time” for tax cuts, in the form of a reduction in payroll tax. In a twitter post issued on the same day, Trump said that such a tax cut would be temporary, and he urged the House to propose “a very simple one-year payroll tax cut.”